Ampaire raises $19m Series B
The raise will partly go towards funding the Part 23 Supplemental Type Certification programme for the Eco Caravan.
Ampaire has closed a $19m Series B financing round led by long-term investor DiamondStream Partners.
The financing brings Ampaire’s total funding to $68m, including approximately $25m in non-dilutive grants and contracts.
Kevin Noertker, co-founder and CEO of Ampaire said: “This financing is about turning proven hybrid-electric performance into commercialised products and scaled operations. We have consistently demonstrated the technology in flight; this capital accelerates our deployment with customers, and expands our supply chain, manufacturing and operating capabilities required to reach commercial scale.”
Other participants include Alaska Star Ventures, the corporate venture capital arm of Alaska Air Group, as well as IAGi Ventures, the corporate venture capital arm of International Airlines Group. Ampaire is working with airline, cargo and government partners to prepare its hybrid-electric engines for commercial entry into service across propulsion and auxiliary power (APU) applications.
Diana Birkett Rakow, CEO of Hawaiian Airlines and executive vice president at Alaska Airlines said: “Hybrid-electric propulsion has the potential to improve the economics and environmental performance of regional aviation while preserving the range and flexibility operators need. We appreciate Ampaire’s diligent and pragmatic approach to advancing technologies that don’t require new airframes or significant charging infrastructure.”
Raza Ali, managing partner, IAGi Ventures echoed Rakow. “Since Ampaire joined our innovation programme last year, we have been impressed by both the scale of its operations and the potential of its technology,” he said. “What excites us most is its practical approach to reducing aviation emissions by applying hybrid-electric technology to aircraft already in service today.”
Ampaire said it will use the financing to expand engineering and operational teams, broaden commercial route flights under the FAA eIPP, strengthen supplier readiness, develop early manufacturing capabilities and prepare for aftermarket support.
The Long Beach-based firm will also advance the Part 33 certification of the AMPH570 hybrid-electric power system and the Part 23 Supplemental Type Certification programme for the Eco Caravan, its hybrid-electric upgrade for the Cessna Grand Caravan.
Dean Donovan, general partner, DiamondStream Partners said: “Ampaire has built a differentiated position by pairing ambitious electrification goals with a practical product and certification strategy. The company’s flight experience, customer engagement and disciplined path to market give us confidence that Ampaire can lead the commercial adoption of hybrid-electric propulsion.”
Additional participants in Ampaire’s Series B financing include Pay it Forward Ventures, Massive Ventures, Techstars Ventures, Autodesk Foundation Impact Fund, Los Angeles Cleantech Incubator Impact Fund, Elemental Impact, Venn10 Capital, Gaingels, Exit Fund, Sand Hill Angels, and Climate Capital, among others.
Non-dilutive grants and contracts have been provided by the US Air Force, US Department of Energy ARPA-e, and NASA, supporting technology development, ground and flight demonstration and product maturation.