December 21, 2006 – Cambridge, MA
A PDF version of this release is available here.
Terrafugia closed its first round of funding today at the Entrepreneurship Center at the Massachusetts Institute of Technology. The funds are earmarked for further development work of the Transition prototype vehicle, set to be complete in 2008. CEO Carl Dietrich marked this important milestone in the company's history with a few short remarks:
"The Transition is the first truly practical roadable-aircraft. ... Evidence for the successful targeting of our product is rapidly emerging as our order book grows and the buzz surrounding the Transition’s development builds. This is a clear recipe for a general aviation revolution, and Terrafugia will be at the center of it. The next few years will be marked with milestones like this as Terrafugia continues to lay new ground in the aviation industry. I look forward to working with all of you as we literally and figuratively 'make the Transition.' "
Dietrich and other Terrafugia principals were joined by investors and advisors at a small document signing ceremony and celebration.
Terrafugia wishes to thank Goodwin Procter LLP and the MIT Entrepreneurship Center for their involvement and support with this process.