Electra Aero has boosted the capital base for developing its EL9 hybrid-electric aircraft by raising $115 million through a Series B funding round. Announcing completion of the round on April 21, the Virginia-based company said the main backer is growth equity group Prysm Capital, whose co-founder and managing partner, Jay Park, has joined its board of directors.

The engineering team at Electra is close to completing the preliminary design review for what it refers to as an Ultra Short aircraft due to its projected ability to take off and land in just 150 feet. New funding will support the start of pre-production and certification work for the critical design review as the company strives to start flying a full-scale EL9 prototype in 2027. Recently, the company completed the system requirements review for the EL9 and is now preparing a bill of materials as it firms up the selection of suppliers for the aircraft’s key systems.

According to Electra, the combination of its blown-lift design and hybrid-electric propulsion will mean it can deliver a range of up to 1,100 nm and a 3,000-pound payload to operators expected to include regional airlines, cargo operators, and military forces. The blown-lift architecture and wing-mounted propellers generate additional lift that the company said requires an airspeed at takeoff of just 35 knots.

The company intends for the nine-passenger EL9 to be able to operate beyond airports, and without the need for charging infrastructure, using sites that could include fields, parking lots, and repurposed heliports. Prospective operators in what Electra describes as Direct Aviation business models could include small, underutilized airfields in communities that do not currently benefit from scheduled air services. It intends to certify the EL9 model under the FAA’s Part 23 rule and has previously indicated that it aims to start deliveries by 2030.

Since November 2024, Electra has been flying a two-seat technology demonstrator called the EL2. The company has completed modifications to this aircraft, which it calls the Goldfinch, and is gearing up for what a spokesperson told AIN will be an intensive round of demonstration flights with prospective customers.

In March, Electra reported that it had signed agreements covering more than 2,200 pre-orders for the EL9, with a combined value of over $10 billion. In the latest in a series of more than 20 Pentagon-backed Small Business Innovation Research contracts, the company is currently working to fulfill a U.S. Air Force project to develop defense use cases for the EL9.

“Electra’s EL9 Ultra Short is a game-changing aircraft that unlocks important new capabilities for commercial and defense users,” Park commented. “The EL9 is the flagship of Electra’s future family of aircraft that will transform aviation with hybrid-electric technology.”

In addition to Prysm Capital, other strategic investors in Electra Aero include Lockheed Martin Ventures, Honeywell, and Safran. The company now has around 80 employees.