Electron nearing seed funding close for E5 Albatross prototype

Dutch start-up Electron is nearing the close of a seed funding round that will let it build the first flying prototype of its planned E5 Albatross battery-powered aircraft. Founder and chief executive Josef Mouris said the capital raise should close in September or October. He described the investment climate as difficult, with money not flowing when it matters.

The pace of funding has pushed the maiden flight of the non-conforming prototype to the first quarter of 2028, from a previous 2027 target. Mouris said the company can still achieve certification for the five-seater by 2031. Electron has built buffer into its timeline, he noted, compared with some more bullish announcements in the market.

He did not disclose the amount being sought in the seed round, but estimated that certification of the E5 as a CS-23 commuter-category aircraft would cost €250 million ($290 million) in total. After the prototype flies, Electron plans to seek additional funding. Mouris expects two more rounds to bring the aircraft to market.

Electron ultimately intends to pursue an all-electric 80-seater for service entry in the 2040s, with work starting as soon as the E5 enters service. Funding for that larger programme would partly come from revenue generated by E5 deliveries.