JetZero, the aerospace startup with manufacturing and testing facilities in Greensboro, has secured a $100 million loan.
The money will go toward developing the company’s Z4. The roughly 250-seat, all-wing airplane designed for the middle market is expected to enter service in the early 2030s.
In a press release, JetZero CFO Sergey Kulyagin says the loan validates the company’s creditworthiness. The money also paves the way for Jet1, the Z4’s prototype demonstrator, scheduled for its first flight next year.
The company broke ground on its production facility in Greensboro in June. According to the company’s website, plans are in place to hire more than 14,000 workers over the next decade to support the new plane.