Surf Air Mobility and Electra Enter Bilateral Agreement to Bring eSTOL Aircraft to Market, Incorporate Surf Air Technology into Joint Systems, and Create Leasing Partnership
February 15 2024 - 8:30AM
Business Wire
- Surf Air secures preferred delivery positions for 90 Electra
eSTOL aircraft
- Surf Air and Electra to jointly develop a leasing partnership
using Electra’s eSTOL aircraft, to enable new air operators to
expand access to regional transportation
- Companies to collaborate on fleet-wide data analytics services
to provide real-time aircraft information to Surf Air’s
network
- Electra’s eSTOL aircraft joins Surf Air’s proprietary electric
Grand Caravan and Regent’s electric seaglider as the third green
vehicle planned for the Surf Air platform
Surf Air Mobility Inc. (NYSE: SRFM) (“Surf Air Mobility”, “Surf
Air”), a leading green regional air mobility platform, and
Electra.aero Inc. (“Electra”), a next-gen aerospace company, have
joined forces to introduce affordable, sustainable, and easily
accessible regional air travel to a broad customer base leveraging
Electra’s hybrid-electric short takeoff and landing (eSTOL)
aircraft on Surf Air’s technology-driven, on-demand air mobility
platform, and through Surf Air’s Aircraft-as-a-Service (ACaaS)
offering to air operators.
Surf Air has secured early delivery positions for 90 Electra
eSTOL aircraft for integration into the Surf Air national flight
network including Southern Airways Express and Mokulele Airlines,
as part of Surf Air’s aim to use its platform to support the
launch, growth, and optimization of new electrified aircraft. The
Electra eSTOL aircraft’s ability to take off and land in as little
as 150 feet will enable direct-to-destination air transportation
beyond large airports, including small regional airports and novel
Advanced Air Mobility (AAM) infrastructure, expanding regional
transportation to a broader customer base than private aviation
currently serves.
The agreement between Surf Air and Electra highlights several
key points of collaboration:
- Surf Air secures preferred delivery positions on 90 eSTOL
aircraft from Electra
- Surf Air and Electra will collaborate on the development of
route networks to be served by Surf Air’s air mobility network
leveraging the Electra eSTOL aircraft
- Surf Air is the preferred lessor and provider of Electra eSTOL
aircraft to Surf Air customers under its Aircraft-as-a-Service
leasing program
- Surf Air, its data services partner(s), and Electra will
collaborate on the development of predictive analytics systems to
reduce overall operating costs and streamline operations.
“Electra stands out as one of the early market leaders in
regional air mobility, and we’re excited to bring them onto our
platform. Their innovations around hybrid-electric, short takeoff
and landing aircraft—which can essentially take off and land on a
football field-sized space—will unlock tremendous opportunities
within the changing landscape of regional air mobility. We intend
to leverage our leading position to become the definitive launch
platform for new advanced aircraft technologies such as Electra,”
said Stan Little, Chief Executive Officer (CEO) of Surf Air
Mobility.
“As the country’s largest commuter airline, Surf Air is at the
forefront of addressing the growing demand for cleaner, more
affordable and convenient travel options. Electra is pleased to
partner with Surf Air in spearheading the decarbonization of
regional business aviation through the integration of our eSTOL
aircraft into their fleet,” said John S. Langford, founder and CEO
of Electra.
Traditionally, smaller regional Part 135 operators have not had
the same access to aircraft funding options and software services
as larger commercial air carriers. Surf Air’s Aircraft-as-a-Service
program is being designed to solve this problem and lower the
barrier to entry by providing the necessary financing and software
tools to enable a new generation of regional aircraft and air
operators to launch, grow, and optimize their businesses.
In addition to supporting the growth and distribution of
innovative sustainable aircraft, such as the Electra eSTOL, Surf
Air continues to develop its own electrified powertrain technology
for the Cessna Grand Caravan aircraft whose development is
supported by an exclusive relationship with Textron Aviation. Surf
Air will use its platform to bring the electrified Caravan aircraft
to market on a global scale, thus proving what it can do for other
aircraft makers as well.
