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Business Air News Bulletin
Business Air News Bulletin
The monthly news publication for aviation professionals.

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Electra Aero, Inc.

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Electra gains Lockheed Martin funding
Lockheed Martin Ventures has invested in Electra’s Series A funding round to support flight tests of the full scale technology demonstrator.
Electra's hybrid-electric, ultra-short take off and landing aircraft.

US eSTOL developer has received an investment in its Series A funding round from Lockheed Martin Ventures (LMV), the venture capital arm of Lockheed Martin Corporation. The funding will support Electra's plans to begin flight testing a full scale hybrid eSTOL technology demonstrator aircraft later this year.

"Electra's technical approach to sustainable aviation is differentiated, and we are excited to see this concept mature," says LMV vice president and general manager Chris Moran. "We invested in Electra because of its focus on hybrid-electric technology. Hybrid-electric aircraft have the potential to deliver operational and environmental advantages over other aircraft, including increased payload and range without gambling on battery improvements. We look forward to working with the Electra team and hope to partner on opportunities in the future."

"Hybrid-electric propulsion will influence every aspect of aviation," adds Electra founder and CEO John S Langford. "We are excited to welcome Lockheed Martin Ventures as one of the strategic and key investors in our Series A funding round. Lockheed Martin is a leader in aerospace and defence, and we believe this relationship is a complementary one for both companies. We're honoured to have them on our team."

Electra's hybrid-electric, ultra-STOL aircraft can operate from just 300x100ft using its patent-pending distributed electric propulsion and blown lift technology. A small turbine-powered generator recharges the batteries mid-flight, eliminating the need for new ground charging infrastructure. It is being designed to transport up to 1,800 lbs of cargo or up to nine passengers for 500 miles, and can operate in busy urban areas and remote landing strips for on demand intracity flights, medical, cargo and scheduled passenger services.

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