Panhwar Jet Inc, a Newport Beach, California aerospace startup, has closed on $10 million in Series A funding from US investment platform, Valkyrie Group.
Panhwar Jet has designed and is currently working on an all-electric, self-charging luxury business aircraft. Its self-charging technology could bring major disruptive innovation to the electric aircraft industry. Current battery density does not allow most electric aircraft to fly beyond two hours total flight time. However, the self-charging technology, created by engineers at Panhwar Jet, will allow the aircraft to fly up to 12 hours without touching down.
Panhwar Jet says its patented technology has solved many of the existing battery limitationsm and that it is also focused on providing a superior flight experience by using clean, sustainable energy, which will create a new future of aviation where speed and range have less limitations.
Chad Swensen, founder and managing partner of Valkyrie says: "We're excited about the innovation that Panhwar Jet is bringing to a large global market. We are fully committed to supporting Panhwar Jet in realising the full potential of such a revolutionary technology in electric aviation."
"We're excited to collaborate with Valkyrie Group as our strategic capital partner," says Ayisha Fareed, chairman and CEO of Panhwar Jet. "Valkyrie and Panhwar Jet share the passion, team spirit, background and experience that will disrupt the electric aircraft industry. This investment will allow Panhwar Jet to enhance the specifications of the ElectroBird, our first two-seater all-electric plane. We will unveil our technology to the market while attempting to achieve world records in electric aviation."
Panhwar Jet is assembling the prototype aircraft in Heber City, Utah, and plans to conduct early test flights beginning in fourth quarter of 2021.