H55 completes first Series C financing worth $50m
H55 has successfully completed the first part of its Series C financing round securing CHF45 million ($49.6m) in financing.
The secured funds will finance H55’s ongoing infrastructure investments including a factory in its Quebec-based facility, moving to semi and automated production in its facilities in Switzerland and Canada and opening a subsidiary in Toulouse, France.
“This financing milestone is a testament to the hard work and dedication of the entire H55 team,” said André Borschberg, H55 executive chairman and co-founder. “Making a significant and positive impact on the aviation industry has been a very dear personal goal of mine, first with the Solar Impulse project and now with H55 who is revolutionising the aviation industry. As such, we are immensely grateful to our investors for sharing this vision and recognising the transformative impact of electric aviation.”
Borschberg added: “As the demand for electric propulsion solutions is growing, these funds will be instrumental in expanding our team as well as our production capacity to respond to specific ongoing customer projects.”
Martin Larose, H55’s CEO, who was appointed to the role earlier this year, said: “We are deeply grateful to our investors for their belief in our mission in changing the historical economic and technological paradigms associated with air transportation. H55’s electric propulsion systems have gained widespread acclaim for their exceptional performance and positive environmental impact. This new financing round will help to expand our footprint in both the North American and European markets and continue to reinforce our position as a leading enabler in clean aviation.”