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CycloTech Raises €20 Million in Funding for its Innovative Aviation Propulsion System

CycloTech Raises €20 Million in Funding for its Innovative Aviation Propulsion System

BY GEORGE MWANGI Published on February 29, 2024 0 COMMENTS

Austrian aviation technology company CycloTech recently secured €20 million ($21.6 million) in financing to develop its flight propulsion technology. The investment was announced on February 28, only a few weeks after the company announced plans to raise funding.

 

A CycloRotor | Photo: CycloTech

 

The Product

 

CycloTech's product is the CycloRotor, which allows the thrust force and direction to vary in a fully circular path. Unlike traditional propulsion systems that can only create thrust in one direction, the CycloRotor does so in all directions. Aircraft propulsion systems, including propellers and rotors, help power planes by generating thrust. 

 



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CycloTech aims to facilitate the development of electric vertical take-off and landing (eVTOL) aircraft. The CycloRotor technology will allow eVTOLs to transition from vertical to horizontal flight phases easily. Technology currently on the market requires such aircraft to change its attitude or operate additional propulsion systems. Although these processes are feasible, they end up making eVTOLs heavier and more difficult to maneuver. 

 

CycloTech's Chief Development Officer Markus Steinke said about the CycloRotors:

 

"CycloRotors open the door to a new mass market in sustainable aviation, with the potential for millions of vehicle propulsion units to be produced per year. The long-term goal with our CycloRotors is to turn the vision of the flying car into reality."

 

Rendering of an eVTOL powered by a CycloRotor | Photo: CycloTech

 

The €20 Million Investment

 

Breeze Invest and Konos Holdings provided the financing to help CycloTech develop the first full-scale prototype of the CycloRotor propulsion system. CycloTech is experienced in this field: the company has successfully developed six generations of CycloRotors since 2016. The current version of CycloRotor started flight test operations in 2021. 

 

CycloTech CEO Hans-George Kinsky said about the financing round:

 

"This capital injection is key to launching our commercial activities and the start of revenue generation. The potential applications of our propulsion system are diverse. We are already in talks for its use in the logistics sector, construction industry, as a flying crane, but also high-precision drones for the defence industry are conceivable as well."

 



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This investment is a major step forward in CycloTech's goal to raise €53 million ($57.3 million) in funding by the end of this year. The company is currently discussing the potential of additional financing with multiple other investors. CycloTech aims to have the CycloRotor certified by the European Union Aviation Safety Agency (EASA) and the final product developed by 2030.

 

Maximilian Schönfeldt, Managing Director of Breeze Invest, added: 

 

"Our commitment to CycloTech reflects our strong confidence in the potential of urban air mobility. We are convinced that CycloTech's unique technology will revolutionise how we move from A to B in the long term."

 

Rendering of an eVTOL with a CycloRotor landing at someone's house | Photo: CycloTech

 

Future Plans

 

CycloTech's goal is to facilitate the adoption of eVTOLs for transporting passengers and cargo. The CycloRotors are a solution powered 100% by electricity and easy for pilots to maneuver. Creating a propulsion system that moves at 360° will allow eVTOLs to switch from hovering on departure to forward flight and back to hovering when landing at a vertiport. Advanced air mobility will soon become a prominent feature of the global aviation industry, especially in CycloTech's home country of Austria. 

 



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George Mwangi
Aviation writer based in Washington, DC. Visited 21 countries on thousands of miles of flights.

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NEWS Austria CycloTech Propulsion Technology eVTOL Electric Aircraft Future Sustainability Innovation Advanced Air Mobility Finance Investment

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