Have you ever taken a moment to think about the advances in technology in the last 20 years? How about aeronautical tech? I'm personally indebted to the seat-mounted tv screen that kept my kids busily engaged on a 12 hour flight to South Africa, but I'm sure amazing things were happening inside the engine and controls of the aircraft. We happily go about our business, flying from here to there without much of a thought, but there's a lot going on in the industry. We're about to get a zap of electricity, and investment groups are taking notice.
Park City, Utah-based venture capital firm Valkyrie Group has announced a $10 Million Series A investment with Panhwar Jet Inc., with future plans for an additional $100 Million Series B.
Panhwar is developing an electric luxury jet that can self-charge and fly up to 12 hours, a huge change from the current model than can only go for about two. Electric technology has brought a lot of disruption to the auto industry in the last decade, and it's taking on other industries with great potential.
In a recent press release, Chad Swensen, Founder and Managing Partner of Valkyrie, said, "We’re excited about the innovation that Panhwar Jet is bringing to a large global market. We are fully committed to supporting Panhwar Jet realize the full potential of such a revolutionary technology in fully electric aviation."
We're doing the electric slide, and we're excited to see where it goes.
