Raytheon's Venture Capital Unit Invests in VerdeGo Aero
July 27 2022 - 09:03AM
Dow Jones News
By Dean Seal
The corporate venture capital group for Raytheon Technologies is
investing in VerdeGo Aero, a hybrid-electric propulsion company
focused on air mobility applications.
Raytheon said Wednesday that RTX Ventures is the lead investor
in VerdeGo Aero's $12 million Series A funding round, which will
support the Daytona Beach, Fla.-based company's expansion and
development of hybrid-electric powertrain systems.
The agreement provides VerdeGo Aero with the opportunity to
collaborate on future products with Pratt & Whitney, Raytheon's
aerospace manufacturing subsidiary.
Founded in 2017, VerdeGo Aero specializes in powerplant hardware
that efficiently converts jet fuel into electric power for greater
performance in electric aircraft segments, including drones and
regional aircraft.
"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.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
July 27, 2022 09:48 ET (13:48 GMT)
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