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South Korea’s Hanwha Aerospace has recorded an expected loss of approximately 140 billion won (around $101 million) related to its investment in Overair, the California-based electric vertical take-off and landing developer that was spun off in 2019 from Karem Aircraft.
Related: Overair provides a first look at a second wave of eVTOL aircraft
Between 2019 and 2022, Hanwha invested $170 million in the eVTOL company primarily in the form of convertible notes, which are debt instruments that can be converted into shares and a common way of funding startups that are not yet ready for valuation. Hanwha is the only outside investor announced by Overair, and its vote of no confidence casts a pall over the future of the company, which has been struggling to raise money and retain talent in a tough fundraising environment.
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