News ReleaseOne Company’s Innovative Solution to the Pilot Shortage Crisis
MarketJar
While the US airlines face a daunting pilot shortage threatening their operations, one leading commuter airline in the US is charting a course to tackle the issue head-on. While there are glimmers of hope with a slight easing of the situation over the past year, the shortfall remains a significant hurdle, especially for smaller US markets. The pilot shortfall is not just a temporary blip; experts like Geoff Murray from Oliver Wyman warn of its persistence well into the 2030s. The continued growth of major US airlines will serve as an additional headwind for regional airlines attempting to bridge the gap. In the next decade, a whopping 75% of major airlines’ new pilots will be sourced from regional airlines, further straining these carriers. The Regional Airline Association advocates legislative action, such as raising the mandatory pilot retirement age to 67, but congressional progress has been slow. Efforts to address the issue include improving testing protocols for high school aviation programs, facilitating the transition of military mechanics into civilian aviation, and exploring tax incentives for pilot training and FAA reauthorization. As regional airlines continue to grapple with a significant pilot shortage, legacy airlines are looking to solve the problem by taking pilot training into their own hands. Fortunately, Surf Air Mobility Inc. (NYSE:SRFM) has stepped in to address the pilot shortage and other challenges related to air travel following the acquisition of Southern Airways Express, a regional airline. Surf Air Mobility is a Los Angeles-based regional air mobility platform that is focused on expanding regional air travel and transforming flying through the power of electrification. Surf Air 's strategic pilot pipeline agreement with SkyWest, the largest regional airline in the US, gives them a competitive edge when it comes to recruiting pilots. Navigating the Pilot Shortage and Reshaping Regional Air Travel Surf Air 's unique cadet program is the brainchild behind its success amidst pilot shortages. Operating under a Part 135 certification, the airline can welcome pilots with 500 hours, as opposed to the industry-standard 1,500 hours, offering a rapid pathway to career progression. Upon joining the program, pilots commit to stay until they amass 1,800 flight hours. In the initial stages, up to the 1,200-hour mark, they serve as first officers, and advance to captain as they accrue additional hours. “It’s a career jumpstart,” said Surf Air Mobility CEO Stan Little, who described the whole pipeline as “pilot creation” rather than “retention.” On completion of specific milestones, these pilots find opportunities awaiting at SkyWest and other associate airlines. While the partnership with SkyWest addresses the immediate crisis in the aviation space, Surf Air Mobility Inc. (NYSE:SRFM) is primarily focused on revolutionizing regional air travel by harnessing the potential of electrification. To achieve this, Surf Air is collaborating with commercial partners to develop electrified powertrain technology for upgrading existing fleets with electric propulsion and introducing electric aircraft on a large scale to the market in order to lower costs and emissions. Following its debut on the public market, Surf Air Mobility confirmed its exclusive relationship with Textron Aviation, a subsidiary of Textron Inc. (NYSE:TXT), which includes an order of 100 Cessna Grand Caravan EX aircrafts. Surf Air Mobility expects deliveries of the first 20 Cessna Grand Caravan EX aircrafts from Textron Aviation to begin in the first half of 2024, marking a key initial step in Surf Air Mobility 's pursuit of developing a fleet of electrified Cessna Grand Caravans, with the goal of obtaining FAA certification in 2026. These aircraft will undergo conversion to incorporate Surf Air Mobility 's proprietary electric or hybrid-electric powertrain technology. Surf Air Mobility intends to make electrified aircrafts accessible to a wide range of operators, both existing and new, with the aim of providing customers with the advantages of cost-effective, low-emission air travel on a large scale. Additionally, Surf Air Mobility will serve as the exclusive provider of its proprietary battery electric and hybrid electric powertrain technology for the Cessna Grand Caravan to Textron Aviation. “We know from our experience that people are looking for faster, affordable, and cleaner regional travel, and we are building the ecosystem to accelerate the industry’s adoption of electric flight,” explained Sudhin Shahani, co-founder of Surf Air Mobility. “We believe that significantly reducing the emissions from this category of aircraft will be the biggest step we can take toward de-carbonization in this decade.” Surf Air Mobility envisions employing both electric and hybrid-electric Cessna Grand Caravan aircraft throughout its network, connecting more airports through short-haul direct services. Simultaneously, the company aims to establish a regional mass transport platform that fosters sustainable connectivity among communities across North America. The anticipated advantages of the new electrified architecture include a substantial reduction in direct operating costs, with targets ranging from 25% to 50%, and a significant decrease in direct carbon emissions, with targets ranging from 50% to 100%, all while maintaining performance levels similar to the current models. Without the need for charging stations in the case of hybrid-electric powertrain versions, these aircraft have the potential to be operational at over 5,000 public use airports across the United States. Surf Air Mobility is also partnering with leading AI platform developer Palantir Technologies (NYSE: PLTR) to help develop the definitive AI software and operator tools for the regional air mobility (RAM) industry. For more information about Surf Air Mobility Inc. (NYSE:SRFM) and its integrated model fueling regional air mobility market’s growth, click this link or visit their website. Disclosure: 1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector. 2) The Article was issued on behalf of and sponsored by, Surf Air Mobility Inc. Market Jar Media Inc. has or expects to receive from Surf Air Mobility Inc..’s Digital Marketing Agency of Record (Native Ads Inc.) forty-two thousand, five hundred USD for 36 days (26 business days). 3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. 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By opening this page, each reader accepts and agrees to Market Jar Media Inc.'s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on PressReach.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on PressReach.com. 5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article. 6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding Surf Air Mobility Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Surf Air Mobility Inc.’s industry; (b) market opportunity; (c) Surf Air Mobility Inc.’s business plans and strategies; (d) services that Surf Air Mobility Inc. intends to offer; (e) Surf Air Mobility Inc.’s milestone projections and targets; (f) Surf Air Mobility Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Surf Air Mobility Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Surf Air Mobility Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Surf Air Mobility Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Surf Air Mobility Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) the accuracy of budgeted costs and expenditures; (e) Surf Air Mobility Inc.’s ability to attract and retain skilled personnel; (f) political and regulatory stability; (g) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (h) changes in applicable legislation; (i) stability in financial and capital markets; and (j) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Surf Air Mobility Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Surf Air Mobility Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Surf Air Mobility Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Surf Air Mobility Inc.’s business operations (e) Surf Air Mobility Inc. may be unable to implement its growth strategy; and (f) increased competition. Except as required by law, Surf Air Mobility Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Surf Air Mobility Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. 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October 16, 2023 09:00 AM Eastern Daylight Time
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