MANASSAS, Va. and HOUSTON, Nov. 29,
2023 /PRNewswire/ -- Following the successful
first flights of Electra.aero, Inc.'s (Electra) eSTOL technology demonstrator
aircraft, Bristow Group Inc. (NYSE: VTOL), the leading global
provider of innovative and sustainable vertical flight solutions,
secured early delivery positions for five of Electra's hybrid-electric short takeoff and
landing (eSTOL) production aircraft by executing a deposit
agreement. Bristow signed a
Memorandum of Understanding (MOU) with Electra in 2021 to be the principal launch
operational customer for the eSTOL aircraft, with a pre-order of up
to 50 aircraft.
"This cash deposit is a real show of
confidence in our eSTOL aircraft and a validation of our
development roadmap."
Bristow will use Electra's aircraft to expand and diversify its
portfolio of specialized passenger services to offer sustainable
regional air transport on routes of 50 to 500 miles. The piloted
Electra eSTOL aircraft has the
unique capability to take off and land in locations as small as
300x100ft, making it ideal for reaching a broader range of remote
or underutilized airports as well as alternative landing areas.
"With this early delivery position, Bristow looks forward to being among the first
Advanced Air Mobility (AAM) companies to add the Electra eSTOL aircraft to our fleet and offer
our customers the advantages of this new class of aircraft," said
Bristow Executive Vice President, Chief Transformation Officer
Dave Stepanek. "Bristow provides safe, efficient, sustainable,
and accessible air travel solutions to our customers, and
Electra's eSTOL aircraft aligns
perfectly with our vision, while enabling new markets at
substantially lower operating costs."
Electra's proprietary blown
lift technology uses eight motors to provide additional wing lift
and enable ultra-short takeoffs and landings at slow speed, and
hybrid-electric power that provides internal recharging
capabilities for aircraft batteries and a greatly increased
range. Compared to vertical takeoff alternatives, the aircraft
can deliver over twice the payload over much longer distances, and
at much lower operating costs. Electra has designed the eSTOL aircraft so
that hydrogen or battery-electric propulsion systems can be used in
the future when those technologies are commercially viable.
Certification and entry into service under FAA Part 23 regulations
is expected in 2028.
"We deeply value our partnership with Bristow Group and the 75+
years of experience they bring to our development program as our
principal launch operational customer," said John S. Langford, Chair and Chief Executive
Officer of Electra. "This cash
deposit is a real show of confidence in our eSTOL aircraft and a
validation of our development roadmap. Bristow is a true AAM leader, and we look
forward with anticipation to the future delivery of our aircraft to
Bristow's fleet."
Forward-Looking Statements Disclosure
This press
release contains "forward-looking statements." Forward-looking
statements represent Bristow Group Inc.'s (the "Company") current
expectations or forecasts of future events. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe," "project," or
"continue," or other similar words. These statements are made under
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, reflect management's current views with respect
to future events and therefore are subject to significant risks and
uncertainties, both known and unknown. Without limiting the
generality of the foregoing, such forward-looking statements
include statements regarding the capabilities, development,
certification, marketing, and future operations of Electra's aircraft, the Company's purchase of
aircraft from Electra, and the
anticipated benefits of the collaboration between the Company and
Electra. The Company's actual
results may vary materially from those anticipated in
forward-looking statements. The Company cautions investors not to
place undue reliance on any forward-looking statements.
Forward-looking statements speak only as of the date of the
document in which they are made. The Company disclaims any
obligation or undertaking to provide any updates or revisions to
any forward-looking statement to reflect any change in the
Company's expectations or any change in events, conditions or
circumstances on which the forward-looking statement is based that
occur after the date hereof. You should not place undue reliance on
our forward-looking statements because the matters they describe
are subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond our control. Our
forward-looking statements are based on the information currently
available to us and speak only as of the date hereof. New risks and
uncertainties arise from time to time, and it is impossible for us
to predict these matters or how they may affect us. We have
included important factors in the section entitled "Risk Factors"
in the Company's Transition Report on Form 10-KT for the year ended
December 31, 2022 (the "Transition
Report") which we believe over time, could cause our actual
results, performance, or achievements to differ from the
anticipated results, performance or achievements that are expressed
or implied by our forward-looking statements. You should consider
all risks and uncertainties disclosed in the Transition Report and
in our filings with the United States Securities and Exchange
Commission (the "SEC"), all of which are accessible on the SEC's
website at www.sec.gov.
About Bristow Group
Bristow Group Inc. is the leading
global provider of innovative and sustainable vertical flight
solutions. Bristow primarily
provides aviation services to a broad base of offshore energy
companies and government entities. The Company's aviation services
include personnel transportation, search and rescue ("SAR"),
medevac, fixed-wing transportation, unmanned systems and ad hoc
helicopter services. Bristow
currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, Mexico, the
Netherlands, Nigeria,
Norway, Spain, Suriname, Trinidad, the United
Kingdom and the United
States. To learn more, visit our website
at www.bristowgroup.com.
About Electra
Electra.aero, Inc. is a
next-gen aerospace company leading the way in sustainable urban and
regional mobility. The company is building clean, hybrid-electric,
short takeoff and landing (eSTOL) airplanes that fly people and
cargo quieter, further, and more affordably. Electra's technology delivers 2.5x the payload
and 10X longer range with 70% lower operating costs than vertical
takeoff alternatives with far less certification risk. Electra's team includes some of the most
respected and successful entrepreneurs and engineers in novel
aircraft design, with over 40 prior aircraft successfully developed
and/or certified. Its technology development is supported by the
U.S. Government, the Virginia Innovation Partnership Corporation
(VIPC), and private investors.
Electra Contacts
Investors
Diana Siegel
investors@electra.aero
Media
Barbara Zadina
Zadina.barbara@electra.aero
Bristow Contacts
Investors
Jennifer Whalen
InvestorRelations@bristowgroup.com
Media
Adam Morgan
adam.morgan@bristowgroup.com
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SOURCE Electra.aero