Prysm Capital Leads Investment, Managing Partner Joins BOD

Electra announced it has secured $115 million in Series B funding to begin the pre-production and certification phase of its EL9, the first aircraft to be able to take off and land within 150 feet compared to similarly sized airplanes requiring 10 times that distance for those phases of flight.

The Series B round was led by Prysm Capital, whose Co-founder and Managing Partner Jay Park, has joined Electra’s Board of Directors.

The EL9 incorporates blown lift technology combined with hybrid-electric propulsion to offer a range of dual-use capabilities. It operates with the takeoff and landing ability of a helicopter and transitions to horizontal flight like a conventional airplane. Its entire flight profile features the quiet of electric vehicle and the cost and safety advantages of fixed-wing, fixed-prop aircraft.

John Langford, Electra Board Chair said, “We are delighted to welcome Jay and Prysm to the Electra family. They’ve already become an indispensable partner and advisor as we transition from prototype to product with the EL9.”

The EL9 enables commercial operators to connect with communities that lack conventional aviation infrastructure as well as fly into airports with noise restrictions. These features open up new opportunities and business models for cargo transport, delivery services, and travelers seeking time-saving transportation.

Marc Allen, CEO of Electra said, “At Electra, we are on a mission to deliver a new era of aviation, a leap forward in advanced air mobility that is both transformational and practical. The EL9 Ultra Short opens the door to opportunities to establish new commercial routes, connect communities currently lacking aviation infrastructure, and enable entirely novel logistics capabilities for warfighters. We look forward to working with our partners at Prysm to continue the development of this aircraft and chart a new course for aviation.”

The company has secured more than 2,200 pre-orders values at over $10 billion for the EL9. This is one of the largest provisional order books in the commercial AAM sector.

FMI:  www.electra.aero/