Overair gets $145 million funding to develop itsButterfly eVTOL

Overair, developer of an electric takeoff and landing (eVTOL) aircraft with significantly reduced noise output, has received $145 million in additional funding to support its push to test fly a prototype of its Butterfly plane next year.

The financial infusion comes from existing backers Hanwha Systems and Hanwha Aerospace, South Korean companies specializing in precision communications and aircraft technologies. That added support will initially be used by Overair to reach its objective of completing its Butterfly prototype, then making the eVTOL craft’s first flight in the second half of 2023. 

As that effort progresses, Overair will rely on the business expertise and tech of its two investors to lay the groundwork for its communications, commercialization, and operational structures. As the three partners expand their research exchanges in Butterfly’s development, meanwhile, Hanwha Systems and Hanwha Aerospace will also provide Overair electric…