Overair secure $145m funding from Hanwha for Butterfly development

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Californian eVTOL developer Overair have announced a further funding package worth $145m from South Korea’s Hanwha Aerospace. The company says that this new investment will ensure that the Butterfly tilt rotor eVTOL will remain on track for its targeted first flight in the second half of next year.

Aside from the technical development funding Overair say that the investment package will allow it to “lay the groundwork for commercialising their mobility technology”. In addition to the cash investment Hanwha will also supply the electric motors and battery packs for the Butterfly prototypes.

Commenting on the announcement Ben Tigner, Co-Founder and CEO of Overair said “This is a tremendous milestone for our growing team, and we’re extremely well positioned to deliver sustainable aerial ridesharing to the world through the development of Butterfly. We’re exactly where we want to be, building a superior aircraft company with class leading mobility technology around an unrivalled aircraft while rapidly approaching the first flight of a purpose-built prototype next year.