Wednesday February 7, 2018 0 comments
ENGLEWOOD -- Bye Aerospace, an aerospace company applying innovative electric and solar-electric propulsion technologies to aviation markets, announced it raised more than $5 million in a Series C financing round led by Galileo Global Securities and Ashanti Capital.
“We are very pleased to complete this key financial milestone, raising over $5 million of investment capital in our Series C round,” said George Bye, CEO.
“We are also grateful to Galileo Global Securities for its participation, advice and support of our business plan to bring certified electric aviation to market, and to Ashanti Capital, an Australia based firm, for its assistance in introducing our company to the Pacific Rim community.”
Galileo Global Securities is an investment banking and advisory firm based in New York City. Ashanti Capital is an institutional stockbroking and advisory firm licensed in Australia with offices in Perth and Hong Kong.
“Galileo is happy to share our enthusiasm for the visionary while pragmatic approach followed by Bye Aerospace to be at the forefront of the electric airplanes revolution,” said Francois Pages, Galileo managing partner and CEO. “We are very committed to continue assisting the company in its future development.”
“The closing of the Series C financing represents an important new milestone for the company as it nears first flight for both the Sun Flyer 2 and StratoAirNet,” said Robbie Hamilton, Ashanti managing director.
“The aircraft were both extremely well received in Hong Kong, Singapore and Australia. This enhancement of Bye Aerospace’s register comes at an important time for the company as it moves to a transformational year in 2018.”
Bye Aerospace designs and builds advanced aircraft products for general aviation, aerospace and defense, near-space and atmospheric satellite markets.
The company is developing an advanced, high-altitude, long-endurance solar-electric unmanned aerial vehicle (UAV) called “StratoAirNet.” Bye Aerospace is also developing a family of electric aircraft, called “Sun Flyer 2” and “Sun Flyer 4,” with two and four seats, respectively.
The Sun Flyer is intended to be the first certified electric GA aircraft. Sun Flyer 2 is primarily targeted to the flight training market, while the Sun Flyer 4 also appeals to pilot owners.
Prototypes of both aircraft are in final ground test stage and preparing for first flight, the company said.