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Electric aircraft maker Beta raises $368 million in funding backed by Fidelity, Amazon

By Reuters

<p><body> <p>(Reuters) – Electric aircraft company Beta Technologies said on Tuesday it had raised $368 million in a private funding round, led by Fidelity Management and backed by Amazon’s climate-focused venture capital fund.</p> <p>The Vermont-based startup said proceeds will be used to refine its electric propulsion systems and controls as well as the construction of manufacturing facilities.</p> <p>“We support <span class="caps">BETA</span> Technologies’ mission to reshape air transportation through zero-emission aviation,” said Kara Hurst, head of Worldwide Sustainability at Amazon. </p> <p>The company, which develops electric vertical takeoff and landing aircraft, said Goldman Sachs & Co acted as exclusive placement agent in connection with the oversubscribed capital raise.</p> <p>Beta competes with startups, including Joby Aviation, Lilium and Volocopter. Joby, which makes electric air taxi, is going public in a $6.6 billion reverse merger with blank check company Reinvent Technology Partners.</p> <p>U.S. package delivery company United Parcel Service Inc last month agreed to buy 10 electric vertical takeoff and landing aircraft from Beta to speed up deliveries in small markets.</p> <p/> <p> (Reporting by Shreyasee Raj in Bengaluru; Editing by Anil D’Silva)</p> </body></p>