Regina Garcia
RTX Ventures, the corporate venture capital unit of Raytheon Technologies, has agreed to invest in VerdeGo Aero and lead a Series A funding round for the propulsion technology startup.
Florida-based VerdeGo Aero aims to raise $12 million in the venture round to build up its powertrain systems portfolio, which includes a 185 kilowatt generator designed to power multiple aircraft platforms, Raytheon said Wednesday.
Avfuel Technology Initiatives, DiamondStream Partners, Seyer Industries and Standish Spring Investments are the other participants in the capital-raising activity.
VerdeGo Aero’s investment agreement with Raytheon offers a product collaboration opportunity with the aerospace and defense company’s engine manufacturing business, Pratt & Whitney.
“This investment has promising potential to enhance our technology and capability in segments of our small engine business while moving quickly and nimbly to advance our hybrid-electric propulsion strategy,” said Graham Webb, chief sustainability officer at Pratt & Whitney.
