Amazon-Backed Electric Plane Maker Beta Technologies to Expand in New York
Portfolio Pulse from Anusuya Lahiri
Beta Technologies, an electric aerospace company backed by Amazon.com Inc (NASDAQ:AMZN), is expanding in New York with a $41 million investment in Plattsburgh International Airport. The expansion is supported by a $20 million state grant and aligns with New York's zero-emission vehicle investment. It will create 85 jobs and establish a manufacturing and assembly hub for electric aircraft. Beta's recent achievements include a 1,730-mile flight and delivering its first product to the U.S. Air Force. The hybrid aircraft market is expected to grow significantly by 2030.
December 01, 2023 | 5:11 pm
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Amazon-backed Beta Technologies is expanding its electric aircraft operations in New York with a $41 million investment, indicating Amazon's continued interest in sustainable transportation solutions.
Amazon's backing of Beta Technologies and the expansion in New York could be seen positively by investors as it aligns with the growing interest in sustainable transportation. The investment and job creation may reflect well on Amazon's corporate responsibility and innovation strategy, potentially leading to a short-term positive impact on AMZN's stock price.
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