VoltAero Secures the First Funding in Its Series B Round From the Strategic Industrial Investor, TESI
ABU DHABI, Arab Emirates, November 1, 2022 (Newswire.com) - VoltAero today announced completion of the first tranche in its Series B financing, with Italy's TESI becoming a strategic investor and industrial partner. The new funding round, which includes a €32 million capital raise, will cover certification and production launch of the first member in its electric-hybrid aircraft family, the Cassio 330.
"TESI's decision to become both a strategic investor and an industrial partner is a clear sign of VoltAero's technology and business model credibility as we take this important step closer to reality for the Cassio airplane family with the Series B funding round," said Jean Botti, VoltAero's CEO & Chief Technology Officer, who is participating in this week's Abu Dhabi Air Expo in the United Arab Emirates.
The Series B round marks the third funding phase for VoltAero, positioning it for industrialization of the Cassio 330, which entered the certification process with Europe's EASA airworthiness authority in October 2021 - the first member of its Cassio aircraft family powered by the company's proprietary electric-hybrid propulsion system.
TESI (Tecnologie E Servizi Innovativi S.r.l.) will produce the airframe for VoltAero's no. 1 Cassio 330 prototype, which is targeted to make its maiden flight in 2023. Cassio 330 is the five-seat version, with a combined electric-hybrid propulsive power of 330 kilowatts.
"We have been impressed by VoltAero's highly intelligent approach with Cassio, applying its dual-source electric-hybrid propulsion concept for regional aviation that will be both sustainable and operationally safe," stated Luigi Punzo the CEO of TESI.
The Cassio airframe design is based on a sleek, aerodynamically-optimized fuselage, a forward fixed canard, and an aft-set wing with twin booms that support a high-set horizontal tail.
By integrating VoltAero's proprietary electric-hybrid propulsion system into the company's purpose-designed airframe, the Cassio aircraft family will deliver an order of magnitude better performance as compared to the current competition, and provide significantly lower operational costs.
TESI will build the Cassio 330 certification prototype airframe at its Cicerale facility in Italy. The company is specialized in the production and integration of metallic structures and assemblies, as well as mechanical parts - with in-house capabilities from machining and forming to assembly.
Cassio aircraft will utilize electric motors in the aft fuselage-mounted propulsion system for all-electric power during taxi, takeoff, primary flight, and landing. The hybrid feature (with an internal combustion engine) comes into play as a range extender, recharging the batteries while in flight. This hybrid element serves as a backup in the event of a problem with the electric propulsion, ensuring true fail-safe functionality.
Production Cassio airplanes will be built in three versions, each sharing a high degree of modularity and commonality. The family will provide a highly capable and reliable product line for regional commercial operators, air taxi/charter companies, private owners, as well as in utility-category service for cargo, postal delivery and medical evacuation (Medevac) applications.