Perth-based institutional stockbroking and advisory firm Ashanti Capital has thrown its support behind high-tech Denver based aerospace leader Bye Aerospace further demonstrating its capabilities to back emerging offshore companies.
Ashanti, along with Galileo Global Securities, were key participants in a $5 million Series C financing round for privately-owned Bye which is developing the world’s first certified electric aircraft.
Bye Aerospace believes that its research and development over the last decade puts it in a unique market position and it has two prototypes being made ready for flight. The first prototype is an electric flight training airplane, called the Sun Flyer 2; the second is a long endurance atmospheric satellite UAV, called StratoAirNet.
The offer was supported by the Ashanti Investment Fund, as well as leading Australian, Hong Kong and Singapore institutions. Bye Aerospace is a recognized pioneer in electric propulsion for aviation. Momentum is developing globally around the benefits of electric, solar-electric, and hybrid propulsion systems for all types of aircraft.
“Providing capital to new or existing clients is one of Ashanti’s core strengths which is evidenced by the successful $5 million investment capital raised for Bye Aerospace,” said Robbie Hamilton, Managing Director of Ashanti.
Ashanti, through our significant relationships and networks, introduced the company to major institutional investors in Hong Kong, Singapore and Australia.”
Mr Hamilton said the closing of the Series C financing represented an important new milestone for Bye Aerospace as it nears first flight for both the Sun Flyer 2 and StratoAirNet.
“Both aircraft were extremely well received in Hong Kong, Singapore and Australia. This enhancement of Bye Aerospace’s register comes at an important time for the Company as it moves to a transformational year in 2018.”
Bye Aerospace CEO George Bye said the company was very pleased to complete this key financial milestone.
“We are also grateful to Ashanti Capital for its assistance in introducing our Company to the Pacific Rim community,” he added.
Prototypes of both the Sun Flyer 2 and StratoAirNet aircraft are in final ground test stage and preparing for first flight.