Hybrid-electric startup Ampaire raises $19 million in Series B round
California-based Ampaire has secured $19 million from investors including IAG and Alaska Airlines' venture arms to advance its hybrid-electric propulsion system.
Ampaire, a California startup developing hybrid-electric aircraft propulsion, has closed a $19 million Series B funding round, bringing its total funding to date to $68 million.
DiamondStream Partners led the round. Other participants included the venture capital arms of two airline groups, IAG and Alaska Airlines, along with Forward Ventures, Techstars Ventures, the Autodesk Foundation Impact Fund, and the Los Angeles Cleantech Incubator Impact Fund.
According to the company, the new capital will go toward accelerating commercial readiness of its AMP-H570 hybrid-electric propulsion system. That system is being retrofitted onto Cessna Grand Caravan aircraft, producing what Ampaire calls the Eco Caravan. The stated goal is to cut fuel consumption roughly in half.
Ampaire is also among the companies selected for the eVTOL Integration Pilot Program, an initiative supported by the US government and the Federal Aviation Administration aimed at advancing new air mobility technologies.
The company said separately that it is exploring applications of its hybrid-electric technology for auxiliary power units, the systems aircraft use for power while parked on the ground.
No timeline was given for certification or commercial entry into service of the Eco Caravan.
Sources
- aerotime.aeroAmpaire raises $19M Series B funding from IAG, Alaska Airlines, VC investors