Electric aircraft maker Beta Technologies filed for an initial public offering in the United States on Monday, the latest company to join the rush to tap a record-breaking bull run in the equity market.
Easing trade tensions, robust stock markets and pent-up investor demand have combined to create one of the busiest windows for listings in years, with technology, aerospace and green energy firms leading the charge.
Beta Technologies designs, manufactures and sells high-performance electric aircraft, advanced electric propulsion systems, charging systems and components.
Electric aviation remains a niche segment of the transportation industry, with only a handful of companies developing and testing commercial aircraft.
The company said, citing internal estimates, that operating costs for its aircraft are 42 per cent lower than conventional planes, thanks to a simplified design.
“Our aircraft’s design eliminates the need for complex components such as gear boxes, in-flight liquid cooling systems, and thrust vectoring mechanisms,” it added in the IPO prospectus.
Beta Technologies said its ALIA CTOL electric aircraft has completed thousands of flights, covering nearly 83,000 nautical miles, including operations in North America and Europe.
The company’s aircraft has also been used by the U.S. military in training missions and flown by the Federal Aviation Administration (FAA).
The broader electric vehicle and technology industries have been in the spotlight for years, drawing investment and fueling growth across the automotive and clean-tech sectors.
Interest, however, has been uneven, with some segments and regions growing rapidly while others face adoption and infrastructure challenges.
Beta Technologies, backed by tech giant Amazon, did not disclose the size or terms of its offering.
The company is aiming to trade on the New York Stock Exchange under the symbol “BETA.”
Morgan Stanley and Goldman Sachs are the lead underwriters of the offering.
Source: CNA
