Panhwar Jet has announced the receipt of $10 million in Series A funding from Valkyrie Group.
Valkyrie Group, a Utah-based venture capital firm, also plans to raise an additional $100m Series B round of capital to accelerate the growth of the new venture. Both ventures have strategically decided Heber city, Utah to be the Panhwar Jet’s manufacturing location.
Panhwar Jet says it is designing and building the world's first all-electric, self-charging luxury business aircraft and claims the ground-breaking self-charging technology will eclipse the competition in the electric aviation industry. Current battery density does not allow other electric aircraft to fly beyond two hours total flight time. However, the disruptive self-charging technology invented by Panhwar Jet will allow their aircraft to fly up to 12 hours without touching down.
Panhwar Jet’s patented technology has solved the battery problem that others could not. Panhwar Jet is also determined to provide the best flight experience by using clean, sustainable energy which will create a new future of aviation where speed and range have no limitations.
“We’re excited about the innovation that Panhwar Jet is bringing to a large global market,” stated Chad Swensen, founder and managing partner of Valkyrie. “We are committed to supporting Panhwar Jet and realise the full potential of such a revolutionary technology in electric aviation.”
Ayisha Fareed, chairman, and CEO of Panhwar Jet added: “We're excited to collaborate with Valkyrie Group as our strategic capital partner. “Valkyrie and Panhwar Jet share the passion, team spirit, background, and experience that will disrupt the electric aviation industry.
“This investment will allow Panhwar Jet to enhance the specifications of ‘ElectroBird’, our first two-seater all-electric plane. We will unveil our technology to the world while attempting to achieve several world records in electric aviation. All records will be verified by The Guinness Book of Records. The announcement of the date will be in late October 2021.”