News ReleaseHydrogen-Electric Aircraft Project Raises $116 Million
MarketJar
Hydrogen-electric aviation start-up ZeroAvia just completed an impressive $116 million financing to fuel the company’s development of hydrogen-electric, zero-emission engines. Joining the financing are major players including the UK Infrastructure Bank, which contributed $40 million in its latest funding round, 1 Bill Gates's Breakthrough Energy Ventures, Airbus, Barclays Sustainable Impact Capital, and Saudi Arabia’s Neom Investment Fund. Founded in 2017, ZeroAvia is focused on developing a hydrogen-electric engine to provide vital support for the UK government’s ambitious goal of decarbonizing aviation by 2050. The funds will propel engine development and secure UK regulatory certification by 2025. The UK Infrastructure Bank's backing underscores the global interest in hydrogen as a pivotal solution for reducing aviation emissions. While industry discussions vary on the timeline for widespread hydrogen flight adoption, many agree on its critical role for short to medium-haul flights. Coordination across sectors is urged for building infrastructure to achieve a net-zero economy. Ian Brown, Head of Banking and Investments at the UKIB, stresses the importance of private investment for aviation and hydrogen sectors to attain net-zero goals. He emphasizes that their equity instills confidence in investors, fostering private investment for cutting-edge technology development. Zero-emissions aircraft are also being developed in the US to reduce the aviation industry’s carbon footprint, a percentage that is rising quickly as travel returns to pre-pandemic levels. Surf Air Mobility Inc. (NYSE:SRFM), a prominent US regional air mobility platform and the largest commuter airline in the US in terms of scheduled departures, is aiming to be the first to commercialize green regional air travel, presenting a major leap forward in sustainable transportation. The company aims to achieve this transformation by upgrading existing Cessna Grand Caravan with hybrid and fully-electric engines, significantly reducing both the cost and environmental impact of air travel. Surf Air Mobility 's leadership team, possessing extensive expertise in aviation, electrification, and consumer technology, is spearheading this ambitious initiative. Reinventing Flying Through the Power of Electrification Surf Air Mobility Inc. (NYSE:SRFM) has formed an exclusive relationship with Textron Aviation, one of the largest general aviation manufacturers, and placed an order for up to 150 Cessna Grand Caravan EX models. The aircraft are intended to be upgraded to Surf Air Mobility’s proprietary electric or hybrid-electric powertrain technology. The company also recently entered into a collaboration with Azul S.A., Brazil's largest airline, to work toward integrating electric Cessna Caravans into Azul's existing fleet, contributing to Azul's goal of achieving net-zero carbon emissions by 2045. Surf Air Mobility plans to certify its proprietary electrified powertrain in the US by 2026. The landmark agreement between Azul and Surf Air Mobility seeks to accelerate the development and market entry of electric aircraft by jointly addressing technical and regulatory specifications for the electric Cessna Caravan. This cooperation aims to pave the way for the certification of electrified aircraft within Brazil. Stan Little, CEO of Surf Air Mobility, emphasized the importance of collaborating with operators like Azul to optimize technology deployment within existing regional networks. The partnership is expected to expedite the Supplemental Type Certification process, bringing the technology to market faster and with greater certainty. Azul, which currently operates 27 Cessna Caravan 208 aircraft at more than 80 destinations in Brazil, is collaborating with Surf Air Mobility on the commercial deployment of fully electric powertrains in Azul’s existing fleet. This deal will allow Azul to upgrade its fleet once Surf Air Mobility ’s technology is developed and certified. The first-generation fully electric powertrain technology will aim to reduce direct operating costs by up to 50% and eliminate 100% of direct carbon emissions. These advancements could potentially significantly impact Azul's Cessna Caravan network operations. Flavio Costa, President of Azul Conecta, expressed enthusiasm about the collaboration, highlighting its importance for the successful development and implementation of electrified aircraft technology. The partnership aims to expedite the certification process, ensuring a swift and secure introduction of this groundbreaking technology to Brazil. The companies anticipate that electric Cessna Caravans could enhance the economics of Azul's existing routes, eliminate direct emissions, and potentially enable the launch of new routes that may not be feasible with traditional combustion aircraft. Jamie Strecker, Head of Business Development for Surf Air Mobility, emphasized the potential for electric Cessna Caravans to open new routes and serve a broader audience within Brazil. Click on this link or check this investor presentation for more insights into Surf Air Mobility Inc. (NYSE:SRFM). Footnotes: [1] https://www.prnewswire.com/news-releases/zeroavia-announces-completion-of-116m-series-c-funding-round-301997523.html 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.) thirty-two thousand, eight hundred and ten 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. Market Jar has not independently verified or otherwise investigated all such information. None of Market Jar or any of their respective affiliates, guarantee the accuracy or completeness of any such information. 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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. 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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. 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December 04, 2023 01:29 PM Eastern Standard Time
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