Finance, Taxes, Insurance
Ampaire Raises $19 Million for Hybrid-electric Airplanes
Financing supports Eco Caravan certification and hybrid-electric APU development
Ampaire Eco Caravan and Electric EEL
Ampaire’s hybrid-electric Eco Caravan, a modified Cessna 208B Grand Caravan, is pictured in front of the Electric EEL technology demonstrator aircraft, a converted Cessna 337 Skymaster, outside the company’s hangar at Long Beach Airport in Long Beach, California.

Hybrid-electric propulsion developer Ampaire has raised $19 million in a Series B round led by DiamondStream Partners, the company announced on August 18. Corporate venture arms of two airline groups joined the round: Alaska Star Ventures, which invests on behalf of Alaska Airlines, and IAGi Ventures, part of London-based International Airlines Group.

Long Beach, California-based Ampaire has now raised $68 million since its founding in 2016, roughly $25 million of which came from grants and contracts awarded by the U.S. Air Force, the Department of Energy’s ARPA-e program, and NASA.