Hanwha Boosts Backing for Overair's Butterfly eVTOL Aircraft with $145 Million Investment
The South Korean company was an early investor in California-based Overair and is also providing motors and batteries for the six-seat eVTOL aircraft through its aerospace division.
South Korea’s Hanwha Systems has made a further $145 million investment in eVTOL aircraft developer Overair. Announcing the funding on June 14, the California-based start-up said it is on track to start flying a conforming prototype of its six-seat Butterfly model in the second half of 2023.
Hanwha’s aerospace division is supplying electric motors and battery packs for the prototype aircraft, for which Overair aims to achieve type certification by the end of 2025. The group’s investment is also intended to support work to bring the aircraft into commercial service in 2026. The eVTOL is expected to carry up to five passengers or cargo on sectors of over 100 miles and at speeds of 200 mph.
