Societe Generale supported FLYING WHALES in its third round of fundraising to develop a low-environmental-impact cargo airship
On June 23rd, 2022, FLYING WHALES closed its third equity fundraising of EUR 122 million to finish the development and launch the production of the LCA60T airship.
FLYING WHALES, a 2021 FrenchTech 120 company, supported by an industrial consortium of some 40 French and Canadian aeronautical companies, strengthened its shareholding through a third round of financing. Both the French government - via French Tech Souveraineté, managed by Bpifrance - and the Principauté de Monaco - via the Société Nationale de Financement – joined the Government of Quebec, already a 25% shareholder via Investissement Québec, which reinvested in this new round of financing.
Societe Generale Assurances, the insurance business line of Societe Generale group, also took an equity stake in FLYING WHALES, whereas Societe Generale’s Aviation Finance team, world leader in aviation finance and assisting FLYINGS WHALES in its considerations in this area for its LCA60T, acted as Advisor on the equity raise, alongside JP Morgan and ODDO BHF.
This fundraising will allow FLYING WHALES and its industrial consortium to finalise the development of the LCA60T aeronautical program in France and Quebec and to accelerate the steps necessary to launch FLYING WHALES SERVICES, the LCA60T's operating company.
The FLYING WHALES airships will transport cargo from point to point without any infrastructure and load and unload goods while hovering in the air. With a hybrid, and eventually fully electric (via hydrogen fuel cells) propulsion system and a very large payload capacity in terms of both tonnage and volume, the LCA60T have very limited environmental footprint. The future dirigibles produced by Flying Whales will be the very first airships equipped with fuel cells.
Yann Sonnallier, Global Head of Aviation Finance at Societe Generale, comments: “Societe Generale is proud to support FLYING WHALES in its growth by leveraging its industry expertise. FLYING WHALES will transform large cargo transportation in hard-to-reach areas. Through their innovative and low-environmental-impact technology, the airships will contribute to sustainable environmental and social development.”
By taking an equity stake and advising on this transaction, Societe Generale is contributing to advance the energy transition by supporting FLYING WHALES in developing an innovative and low-environmental-impact cargo transportation solution.
Paris: Sophie Dobrzensky - +33 (0) 1 57 29 19 11 email@example.com
London: Ila Kotecha - +44 (0) 20 7676 6804 Ila.firstname.lastname@example.org