VerdeGo Aero Closes A-1 Investment Round, “Exceeds USD4 Million Target”
VerdeGo Aero announced this week that in July, the company closed an A-1 investment round, exceeding the USD4 million target, set to accelerate development of its key hybrid-electric product lines, reports a press release. VerdeGo is a leader in hybrid-electric propulsion technologies that enables customers to develop high-performance and reliable electric aircraft.
The release states, “The powerplants are a key enabler for the next generation of aircraft and drones for both commercial and military markets. The two flagship product lines, the hybrid VH-3 and VH-4T hybrid, were on display at the recent UK Farnborough and U.S Oshkosh Airshows.”
Eric Bartsch, CEO of VerdeGo Aero, commented, “We are excited to have closed this round on schedule, with a very attractive valuation and in a difficult investment market.”
Dave Spitzer, VP of Product Development, added, “In 2023, we received strong signals that a higher power, higher-performance hybrid system was required, resulting in the VH-4T program. Now we have the ability to continue to mature that product line to address strong demand from both military and commercial customers.”
VerdeGo Aero Team Alongside the VH-4T 400kW Hybrid-Electric Powerplant
This new funding accelerates the development of the VH-4T 400 kW hybrid-electric powerplant that is designed for both high-performance electrified aircraft and cargo drones, achieving both enhanced sustainability as well as increased range, payload and speed. Full-scale prototype testing of the VH-4T is currently underway at VerdeGo’s Daytona Beach Technical Centre.
The Florida Opportunity Fund is a significant new investor in this A-1 Round recognising VerdeGo as an important part of the growing high-tech aerospace and green technology industries in the State.
Meanwhile, six of VerdeGo Aero’s Series A investors have returned to increase their stake including:-
: RTX Ventures.
: DiamondStream Partners.
: Cloudbreak.
VerdeGo was featured at the Florida Venture Capital Conference (FVCC) in both Miami and Orlando earlier this year, resulting in new investor relationships for both the current round as well as the upcoming Series B planned for mid-2025. Given the strong interest, the round size has been increased above the initial target level to allow for additional new investors.
Matt Thomas, the company CFO, remarked, “Our investors saw the compelling business case for VH-4T and have given us a vote of confidence that we are on the right track.” And David Eichstedt, VP of Product Management, added, “The markets are ready for our products, and with a growing order book, investors will appreciate the growth they will see in VerdeGo in both the near- and long-term.”
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(Images: VerdeGo Aero)
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