RTX Ventures, a corporate venture capital group of Raytheon Technologies has signed an agreement to invest capital in VerdeGo Aero to encourage the development of hybrid-electric propulsion technologies for advanced air mobility applications. This investment will also provide opportunities for VerdeGo Aero to collaborate with Pratt & Whitney on future product development.
RTX Ventures is the lead investor in VerdeGo Aero’s $12 million Series A funding round. The fund will support VerdeGo Aero’s expansion and development of its growing portfolio of hybrid-electric powertrain systems, including the VH-3 185kW power plant. Other investors participating in the funding round include DiamondStream Partners, Avfuel Technology Initiatives Corporation, Seyer Industries, and Standish Spring Investments.
“VerdeGo Aero is excited about the opportunity to continue to develop technologies that convert aircraft engines into hybrid powerplants, and to expand our portfolio offerings and customer base,” said Eric Bartsch, CEO of VerdeGo Aero. “As VerdeGo continues its recruiting of technical and commercial aerospace experts, our growing team is looking forward to leveraging a strong relationship with Pratt & Whitney to address the needs of the hybrid-electric aircraft segment at multiple power levels.”3