Category Filtering: 'overair'
Hanwha Systems $25M investment in California-based Overair — a spinoff of Karem Aircraft — reached its final approvals, the Korean aerospace systems giant announced on Jan. 15. With the investment, Hanwha now owns a 30% stake in Overair, which is developing the eVTOL Butterfly quad-tiltrotor for the Uber Elevate mission.
As reported previously, South Korean industrial giant Hanwha is investing $25M in a spin-off from Karem Aircraft, Inc. dedicated to bringing Butterfly, its all-electric air taxi vehicle, to market. The spin-off entity is to be named “Overair, Inc.,” though was identified as K4 Aeronautics in initial press releases. The Butterfly uses Karem’s patented high efficiency VTOL technology, and is being developed for Uber’s Elevate Initiative.
