Shanghai (Gasgoo)- Chinese eVTOL (electric vertical take-off and landing) aircraft developer Volant announced on August 19 the successful completion of its A++++ round of financing, raising hundreds of millions of yuan, according to a post on the company's WeChat account.
The latest funding round was led by the Beijing Robotics Industry Fund, with participation from Beijing Jingguorui Equity Investment Fund Management Co., Ltd., Shougang Fund's equity investment platform Shoucheng Holdings, and Yanchuang Group. Glacier Capital served as the financial advisor for this round.
Volant stated that the funds will be used to accelerate the development and manufacturing of its VE25 series, continue test flights and trials for the VE25 validation prototype, and advance the airworthiness certification of the VE25-100 model. The company aims to push forward the commercialization of high-level passenger-carrying eVTOL aircrafts.
Notably, this marks Volant's fifth round of hundred-million-yuan-level financing in 2024, making it the most financed eVTOL aircraft developer in China this year. With this round, the company has successfully completed a cumulative $100 million in its A1 series of financing and is now preparing to launch its next fundraising round.
The eVTOL sector, a key player in the burgeoning low-altitude economy, continues to gain momentum and attract significant interest from the capital markets. It is roughly estimated that there have been 54 financing events occurring in China's low-altitude economy sector during the first half of the year, with drones and eVTOL aircrafts being the focal points. The majority of hundred-million-yuan-level investments were concentrated in the eVTOL domain.
As Volant's first eVOLT product, the VE25, features a composite wing architecture and can accommodate one pilot and five passengers with a take-off weight of 2.5 tonnes and a cruising speed of 235 km/h.
To date, Volant has signed strategic cooperation agreements and intention orders for over 700-unit aircrafts with well-known enterprises, including China Southern Airlines General Aviation Company Limited, China Aviation Rescue & Emergency, and Asian Express Aviation, totaling 15 billion yuan. These agreements cover a wide range of eVTOL applications, including low-altitude tourism, training, short-haul transportation, cargo, emergency rescue, and urban mobility.
