Beta announces $375M in new financing

BURLINGTON, Vt. (WCAX) - More investors are betting on Beta, the cutting edge Vermont electric plane company.

The high-tech company based at the Burlington Airport says it has raised another $375-million in financing to support the development of its fully electric planes. Beta’s marquis product is called the Alia. It takes off and lands vertically and can carry up to 1,400-hundred pounds of cargo or up to six people.

The company’s prototypes have the backing of huge investors like Amazon, UPS, and the U.S. military.

Beta employs about 400 people but is planning a major expansion of its manufacturing facility if it can win approval from city officials in South Burlington.

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