Beta Technologies Shares Climb on Aircraft Authorization

Dow Jones10-21 22:40

Shares of Beta Technologies rose after the aerospace company said the Federal Aviation Administration awarded its aircraft a special airworthiness authorization.

Shares climbed 4.4% to $18.95 on Wednesday. The stock has been down 33% year-to-date.

The certificate, awarded to the company's A250 aircraft, marks the first such authorization granted to an electric vertical takeoff and landing aircraft. The authorization lets Beta Technologies conduct flights with key stakeholders and expands the geographic scope of the company's operations.

The A250 aircraft is an all-electric VTOL aircraft designed to operate from locations with or without runway access. It completed its first flight under the new authorization on Tuesday, when it took off from New York and landed in Vermont.

U.S. Transportation Secretary Sean Duffy unveiled the Electric Vertical Takeoff and Landing Integration Pilot Program in March to begin testing advanced air mobility aircraft and their real-world applications. The eight selected projects span 28 states and partner with aircraft manufacturers, operators and state partners.

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