WASHINGTON (dpa-AFX) - GE Aerospace (GE), Thursday announced a new strategic partnership and equity investment agreement with BETA Technologies Inc. to accelerate the development of hybrid electric aviation.
As per the agreement, the two companies will develop a hybrid electric turbogenerator for Advanced Air Mobility applications.
In addition to the new agreement, GE will make an equity investment of $300 million in BETA to advance technologies that will support the future of flight. This will also give GE the right to designate a director to join BETA's Board.
In the pre-market hours, GE is trading at $276.50, up 0.21 percent on the New York Stock Exchange.
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