BETA Technologies, EXIM Bank intend to expand financing agreement for up to $1 billion

Aug. 4 (Reuters) - BETA Technologies said on Tuesday it is seeking to expand its financing arrangement with the Export-Import Bank of the United States to as much as $1 billion, to help further fund the electric aerospace company's aircraft development.

• The proposed financing package includes about $830 million in additional capital, extending an existing $170 million relationship that helped fund the construction of BETA's aircraft production facility in South Burlington, Vermont.
• Since the initial $170 million EXIM financing, BETA's commercial aircraft backlog has grown from about $1 billion to $3.9 billion, the company said.
• "Through our 2025 IPO, BETA raised approximately $1.2 billion, and our relationship with EXIM Bank aims to provide an additional $1 billion of non-dilutive growth capital," said BETA's CEO Kyle Clark.
• BETA said it could use the proceeds to bring more aerospace manufacturing processes in-house, increase production of electric propulsion systems and strengthen its domestic supply chain.

(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Shailesh Kuber)