Raytheon’s venture arm invests $12m in VerdeGo Aero
RTX Ventures, the venture capital arm of Raytheon Technologies is the lead investor in hybrid-electric power plant specialist, VerdeGo Aero following the Florida-based startup’s Series A funding round. The $12m RTX is putting into the company will provide opportunities for VerdeGo Aero to collaborate with Pratt & Whitney on future product development, it said.
Established in 2017 VerdeGo delivers powerplants that convert jet fuel or sustainable aviation fuel into electric power for a variety of electric aircraft segments including drones, eVTOLs, STOL aircraft, regional aircraft, and high-speed VTOL airframes. The firm’s hybrid powertrain programs range from 150kW up to multiple megawatts.
Eric Bartsch, CEO of VerdeGo Aero said: “As VerdeGo continues its recruiting of technical and commercial aerospace experts, our growing team is looking forward to leveraging a strong relationship with Pratt & Whitney to address the needs of the hybrid-electric aircraft segment at multiple power levels.”
Other investors from the funding round include DiamondStream Partners, Avfuel Technology Initiatives Corporation, Seyer Industries, and Standish Spring Investments.
Daniel Ateya, managing director of RTX Ventures said: “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.”
VerdeGo Aero is currently developing its third generation of hybrid-electric powerplant hardware, and has already delivered pre-production powerplants for flight test operations.
Graham Webb, chief sustainability officer, Pratt & Whitney added: “VerdeGo Aero is helping to pioneer the emerging field of hybrid-electric propulsion technology, which has an important role to play in enabling the aviation industry’s goal of reaching net zero CO2 emissions by 2050. This investment has promising potential to enhance our technology and capability in segments of our small engine business while moving quickly and nimbly to advance our hybrid-electric propulsion strategy.”