(Bloomberg) —
Swedish electric plane manufacturer Heart Aerospace AB is relocating its headquarters to Los Angeles from Gothenburg in a move it says will bolster product development.
The change enables “a bigger scale up of the US based team,” the company said in an emailed statement on Wednesday. The relocation also helps with a maiden prototype flight scheduled for sometime this year.
The development however marks yet another setback for Sweden’s claim to be a green Silicon Valley. The region attracted billions of dollars of investment for so-called cleantech businesses in recent years but questions surfaced after the high-profile collapse of battery maker Northvolt AB.
“As our customers, partners, and investors are increasingly based in the US, we see greater opportunity in focusing our resources here,” Heart Aerospace Chief Executive Officer Anders Forslund said.
Heart Aerospace counts Breakthrough Energy Ventures, EQT Ventures and several airlines among its backers. Peter Carlsson, the founder and former CEO of Northvolt, is an advisor and investor.
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