BETA Technologies, an electric aerospace company based in Vermont, announced that it has raised $318 million in Series C equity capital. The funding will enable the eight-year-old sustainable aviation company to support continued production, certification, and commercialization of its electric-powered aircraft, as well as of its charging systems and growing infrastructure network.

BETA plans to use the funds to commercialize its ALIA Electric Vertical Take-Off and Landing (eVTOL) aircraft, which produces zero operational emissions, and is capable of flying 250 nautical miles on a single charge and carrying six people, or a pilot and 1,500 pounds, the company said.

BETA is seeking certification of two variants of its all-electric aircraft with the FAA: the ALIA CTOL, which uses a runway to take off and land conventionally; and the ALIA VTOL, which is runway-independent as it takes off and lands vertically. BETA said that it plans to pursue certification of cargo and passenger configurations of both aircraft, suitable for commercial and military customers.

According to the company, the ALIA VTOL and CTOL enable an 83% and 75% emissions reduction, respectively, relative to comparable non-electric aircraft, as well as 50% and 75% lower hourly operating cost.

Kyle Clark, BETA’s founder and CEO, said:

“This investment validates progress and milestones toward commercializing electric aviation. For years, we’ve flown across the country and deployed with partners to prove the safety and reliability of our aircraft and chargers. Now, we’re beginning to produce products for our customers. This continued belief and trust in this team and our vision will be good for the investors and good for the world. We are grateful for their shared vision.”

The Series C funding round was led by QIA. Several of BETA’s largest investors, including Fidelity Management & Research Company and TPG Rise Climate, also participated, increasing their ownership in BETA. Longtime customer United Therapeutics has also joined this round as an investor. The financing round was priced at an increased valuation relative to prior equity capital raises and was meaningfully oversubscribed. To date, BETA has raised more than $1 billion in equity capital.

Mohammed Al-Sowaidi, chief investment officer for the Americas at QIA, said:

“At QIA, we seek out companies that are well-positioned to become category leaders by addressing critical challenges with innovative solutions. BETA is a leader in the electric aviation market and our participation in this funding round is fully aligned with QIA’s efforts to invest in the companies that are making the energy transition a reality.”

While BETA’S financing marks significant progress towards the development of electric aircraft, the sector is also facing challenges, with German air-taxi maker Lilium, which also manufactures electric-powered eVTOL aircraft, filing for insolvency earlier this week.