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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