LuftCar announces it has received term sheet offer for $100 Million from a well known investment group, which, if accepted by LuftCar, will be used towards vehicle commercialisation.
LuftCar LLC, a US based hydrogen powered eVTOL aircraft developer announced that they have received a term sheet offer for $100 M investment from a well known Europe based private equity group. Once LuftCar accepted the offer, which it has not yet, the funds will be available after a public listing. LuftCar will control the amount and timing of fund drawdowns under this agreement, with the PE being offered up to 10% equity.
‘With the prototype demonstration of LuftCar's innovative airframe design, which involves a LuftCar IP of five point docking mechanism and a self aligning catch tongue, we are confident that we will make a big market impact in air cargo, defense and regional transportation segments. If secured, the funds from the PE are likely be used to scale up commercialization efforts and will be treated as Series A investment’ says Santh Sathya, Founder, Chairman and CEO of LuftCar.
LuftCar is currently developing a two seater prototype with seed funding. A five seater commercial version will be developed after the proof of concept. With the funding pipeline clearly visible for Series A, LuftCar is aiming to close its seed round and is inviting seed stage investors to invest.’ The risk for early stage /seed investors is minimized due the availability of later stage funding agreement with the PE. Early stage investors will see a 10X ROI within six to 12 months’, added Santh Sathya. Investors are requested to email: email@example.com or contact Ph: +1 408 905 0036
About LuftCar: LuftCar LLC is a USA based OEM, developing a hydrogen fuel cell powered autonomous electric Vertical Takeoff and Landing (eVTOL) air/road vehicle or ‘Flying Forklift’, designed to carry road vehicles. The LuftCar vehicle will serve: