Advanced Air Mobility News

Overair Receives $145 Million in Funding from Hanwha Group

by Global Sky Team

Overair Receives $145 Million in Funding from Hanwha Group

 

Overair, a spin-off from Karen Aircraft, Inc., has raised $145 million in funding from Hanwha Systems and Hanwha Aerospace.

The funding will drive the ongoing development of Overair’s electric vertical take-off and landing (eVTOL) aircraft Butterfly. It also lets the startup begin commercializing its mobility technology.

Hanwha will provide electric motors and battery packs for Overair’s prototype aircraft.

According to TechCrunch, the patents and core technologies behind the eVTOL attracted the Hanwha Group as investors.

Hanwha previously invested $25 million in the startup, and as a result, owns a 30% stake in the company.

“We’re exactly where we want to be, building a superior aircraft company with class leading mobility technology around an unrivaled aircraft while rapidly approaching the first flight of a purpose-built prototype next year,” says Ben Tigner, Overair’s Co-Founder and CEO. “We’ve proven Butterfly’s propulsion system, so we’ll now begin validating Butterfly’s ability to operate safely in real-world weather conditions, carry significant payloads, and fly incredibly quietly.”

Overair is on course to launch its prototype in the latter half of 2023.

The startup previously partnered with Urban Movement Labs (UML)

to bring urban air mobility (UAM) to Los Angeles.

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