aerospace

aerospace

Image courtesy of Overair

Santa Ana-based aircraft startup Overair has raised $145 million to develop and fly its flagship vehicle, a prototype electric airplane called Butterfly, by the second half of next year.

The investment was led by South Korean conglomerate Hanwha Group, which holds a 30% stake in Overair and has now poured a total of $170 million into the startup, according to TechCrunch. The funds specifically came from two of the conglomerate’s divisions, Hanwha Aerospace and Hanwha Systems, Overair said in a press release Tuesday.

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Courtesy of Surf Air Mobility

The airline industry is a notoriously terrible polluter, with large carriers struggling to find ways to limit the more than 915 million tons of carbon emissions produced by their industry each year.

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