Mon, Sep 09, 2024
Accelerates Development Of Hybrid-Electric Propulsion Tech
VerdeGo Aero announced it closed an A-1 round of investment and exceeded the $4 million target established to accelerate development of its hybrid-electric products.
VerdeGo manufactures hybrid-electric powerplants for reliable, high-performance aircraft and drones for the commercial and military markets. Its chief products are the VH-3 and VH-4 hybrid powerplants that are air-cooled, lightweight, high-performance, and can run on Jet-A, JP-8, or sustainable aviation fuel (SAF).
The current investment round funding will be deployed to accelerate the development of the VH-4 400 kW powerplant for high-performance electrified aircraft and drones. It provides enhanced sustainability, increased range, payload, and speed. A full-scale prototype is presently going through testing at VerdGo’s Daytona Beach technical center in Florida.
The Florida Opportunity Fund participated as a significant new investor in this latest tranche of funding, showing it sees VerdeGo as a player in the growing high-tech aerospace and green tech industries in Florida. Six Series A investors returned and increased their stake, including RTX Ventures, DiamondStream Partners, and Cloudbreak VC. The company said because the demand for its A-1 round was so robust, the size of the round has been increased above the target level to enable additional new investors to participate for two more months.
Eric Bartsch, CEO of VerdeGo Aero said, “We are excited to have closed this round on schedule, with a very attractive valuation, and in a difficult investment market; which speaks to the quality of VerdeGo Aero’s business model and team.”
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