Led · Equity · Sep 2025

BETA Technologies designs and manufactures electric vertical take-off and landing (eVTOL) aircraft and electric propulsion systems and components. The company supplies propulsion systems to customers in the U.S. and international markets and has expanded into flight controls and classified defense contracts. BETA says its commercial aircraft backlog has grown from roughly $1 billion to $3.9 billion since its initial EXIM financing. Recent milestones include unveiling the hybrid-electric MV250 for defense logistics, partnerships with GE Aerospace, NASA and Boeing, operational flights under the FAA’s eVTOL Integration Pilot Program, and a commercial order from Loganair. The company plans to expand domestic manufacturing and vertical integration, aiming to roughly double throughput across its facilities and create additional advanced manufacturing and engineering jobs. To support those plans, BETA is pursuing a proposed EXIM financing package of up to $1 billion to scale production of aircraft and electric propulsion systems.

Participated · Equity · Oct 2021

Universal Hydrogen develops an end-to-end hydrogen logistics network for aviation centered on modular hydrogen capsules that travel over existing freight networks and are handled like cargo. The company is also working to certify a powertrain conversion kit to retrofit existing regional aircraft to fly on hydrogen. Universal Hydrogen anticipates starting hydrogen deliveries for regional aircraft in 2025 and plans to expand services to larger single-aisle aircraft as auxiliary power in the late-2020s and as a primary fuel by the mid-2030s. Its approach eliminates the need for new fueling infrastructure at airports and speeds fuel loading operations. The company has assembled aviation and hydrogen industry partners and talent to build the full value chain for hydrogen aviation. No financial metrics (revenues/users) or fundraising amounts are disclosed in the article. Universal Hydrogen builds a hydrogen fuel cell powertrain and modular hydrogen fuel capsules to enable hydrogen-powered commercial flight. Its core products are lightweight, flight‑designed modular capsules for transporting green hydrogen via existing freight networks and a retrofit conversion kit to install a hydrogen‑electric powertrain on regional aircraft. The capsules are intended to deliver hydrogen directly to aircraft using existing airport cargo handling equipment without new infrastructure and are designed for flight and ground-transport safety certification. The company plans a first test flight of its fuel cell powertrain on a 40+ passenger regional airliner in 2022 and targets entry into commercial service in 2025 with certified kits for ATR 72 and De Havilland Canada Dash‑8 aircraft plus a green hydrogen fuel services offering. Universal Hydrogen reports signed LOIs from operators including Icelandair, Air Nostrum, Ravn Alaska, and ASL Aviation Holdings and says its unit economics will be equivalent or better than conventional jet-fuel variants. The company has raised $85 million in total capital to date following the new $62 million round and is headquartered in Los Angeles with an engineering center in Toulouse and a flight test center in Moses Lake, Washington. Universal Hydrogen is a Los Angeles-based startup building lightweight modular capsules to transport green hydrogen and conversion kits for aircraft fuel cells. Its capsules are designed in different sizes to serve vehicles from VTOL air taxis to long-distance single-aisle planes and to be interchangeable within each aircraft class. The company is also developing a modified 40–60-seat turboprop in collaboration with Plug Power and magniX to demonstrate regional flights of up to 700 miles. Universal Hydrogen aims to deliver an end-to-end hydrogen value chain for aviation by 2025 and ultimately to offer retrofit kits for regional airlines. The firm raised a $20.5 million Series A and will use the funds to grow its team from about 12 people to roughly 40 and accelerate technology development. The company positions its capsule logistics as a platform play to attract other producers and aircraft makers rather than being the sole aircraft manufacturer.