Electra Soars with New $115 Million

Electra, a hybrid-electric aviation company, has raised $115 million in Series B funding to transition its EL9 aircraft into pre-production and certification.

The investment round was led by Prysm Capital, with participation from strategic backers including Lockheed Martin Ventures, Honeywell, Safran, Statkraft Ventures, and the Virginia Innovation Partnership Corporation.

Electra is developing hybrid-electric aircraft designed for ultra-short takeoff and landing (Ultra Short) operations. Its flagship product, the EL9 Ultra Short, is a hybrid-electric aircraft that seats nine passengers and can take off and land in just 150 feet—about a tenth of the runway length required for conventional aircraft of similar size.

The EL9 Ultra Short has a range of up to 1,100 nautical miles, a 3,000-pound payload capability, and uses blown-lift technology—directing airflow over the wings to increase lift at low speeds—along with a fixed-wing design and in-flight battery recharging.

Electra’s technology bridges the capabilities of helicopters and fixed-wing aircraft and allows its aircraft to operate from unpaved surfaces and in urban spaces (parking lots) and targets underserved regional routes and locations with limited aviation infrastructure.

Potential customers of Electra include commercial and defense companies needing logistics, troop transport, and regional air mobility services. According to Electra, it has already secured over 2,200 conditional pre-orders for its aircraft (valued at over $10 billion), largely from commercial operators and government agencies including the U.S. Air Force, Army, Navy, and NASA.

Electra, led by CEO Marc Allen, was founded in 2020 by Dr. John Langford and has 80 employees with a headquarters near Washington, DC in Manassas, Virginia.

“At Electra, we are on a mission to deliver a new era of aviation, a leap forward in advanced air mobility that is both transformational and practical,” said Mr. Allen. “The EL9 Ultra Short opens the door to opportunities to establish new commercial routes, connect communities currently lacking aviation infrastructure, and enable entirely novel logistics capabilities for warfighters. We look forward to working with our partners at Prysm to continue the development of this aircraft and chart a new course for aviation.”

“Electra’s EL9 Ultra Short is a game-changing aircraft that unlocks important new capabilities for commercial and defense users,” said Jay Park, a co-founder and managing partner at Prysm Capital. “The EL9 is the flagship of Electra’s future family of aircraft that will transform aviation with hybrid-electric technology. We are excited to partner with Marc, John and the team in their commitment to innovating and expanding air mobility solutions.”

Prysm Capital is a growth equity firm headquartered in Princeton, New Jersey, with additional offices in New York and San Francisco. Founded in 2019 by former BlackRock executives Jay Park, Muhammad Mian, and Matt Roberts, the firm partners with high-growth companies in the technology, consumer, and healthcare sectors. The firm closed its most recent fund, Prysm Growth Fund I LP, with $305 million in capital in March 2023.