Export-Import Bank of the U.S. Chair Lewis, Director Herrnstadt Visit BETA Technologies’ Electric Aircraft Manufacturing Facility in Vermont
Burlington, Vermont – Export-Import Bank of the United States (EXIM) President and Chair Reta Jo Lewis and Director Owen Herrnstadt traveled to Burlington, Vermont yesterday to visit BETA Technologies’ Vermont facilities and receive updates on the company’s progress since EXIM’s Board of Directors approved an historic $170 million loan under EXIM’s Make More in America (MMIA) Initiative in November.
“BETA Technologies is leading the world in clean energy technological innovation, and we are proud to support their efforts to build a strong workforce and change the future of aviation under our Make More in America Initiative,” said Chair Lewis. “We are committed to supporting Vermont manufacturers and U.S. companies across the country to meet our mandate, bolster domestic manufacturing, support good-paying jobs, and advance cutting-edge technologies that will drive the global energy transition.”
“We saw first-hand how EXIM’s Make More in America Initiative can work to support export-oriented, innovative U.S. manufacturers and U.S. workers. EXIM financing for BETA Technologies and its electric, net zero aircraft, will support the creation of hundreds of good-paying clean energy jobs in Vermont and hundreds more jobs in the U.S. throughout its extensive domestic supply chain,” said Director Herrnstadt. “EXIM is proud of the work we have done with BETA Technologies, and we look forward to seeing what future opportunities may come under the Make More in America Initiative.”
“We were excited to have Chair Lewis, Director Herrnstadt and the EXIM team in Vermont to see the progress we’re making toward deploying our electric aircraft,” said Kyle Clark, Founder and CEO of BETA Technologies. “Programs like Make More in America stimulate local economies across the country by boosting small and midsize businesses and are key to ensuring America's competitiveness on a global scale. This financing puts BETA in a position to move faster and help grow another epicenter of aviation in the Northeast. We’re grateful to EXIM for their partnership and look forward to continuing to deliver on their belief in us.”
BETA Technologies, a Burlington-based company which manufactures electric aircraft and charging infrastructure, received the loan to finance a net-zero Final Assembly Production Facility. The transaction is the second deal authorized under EXIM’s Make More in America Initiative and is expected to support hundreds of jobs in Vermont. The loan was announced during the Asia-Pacific Economic Cooperation (APEC) forum last November and was included in a White House fact sheet on APEC investments.
Chair Lewis and Director Herrnstadt began their day yesterday by touring BETA Technologies’ Production Facility and Research and Development Center, where they received updates on the company’s workforce development plans and progress toward manufacturing their all-electric aircraft.
In the afternoon, Chair Lewis and Director Herrnstadt attended a roundtable discussion focused on manufacturing and workforce development with Vermont private sector companies, manufacturers, educational institutions, and representatives from a variety of Vermont local government offices, including Mayor of St. Albans Tim Smith and Vermont State Treasurer Mike Pieciak. During the event, the participants discussed strategies to support Vermont manufacturers who want to grow through exporting.
The Make More in America Initiative is a tool designed to unlock financing for American manufacturing, strengthen America’s global competitiveness, close critical supply chain gaps, and support American jobs. The initiative makes EXIM’s existing medium- and long-term loans and loan guarantees available for export-oriented domestic manufacturing projects as part of the Biden-Harris Administration’s whole-of-government efforts to strengthen the resiliency and security of America’s supply chains, following the enactment of Executive Order 14017.
About EXIM:
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at www.exim.gov.