Geely’s Aerofugia bags over 100 million yuan in first market-oriented financing round

Shanghai (Gasgoo)- Aerofugia, a leading Chinese electric aviation company under Geely, has successfully completed its first market-oriented financing round, raising over 100 million yuan, the company said on June 30 via its WeChat account.

This round was led by Tsinghua Holdings Capital ("TH Capital").

Photo credit: Aerofugia

The funding will primarily fuel the continued R&D of the company's fully proprietary AE200, a groundbreaking urban air mobility (AAM) solution, as well as its market advancement. This aligns with Aerofugia's mission to implement smart urban air mobility and stimulate innovation in the low-altitude economy.

Geely’s extensive experience in transportation, coupled with its strategic positioning in various areas, provides a strong backing for Aerofugia's air mobility initiatives. At the supply chain level, partnerships with battery manufacturers, electric motor and control companies, and raw material providers enable the creation of high-quality, stable, and cost-effective products.

As far as customer experience is concerned, Aerofugia and various Geely subsidiaries such as Cao Cao Mobility, StarRides, Limao Chuxing, and Geely Future Mobility Constellation, have formed a synergistic strategy in the field of three-dimensional mobility services, offering reciprocal advantages.

The lead investor, TH Capital, with 16 years of investment experience in advanced manufacturing and high-end equipment sectors, has created a fully functional aerospace industrial chain. This chain can power Aerofugia’s product development, airworthiness, and supply chain management, bridging communication for downstream and upstream industrial collaboration.

TH Capital's subsidiary, SINO JET, is the largest business aviation company in the Asia-Pacific region. It operates mainstream models from major aircraft manufacturers and boasts a highly digitized aircraft lifecycle management system along with an experienced professional team. This infrastructure will offer significant support to the AE200's continuous airworthiness efforts.

eVTOL (Electric Vertical Take-Off and Landing) vehicles are known for its safety, cleanliness, and economy, possessing disruptive potential in the field of civil aviation. The industry is rapidly evolving, playing a key role in low-altitude transportation, logistics, and tourism. With the constant refinement and opening of domestic low-altitude policies, the era of aerial electrification has begun.

Aerofugia, with its focus on low-altitude travel, has always been dedicated to promoting the innovation and application of aerial transportation technology. Its self-developed AE200 is a 5-/6-seater eVTOL that adheres to high performance, safety, and comfort design requirements. It caters to urban and intercity zero-emission, low-noise, high-frequency commercial operations with greater payload and range. Presently, the AE200 prototype has completed its maiden flight and has started type certification under the guidance of authorities.