Vertical take off and landing startup with Victorville test facility, receives $145 million

Published on

overair

SANTA ANA – Overair, an electric vertical take-off and landing (eVTOL) startup, announced June 14, $145 million in funding from Hanwha Systems and Hanwha Aerospace. Headquartered in Santa Ana with a flight test facility complex in Victorville, the company stated they remain “on track to fly its all-electric experimental prototype in the second half of 2023” with the new investment.

“This is a tremendous milestone for our growing team, and we’re extremely well positioned to deliver sustainable aerial ridesharing to the world through the development of Butterfly,” said Overair Co-Founder and CEO Ben Tigner. “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.”

Butterfly is an all-electric aircraft with six seats designed to take off and land vertically. The aircraft’s advanced propulsion system is derived from decades of military VTOL programs led by Abe Karem. 

The aircraft’s Optimum Speed Propulsion (OSP) uses four large propellers, which spin slowly when hovering and even slower when cruising. According to Overair, “the slow-turning props produce extraordinarily little sound, which will allow Butterfly to operate in high-density areas with noise sensitive communities”.

Hanwha Aerospace, the only aircraft engine manufacturer in South Korea, says they are selecting ‘Game Changer’ businesses that can really excel in the future, and an eVTOL vehicle is a ‘Game Changer’.

RELATED: General Atomics Flies Drone Over HD

“With regard to our investment decision in Overair, we assessed that the company had the numerous patients [sic] and core technologies required to develop [a] highly efficient, low noise vehicle,” said Hanwha Systems CEO Sungchul Eoh. “Therefore, we expected that Overair would be capable of developing [a] superb vehicle that can satisfy the requirements for safety, efficiency, speed, low noise, and environment-friendly feature.”

Overair has previously stated that it expects to achieve FAA certification in 2025 and launch commercial services in 2026.

For more information about Overair visit https://www.overair.com/

spot_img

Latest articles

CA bill would prohibit corporations owning 1,000 homes from buying more and turning into rentals

CALIFORNIA — CA Assemblymember Alex Lee (D-Milpitas) introduced AB 2584, February 14, a bill...

San Bernardino County warns residents about fraudulent debt/tax collection calls

SAN BERNARDINO COUNTY — San Bernardino County Tax Collector and Assessor offices have issued...

CA Dream For All 20% down payment “Register for Voucher” button goes live in April

CALIFORNIA — The California Housing Finance Agency (CALHFA) announced Tuesday that it’s launching the...

CA journalism fellowship with salary up to $80,000 application due February 25

CALIFORNIA — The California Local News Fellowship (CLNF) is accepting applications, due February 25,...
Powered by Foreclosure.com

More like this

More bank closures coming in CA amid shift towards mobile banking 

CALIFORNIA – The Bank of America located at 101 W. Ridgecrest Blvd. in Ridgecrest...

CA passes Joshua Tree Protection Law — includes up to $1,000 per tree removal fee

SAN BERNARDINO COUNTY – California lawmakers passed the Western Joshua Tree Conservation Act, Tuesday,...

PearlX completes first large-scale solar project at High Desert Villas after $100 million commitment

VICTORVILLE – PearlX, a solar and storage installation company, announced Tuesday its first large-scale...