July 26, 2023

Climate Tech Fund Statkraft Ventures Invests in Electra to Accelerate Sustainable Aviation

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Statkraft Ventures, one of the leading VC funds in energy transition and climate tech, today announced its investment in electric aviation company Electra. The investment will enable Electra to further develop its hybrid-electric ultra-short takeoff and landing (eSTOL) aircraft, reinforcing Statkraft Ventures’ commitment to advancing sustainable transportation and decarbonization efforts by investing in emerging technologies that reduce emissions.

Electra’s eSTOL aircraft is designed for quiet, efficient, and affordable flight operations from runways as short as 150 feet, bringing air travel closer to local communities and connecting previously underserved regions. By offering a viable air travel option for shorter regional routes, the Electra eSTOL aircraft provides an eco-friendly alternative to lengthy road trips in personal cars, cutting both travel times and emissions. Electra recently unveiled the technology demonstrator for its eSTOL aircraft and will begin flight testing later this summer.

"We are excited to partner with Electra as they are leading the change towards more sustainable aviation," said Alexander Kueppers, Managing Director at Statkraft Ventures. "Their visionary approach and groundbreaking technology to electrify aircraft, reducing operating costs and emissions at the same time, align perfectly with Statkraft Ventures’ mission to support innovative startups that drive the transition to a low-carbon economy."

This investment leverages Statkraft Ventures' expertise in sustainable energy transition to accelerate the development and commercialization of Electra's nine-passenger production eSTOL aircraft. Electra currently holds over 1,200 aircraft pre-orders from more than 30 global customers, both established aircraft operators as well as new entrants redefining how we transport people and goods.

“Statkraft Ventures brings a deep commitment to supporting companies and technologies that reduce emissions and address the threat of climate change. We are honored to have Statkraft Ventures on our team and look forward to learning from their insight and experience,” said John S. Langford, Electra’s founder and Chief Executive Officer.