AAM startup Ascendance gets $22.6 million for its ATEA VTOL

French advanced air mobility (AAM) startup Ascendance Flight Technology says it is revving up its push to finalize the prototype of its ATEA hybrid vertical takeoff and landing (VTOL) plane, thanks to  new investment of €21 million ($22.6 million). 

Toulouse-based Ascendance said it had raised the new financing from existing backers and several new investors including Bpifrance, a public-private fund that supports France’s most promising tech startups. Ascendance said the infusion will be used to finish the full-scale prototype of its ATEA VTOL, and begin test flights to prepare for certification and eventual large-scale production of the AAM plane.

The company says it has already signed 245 memos of understanding with customers keen on buying the aircraft. 

Last October, Ascendance signed an agreement with Air France-KLM maintenance, repair, and operations unit AFI KLM E&M, making the Franco-Dutch airline group not only a potential buyer of…