“With billions of dollars being invested into the regional and
advanced air mobility space, it’s becoming increasingly important
for a solution that can on-ramp new technologies and get them into
the hands of operators as quickly and safely as possible,” said
Jamie Strecker, VP of Business Development for Surf Air Mobility.
“Through our air mobility platform and our Aircraft-as-a-Service
program, we believe we can accelerate Electra’s eSTOL aircraft time
to market.”
About Surf Air Mobility
Surf Air Mobility is a Los Angeles-based regional air mobility
platform expanding the category of regional air travel to transform
flying through the power of electrification. In an effort to
substantially reduce the cost and environmental impact of flying
and as the operator of the largest commuter airline in the US, Surf
Air Mobility intends to develop powertrain technology with its
commercial partners to electrify existing fleets and bring
electrified aircraft to market at scale. The management team has
deep experience and expertise across aviation, electrification, and
consumer technology.
About Electra
Electra.aero, Inc. (“Electra”) 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 Lockheed
Martin Ventures, the Virginia Innovation Partnership Corporation
(VIPC), Statkraft Ventures, and other private investors in addition
to contracts with NASA and the U.S. Air Force AFWERX/Agility Prime
program.
Forward-Looking Statements
This Press Release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995, including statements regarding the anticipated benefits of
the transaction; Surf Air Mobility’s ability to anticipate the
future needs of the air mobility market; future trends in the
aviation industry, generally; Surf Air Mobility’s future growth
strategy and growth rate and its ability to access its financings
and expand its business. Readers of this release should be aware of
the speculative nature of forward-looking statements. These
statements are based on the beliefs of the Company’s management as
well as assumptions made by and information currently available to
the Company and reflect the Company’s current views concerning
future events. As such, they are subject to risks and uncertainties
that could cause actual results or events to differ materially from
those expressed or implied by such forward-looking statements. Such
risks and uncertainties include, among many others: Surf Air
Mobility’s future ability to pay contractual obligations and
liquidity will depend on operating performance, cash flow and
ability to secure adequate financing; Surf Air Mobility’s limited
operating history and that Surf Air Mobility has not yet
manufactured any hybrid-electric or fully-electric aircraft; the
powertrain technology Surf Air Mobility plans to develop does not
yet exist; any accidents or incidents involving hybrid-electric or
fully-electric aircraft; the inability to accurately forecast
demand for products and manage product inventory in an effective
and efficient manner; the dependence on third-party partners and
suppliers for the components and collaboration in Surf Air
Mobility’s development of hybrid-electric and fully-electric
powertrains and its advanced air mobility software platform, and
any interruptions, disagreements or delays with those partners and
suppliers; the inability to execute business objectives and growth
strategies successfully or sustain Surf Air Mobility’s growth; the
inability of Surf Air Mobility’s customers to pay for Surf Air
Mobility’s services; the inability of Surf Air Mobility to obtain
additional financing or access the capital markets to fund its
ongoing operations on acceptable terms and conditions; the outcome
of any legal proceedings that might be instituted against Surf Air,
Southern or Surf Air Mobility; changes in applicable laws or
regulations, and the impact of the regulatory environment and
complexities with compliance related to such environment; and other
risks and uncertainties indicated in the prospectus. These and
other risks are discussed in detail in the periodic reports that
the Company files with the SEC, and investors are urged to review
those periodic reports and the Company’s other filings with the
SEC, which are accessible on the SEC’s website at www.sec.gov,
before making an investment decision. The Company assumes no
obligation to update its forward-looking statements except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240215651475/en/
Surf Air Mobility Press:
press@surfair.com Investors: investors@surfair.com
Electra Press: Barbara Zadina,
zadina.barbara@electra.aero Investors: Diana Siegel,
investors@electra.aero
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