Second Transaction Authorized Under EXIM’s Make More in America Initiative; Will Support Hundreds of U.S. Jobs
San Francisco, California – The Export-Import Bank of the United States (EXIM) President and Chair Reta Jo Lewis today announced the EXIM Board of Directors’ approval of an historic $169 million dollar loan to BETA Technologies, a Burlington, Vermont-based company, which manufactures electric aircraft and charging infrastructure, 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 estimated to support 400 clean energy jobs in Vermont. Chair Lewis was joined by Kyle Clark, founder and CEO of BETA Technologies, as she announced the transaction’s approval during an “Invest in America” session at the 2023 Asia-Pacific Economic Cooperation (APEC) Forum. The transaction was also highlighted as part of a White House factsheet on the 2023 APEC Forum.
“We are thrilled that the second transaction authorized under EXIM’s Make More in America initiative is in support of BETA Technologies, an American company leading the world in clean energy technological advancement and innovation,” said EXIM President and Chair Reta Jo Lewis. “This transaction advances several key Biden-Harris Administration priorities, from bolstering domestic manufacturing and supporting good-paying jobs to advancing cutting-edge renewable energy technologies that can change the future of air travel. We are proud to play a role in this project and are eager to continue advancing transactions that will have a significant impact on domestic supply chains and furthering the global energy transition.”
“We are excited to partner with the Export-Import Bank of the United States as part of its new Make More in America initiative,” said Kyle Clark, BETA’s Founder and CEO. “This is not only a vote of confidence in the work BETA is doing to electrify aviation, it will also help us create hundreds of well paid, climate-focused jobs in the coming years as we move toward large scale manufacturing and production of our electric aircraft. America has a long history of leadership in aerospace, and EXIM’s support enables us to do our part to add to that legacy for the future.”
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.
The loan was approved in part because of BETA Technologies’ high growth potential, including current and potential customers in APEC and IPEF economies such as New Zealand, India, Japan, and Canada. During the event, Chair Lewis also discussed EXIM’s work to strengthen economic partnerships between the U.S. and APEC partner nations. Last year, EXIM completed 188 transactions representing more than $586 million in authorizations for borrowers in APEC economies. Chair Lewis also highlighted the various MOUs and co-financing agreements EXIM has in place with some of the 21 APEC nations, including Indonesia, and the QUAD Export Credit Agencies.