Electra.aero Secures $115 Million Series B Funding Led by Prysm Capital to Advance Ultra Short Aircraft Production

Electra.aero, Inc. has successfully obtained $115 million in Series B funding, spearheaded by Prysm Capital, to propel their flagship EL9 Ultra Short aircraft into pre-production and certification. This investment move also lays the groundwork for Direct Aviation and aids in addressing the escalating demand from both commercial and defense markets.

The EL9 Ultra Short, capable of taking off and landing in just 150 feet, has garnered over 2,200 pre-orders and is set to revolutionize aviation by providing a unique blend of helicopter-like maneuverability, electric vehicle silence, and the economic advantages and safety of traditional fixed-wing aircraft. The aircraft is anticipated to serve a myriad of purposes, from connecting underserved communities to opening up new opportunities in cargo services.

Furthermore, it boasts innovative capabilities for defense use, such as low-profile takeoffs and landings, along with mobile power provision in remote areas. Electra has already amassed pre-orders valued at over $10 billion and secured numerous government contracts, positioning itself at the forefront of the commercial Advanced Air Mobility sector. Notably, the company has secured the involvement of major players in the industry, including Lockheed Martin Ventures, Honeywell, and Safran, in addition to Prysm Capital and other strategic investors. The funding will propel Electra's vision of pioneering Direct Aviation, where air travel becomes more accessible and environmentally friendly, ultimately offering increased payload, extended range, and reduced operational costs compared to helicopters and eVTOLs, with significantly higher safety standards and reduced certification risks. 

Electra's current roster of clients includes prominent entities such as NASA, the U.S. Air Force, the U.S. Army, and the U.S. Navy, along with a substantial number of commercial customers. The company's team, comprised of accomplished entrepreneurs and engineers, possesses a wealth of experience in aircraft design and has previously developed and certified over 40 aircraft.

Prysm Capital, known for its focus on supporting disruptive businesses and emerging industry leaders, has taken the lead in this funding round, further solidifying its commitment to fueling innovation and expansion in the air mobility domain.

Read more about the funding here.