Investment in hybrid-electric propulsion innovator to
accelerate transformational technologies for advanced air mobility
applications
ARLINGTON, Va., July 27,
2022 /PRNewswire/ -- Raytheon Technologies'
(NYSE: RTX) corporate venture capital group, RTX
Ventures, today signed an agreement to invest in VerdeGo Aero
to accelerate 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.
Established in 2017, the Daytona
Beach, Fla.-based company specializes in delivering
powerplants that efficiently convert jet fuel or sustainable
aviation fuel into electric power, enabling greater performance and
mission capability for a wide range of electric aircraft segments
including drones, electric vertical-take-off-and landing (eVTOL),
short-take-off-and-landing (STOL) aircraft, regional aircraft, and
high-speed VTOL airframes. VerdeGo Aero's current hybrid powertrain
programs range from 150kW up to multiple megawatts of continuous
electrical output.
"Delivering sustainable aviation technologies to help our
customers bend the emissions curve remains one of Raytheon
Technologies' most important priorities," said Daniel Ateya, managing director of RTX Ventures.
"Our investment represents one of the ways we're working to deliver
a more sustainable future."
RTX Ventures is the lead investor in VerdeGo Aero's $12 million Series A funding round, which will
support VerdeGo Aero's expansion and development of its growing
portfolio of hybrid-electric powertrain systems, including the VH-3
185kW powerplant. 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."
VerdeGo Aero is currently developing its third generation of
full-scale hybrid-electric powerplant hardware, having already
delivered pre-production powerplants for flight test operations.
Employing a high-speed development culture, the company is
significantly expanding its team of industry-leading electric
propulsion experts, creating numerous opportunities for
engineering, marketing, finance, and project management
professionals working among a world-class team of
innovators.
"VerdeGo Aero is helping to pioneer the emerging field of
hybrid-electric propulsion technology, which has an important role
to play in enabling the aviation industry's goal of
reaching net zero CO2 emissions by 2050,"
said Graham Webb, chief sustainability officer at Pratt &
Whitney. "This investment has promising potential to enhance our
technology and capability in segments of our small engine business
while moving quickly and nimbly to advance our hybrid-electric
propulsion strategy."
About Raytheon
Technologies
Raytheon Technologies Corporation is an aerospace and defense
company that provides advanced systems and services for commercial,
military and government customers worldwide. With four
industry-leading businesses ― Collins Aerospace, Pratt &
Whitney, Raytheon Intelligence & Space and Raytheon Missiles
& Defense ― the company delivers solutions that push the
boundaries in avionics, cybersecurity, directed energy, electric
propulsion, hypersonics and quantum physics. The company, formed in
2020 through the combination of Raytheon Company and the United
Technologies Corporation aerospace businesses, is headquartered in
Arlington, Virginia.
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SOURCE Raytheon Technologies