Ascendance Raises USD$22.8 Million for ATEA eVTOL Aircraft

Ascendance Flight Technologies has raised about USD$22.8 million (EUR€21 million) from existing and new investors in Series A fundraising. The funds will be used for future test flights and certification for its ATEA hybrid-electric VTOL aircraft.

The Toulouse-based firm saw a wave of new investment including from Bpifrance, a public investment bank that lends support to start-ups in France with significant potential. Those who reinvested included Habert Dassault Finance, Céleste Management, IRDI, and M-Capital.

Aside from flight testing and certification of the ATEA aircraft, the French company said the funds accrued will be used to reduce carbon emissions in the aviation industry through the introduction and implementation of unique technologies.

“This fundraising round is critical for sustainable aviation in France. It is a logical step forward in our roadmap for the industry’s energy transition. It will accelerate the technical and commercial development of our products while also contributing to our central aim: to build a sustainable model for cleaner air mobility,” said Jean-Christophe Lambert, Co-founder and CEO, Ascendance Flight Technologies.

“We are very proud to have brought together these renowned financial partners, whose quality and complementary nature will ensure that they can support the company through its upcoming development stages,” said Lambert.

Adrien Muller, Director of Investments at Bpifrance, expressed his excitement at the ATEA project and said it aligns with the investment bank’s environmentally-friendly ethos.

“Via French Tech Souveraineté, Bpifrance is delighted to support the teams at Ascendance Flight Technologies in this crucial new phase of the company’s development. Ascendance Flight Technologies aims to revolutionize and decarbonize civil aviation through its innovative industrial project. This investment is fully in line with the climate and industrial components of our roadmap,” he said.

Ascendance has already signed 245 letters of intent with customers interested in purchasing their hybrid-electric eVTOL.

The ATEA is a five-seat aircraft designed to fly up to 400 km at 200 kph. It is likely to undergo its first test flights later this year and is expected to make an appearance in the AAM demonstrations that will be held during the 2024 Olympic Games in Paris.

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