Electra raises $115M to build ultra-short aircraft

Manassas-based aviation startup Electra.aero announced Monday it has secured $115 million in Series B funding to enter pre-production and certification phase of its EL9 model, a hybrid ultra-short aircraft that can take off and land in 150 feet.

The round was led by Prysm Capital, a New Jersey-headquartered growth equity firm. Prysm’s co-founder and managing partner, Jay Park, has joined Electra’s board, according to a news release.

The EL9 Ultra Short, which can carry nine passengers, uses electric motors to blow air over the wing and large flaps of the aircraft and a hybrid-electric propulsion system to allow it to land in tight spaces and serve communities lacking traditional aviation infrastructure.

Operating quietly like an electric vehicle, the EL9 also features in-flight battery recharging, which eliminates the need for ground charging stations. The EL9 offers up to 3,000 pounds of payload and a range of up to 1,100 nautical miles.

Electra has secured more than 2,200 preorders for the EL9, valued at over $10 billion, according to the release.

In 2023, Electra won a Strategic Funding Increase award from the U.S. Air Force that secures up to $85 million for development of a prototype electric short takeoff and landing aircraft.

Electra’s strategic investors include Lockheed Martin Ventures and Honeywell. Founded in 2020, the company has about 80 employees.