JetZero secures up to $100M for Greensboro Z4 factory buildout

GREENSBORO – JetZero said it closed a senior secured term loan facility of up to $100 million to support development of its Z4 aircraft and buildout of manufacturing and test facilities in Greensboro.

Proceeds will also support technology development, construction of the full-scale Jet1 demonstrator and U.S. growth and working capital, according to the company. JetZero did not disclose the amount initially drawn, the interest rate or the facility’s maturity date.

The lender group includes Pinegrove Credit Partners, backed by Brookfield and HRTG Partners, and Silicon Valley Bank, a division of First Citizens Bank.

JetZero broke ground in June on Factory One, an 8 million-square-foot manufacturing and final-assembly campus on more than 600 acres in Greensboro. The company says the campus will produce its Z4 aircraft.

JetZero is designing the all-wing Z4 for about 250 passengers and routes of up to 5,000 nautical miles. The company says the aircraft could use up to 50% less fuel than a conventional tube-and-wing aircraft with the same passenger capacity and is expected to enter service in the early 2030s.