The US Export Import Bank (EXIM Bank) have agreed additional credit for Beta Technologies which will increase the current USD 170 million facility by USD830m taking the total facility to USD 1 billion. Beta says that it intends to use the new finance to support the coming phases of it manufacturing growth specifically expanding the vertical integration of its manufacturing, increasing the production capacity for its propulsion and controls systems to service sales to other aircraft OEMs
“Through our 2025 IPO, BETA raised approximately $1.2 billion, and our relationship with EXIM Bank aims to provide an additional $1 billion of non-dilutive growth capital,” said Kyle Clark, founder and chief executive officer of BETA. “As we execute our stated long-term vision, this financing is intended to fund critical capital expenditures that will support vertically integrated domestic manufacturing”.
“BetA Technologies is advancing electric aviation through both aircraft production and its suite of enabling technologies,” said John Jovanovic, president and chairman of EXIM. “This innovative company has demonstrated its leadership through groundbreaking work with GE Aerospace, Boeing, NASA and Sikorsky, among others. As BETA scales, it will continue to move the sector forward and bring critical jobs and capabilities home to the U.S. This proposed EXIM financing underscores our conviction that BETA will lead this sector as it enters its next phase of commercialisation.”
The markets reacted well to the announcement with Beta’ share price surging 12% following the announcement and continuing steady growth though the remainder of the weeks trading closing on Friday 23.93% up for the week.
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