Electra raises $115m to push EL9 towards certification

More than 2,200 EL9s have been pre-ordered by commercial and defence operators due to the aircraft's hybrid-electric Ultra Short capability.

Electra has secured $115 million in Series B funding to advance its nine-passenger EL9 aircraft into the pre-production and certification stage. The investment round was led by Prysm Capital, whose co-founder Jay Park has joined Electra’s board of directors.

Electra board chair John Langford says: “We are delighted to welcome Jay and Prysm to the Electra family. They’ve already become an indispensable partner and advisor as we transition from prototype to product with the EL9.”

By combining blown lift technology with hybrid-electric propulsion, the EL9 Ultra Short aircraft enables helicopter-style landings in as little as 150 feet while delivering the range, safety and cost-efficiency of a fixed-wing platform. With up to 3,000 pounds of payload and a range of 1,100 nautical miles, it recharges in flight and requires no ground charging infrastructure.

Electra CEO Marc Allen says: “The EL9 Ultra Short opens the door to opportunities to establish new commercial routes, connect communities currently lacking aviation infrastructure, and enable entirely novel logistics capabilities for warfighters. We look forward to working with our partners at Prysm to continue the development of this aircraft and chart a new course for aviation.”

Over 2,200 provisional orders valued at more than $10 billion have been placed for the EL9. Its dual-use performance has also attracted more than 20 SBIR contracts from the US Air Force, Army, Navy and NASA, alongside a Strategic Funding Increase contract focused on military use cases.

Jay Park of Prysm Capital adds: “The EL9 is the flagship of Electra’s future family of aircraft that will transform aviation with hybrid-electric technology. We are excited to partner with Marc, John and the team in their commitment to innovating and expanding air mobility solutions.”

Other investors include Lockheed Martin Ventures, Honeywell, Safran, Statkraft Ventures and the Virginia Innovation Partnership Corporation. Electra now employs around 80 staff and positions itself as the category creator in Ultra Short aviation.