VoltAero covers certification with $32m Series B financing
The first tranche of VoltAero’s Series B financing raises $32m and will take the firm through certification and production launch of the Cassio 330.
The round marks the third funding phase for VoltAero and saw Italy’s Tecnologie E Servizi Innovativi (TESI) come onboard as a strategic investor and industrial partner. TESI will produce the airframe for VoltAero’s no. 1 Cassio 330 prototype.
Cassio 330, a five-seat aircraft with a combined electric-hybrid propulsive power of 330 kilowatts, entered the certification process with EASA in October 2021.
Jean Botti, VoltAero’s CEO & chief technology officer, said: “TESI’s decision to become both a strategic investor and an industrial partner is a clear sign of VoltAero’s technology and business model credibility as we take this important step closer to reality for the Cassio airplane family with the Series B funding round.”
Since 2020, VoltAero’s electric-hybrid propulsion system has undergone airborne evaluations with the full-power 600-kilowatt version installed on the company’s Cassio 1 demonstrator. To date, Cassio 1 has logged some 10,000km with this system in flights across France and to the UK.
Luigi Punzo, CEO TESI, said: “We have been impressed by VoltAero’s highly intelligent approach with Cassio, applying its dual-source electric-hybrid propulsion concept for regional aviation that will be both sustainable and operationally safe.”
After the 330 is certified, VoltAero’s follow-on six-seat Cassio 480 will have a propulsion power of 480 kilowatts and a 12-seat capacity.