Hybrid-Electric Propulsion Pioneer Gets $12-million Boost

VerdeGo Aero, the Daytona Beach-based manufacturer of hybrid-electric aerospace power-plants, has succeeded in raising $12-million in a Series “A” funding campaign spearheaded by RTX Ventures (Raytheon Technologies). The monies will finance the expansion of VerdeGo’s operation and accelerate the development of emergent hybrid-propulsion technologies.

Series A financing refers to investment made in a privately-held start-up company after subject company has established the viability of its business model, and demonstrated its potential to grow and generate revenue. The term often refers to the first round of venture money a company raises after seed and angel investors.Founded in 2017 by the grandson of Charles Lindbergh—yes, THAT Charles Lindbergh—VerdeGo initially set out to develop its own line of eVTOL aircraft. In 2018, however, the company executed a decisive pivot, shifting its objective from aircraft-maker to hybrid-propulsion pioneer.  

The move proved prudent and potentially profitable, as VerdeGo has since formed partnerships with Electra.aero, Continental Aerospace, XTI Aircraft, and even Jaunt Air Mobility, maker of the sought-after Journey, Slowed Rotor Compound (SRC) manned eVTOL. VerdeGo’s vitalization is further evinced by the ongoing development of its VH-3-185 hybrid power-plant, which is forty-percent more efficient than comparable internal-combustion engines, and adaptable to a variety of commercial-grade electric aircraft.

In addition to the $12-million boon, partnership with Raytheon avails VerdeGo of the vast resources and power-plant-building know-how of Pratt and Whitney—a Raytheon subsidiary. By leveraging P&W’s expertise in engine-development, certification, and global power-plant support, VerdeGo stands to substantially increase its visibility, potential market-share, and overall heft.   

VerdeGo co-founder and CTO Dr. Pat Anderson states: “Electrification of aircraft enables new aircraft designs and new mission types that are only possible by leveraging the responsiveness, light weight, and adaptability of electric motors. However, most commercial and military missions require performance and endurance that go far beyond the capabilities of battery technologies. VerdeGo’s hybrid systems create an efficient method for combining sustainable liquid fuels and electrification to get the best of both worlds.”

RTX Ventures managing director Daniel Ateya adds: “Delivering sustainable aviation technologies to help our customers bend the emissions curve remains one of Raytheon Technologies’ most important priorities. Our investment represents one of the ways we’re working to deliver a more sustainable future.”

By partnering with VerdeGo, Raytheon Technologies has concomitantly furthered its own efforts to better the sustainability of 21st Century aviation and set a precedent within the aerospace industry of which it is such a storied and integral part.

FMI:www.verdegoaero.com