BENTONVILLE, Ark., June 8, 2022
/PRNewswire/ -- Electra.aero, Inc. (Electra), a next-gen aerospace company with a
mission to help decarbonize aviation and open new air
transportation markets, announced today that it has acquired
California-based Airflow.aero,
Inc. (Airflow). The transaction, which closed on June 2, creates a powerful addition to the
rapidly emerging advanced air mobility (AAM) market. The
announcement was made at the UP.Summit, an annual gathering of
leaders in transportation innovation hosted by investment firm
UP.Partners.
The acquisition places Electra's order book at almost 800 planes,
beyond break-even for commercial development.
Both Electra and Airflow have
been building blown-lift, ultra-short takeoff and landing aircraft
to serve new air mobility markets that favor the operating
flexibility of a helicopter, yet require the superior range and
economics of a fixed-wing aircraft.
With this acquisition, Electra
is consolidating Airflow's eSTOL business under the Electra brand.
Electra will integrate Airflow's
highly experienced team, backlog of letters of intent and strategic
partnerships into its own activities, which complement and
strengthen Electra's portfolio and
offer future customers more expansive and competitive options to
meet future needs.
"The Airflow team and the Electra team both have deep experience in the
development and testing of battery-powered aircraft. This
experience convinced us that physics and the economics both
strongly favor a solution that uses a wing throughout the full
flight versus a rotor-borne vertical takeoff and transition.
Distributed electric propulsion allows us to take off and land
within two vehicle lengths to access parking-lot sized spaces,"
said Marc Ausman, co-founder and CEO
of Airflow. "This solution offers not only lower costs but a much
more straightforward path to certification than vertical lift
variants. We look forward to continuing our mission to develop such
a vehicle as part of the Electra
team."
Electra's quiet, low-emissions
eSTOL aircraft is currently designed to transport nine passengers
and a pilot or 1800 pounds of cargo up to 500 miles in all weather
conditions. Electra's technology delivers 2.5x the payload and
10x longer range at 70% lower operating costs than vertical takeoff
alternatives.
"There are dozens of aspiring entrants in the AAM market. The
acquisition of Airflow complements Electra's team, our sales pipeline, and
technology portfolio which will allow customers to select the best
solution to their needs in a rapidly expanding market," said
John Langford, founder and CEO of
Electra. "Marc Ausman is an incredibly talented
individual, and the Airflow team is experienced and motivated, and
share our mission and culture. This acquisition will allow
Electra to grow and scale more
quickly."
The acquisition places Electra's order book at almost 800 units,
beyond break-even for commercial development. When used with
sustainable aviation fuels (SAF), Electra's first-generation, hybrid-electric
system offers a carbon-neutral aviation solution, burning a third
less fuel than conventional aircraft. Airflow's strategic
partnership with Plug Power (NASDAQ: PLUG) adds a next-generation,
zero-emissions solution to Electra's portfolio.
Electra and Airflow are both
privately held and terms of the transaction were not
disclosed.
About Airflow
Airflow was founded in 2019 by five former Airbus Vahana team
members to bring eSTOL capabilities to the passenger and
middle-mile logistics market. The team is passionate about
expanding aviation's benefits to the world and has deep experience
in aerospace and technology development. The founding team's
background includes Airbus, Eclipse Aviation, Northrop Grumman,
Uber Elevate, Airware, and Scaled Composites.
About Electra.aero
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, ultra-short takeoff and landing
(eSTOL) airplanes that fly people and cargo quieter, further, and
more affordably. Electra's team
includes some of the most respected and successful entrepreneurs
and engineers in novel aircraft design, and its technology
development is supported by NASA, US Air Force, and a coalition of
private investors.
About UP.Summit
Hosted by mobility investment firm UP.Partners, the UP.Summit
has become known as the "Davos of
Mobility". UP.Summit is an invitation-only gathering of the world's
most innovative minds working together to Transform the Moving
World. Leaders of the most impactful companies moving people
and goods gather each year with the goal of accelerating progress
toward cleaner, faster, safer, and lower cost mobility solutions on
the ground, in the air, over the oceans, and in space. The
UP.Summit was founded in 2017 and is jointly organized by
UP.Partners, Tom and Steuart Walton,
and Ross Perot Jr, rotating between
Bentonville, AR and Dallas/Ft. Worth, TX each year.
About UP.Partners
Transportation is the underlying fabric of society. With a
mission of Transforming the Moving World, UP.Partners
invests in the pioneering entrepreneurs who are creating
technologies that help move people and goods cleaner, faster,
safer, and lower cost -on the ground, in the air, over the oceans,
and in space. UP.Partners joins with some of the world's most
innovative investors and companies including Alaska Airlines, ARK
Invest, and Woven Capital, the investment arm of Toyota subsidiary
Woven Planet Group. UP.Summit convenes the mobility community's
brightest minds each year to help humanity go UP. Together, the UP
community is transforming the moving world. For more information,
visit UP.Partners or follow on Twitter @UpPartnersVC or
LinkedIn.
Electra Media
Barbara
Zadina
+1.202.997.9632
Zadina.barbara@electra.aero
Electra Investors
Jilinda
Crowley
+1.571.438.1779
investors@electra.aero
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SOURCE Electra Aero