VoltAero has completed the first tranche in its Series B financing, with Italy’s TESI becoming a strategic investor and industrial partner. The new funding round, which includes a €32 million (£27.83 million) capital raise, will cover certification and production launch of the first member in its electric-hybrid aircraft family, the Cassio 330.
“TESI’s decision to become both a strategic investor and an industrial partner is a clear sign of VoltAero’s technology and business model credibility as we take this important step closer to reality for the Cassio-airplane family with the Series B funding round,” said Jean Botti, VoltAero’s CEO & Chief Technology Officer.
The Series B round marks the third funding phase for VoltAero, positioning it for industrialisation of the Cassio 330, which entered the certification process with Europe’s EASA airworthiness authority in October 2021 – the first member of its Cassio aircraft family powered by the company’s proprietary electric-hybrid propulsion system.
TESI (Tecnologie E Servizi Innovativi S.r.l.) will produce the airframe for VoltAero’s no. 1 Cassio 330 prototype, which is targeted to make its maiden flight in 2023. Cassio 330 is the five-seat version, with a combined electric-hybrid propulsive power of 330 kilowatts.