Beta Technologies has been approved by the Export-Import Bank of the United States (EXIM) board of directors for an historic $169 million loan to finance a net-zero final assembly production facility.
"We are excited to partner with the Export-Import Bank of the United States as part of its new Make More in America initiative," says founder and CEO Kyle Clark. "This is not only a vote of confidence in the work Beta is doing to electrify aviation, it will also help us create hundreds of well paid, climate-focused jobs in the coming years as we move toward large scale manufacturing and production of our electric aircraft. America has a long history of leadership in aerospace, and EXIM's support enables us to do our part to add to that legacy for the future."
The loan was approved in part because of Beta Technologies' high growth potential, including current and potential customers in APEC and IPEF economies such as New Zealand, India, Japan and Canada.
"We are thrilled that the second transaction authorised under EXIM's Make More in America initiative is in support of Beta Technologies, an American company leading the world in clean energy technological advancement and innovation," says EXIM president and chair Reta Jo Lewis. "This transaction advances several key Biden-Harris Administration priorities, from bolstering domestic manufacturing and supporting good-paying jobs to advancing cutting-edge renewable energy technologies that can change the future of air travel. We are proud to play a role in this project and are eager to continue advancing transactions that will have a significant impact on domestic supply chains and furthering the global energy transition."