Electric aircraft maker Bye Aerospace closes $10 million in funding

Denver-based Bye Aerospace, developer of the all-electric eFlyer family of FAA Part 23-certified aircraft, has raised $10 million from venture capital investors since the beginning of the year, in two separate rounds.

Founder and CEO George E. Bye said the company is using the new funding to begin work on Serial #001, the first production-conforming prototype of its two-seat eFlyer 2 aircraft. “Since raising the $10 million, we have completed critical design review in early June, and are now underway with multiple test flights of the eFlyer 2 technology demonstrator,” he said. “Next, we will be solidifying our supply chain relationships to begin assembly on Serial #001, the first production-conforming eFlyer 2 aircraft.”

The first model in Bye Aerospace’s eFlyer family of general aviation aircraft will be the two-seat eFlyer 2, designed for professional flight training, followed by the eFlyer 4, for air taxi and advanced training applications. Bye Aerospace says its electric aircraft will deliver five-fold lower operating costs compared to ICE planes—and of course, zero emissions and decreased noise. The company estimates the eFlyer will eliminate the release of five million metric tons of CO2 each year for flight training alone.

Chrysanthe Gussis, a member of Bye Aerospace’s strategic advisory board, said, “Electric flight is the future of air travel, and even more so now following the coronavirus outbreak, as the demand for affordable, smaller, greener aircraft increases.”

Source: Bye Aerospace