AEROSPACE
PRnewswire | March 29, 2023
Satellite launch service company Isar Aerospace today announced the closing of its USD 165m (EUR 155m) Series C round. To date in 2023, this is the largest SpaceTech financing round globally and one of the largest European DeepTech fundraises. The round is backed by 7-Industries Holding, Bayern Kapital via its Scale Up Fund Bavaria, Earlybird Venture Capital, HV Capital, Lakestar, Lombard Odier Investment Managers, Porsche Automobil Holding SE (Porsche SE), UVC Partners, and Vsquared Ventures. Investors Porsche SE and HV Capital will join Isar Aerospace's Advisory Board together with 7-Industries Holding joining in an observer capacity. Part of the funds provided by the private investors is backed by the European Union and regional programs managed by the European Investment Fund, such as InvestEU and the German Future Fund.
The funding enables Isar Aerospace to continue its journey towards the inaugural flight and ramp-up the cadence of its Spectrum launch vehicle. It will also enable the scaling of its proven production capabilities to serve the company's strong order book for launches of small and medium-sized satellites as global demand rises. At the same time, the Series C will allow the company to keep investing in developments for new initiatives and products, and to continue building on its vertical integration, especially its automated production capabilities that significantly lower the cost of building rockets.
Daniel Metzler, Co-Founder and CEO of Isar Aerospace explains: "The strong interest and commitment from our international investors signals their confidence in our vision and technological capabilities. Today, and even more so tomorrow, space technologies are key to enabling innovation, technology and security. Isar Aerospace offers the access to space that is urgently needed for commercial, institutional and government customers. This financing round marks another important step on our journey to orbit."
David Kownator, Chief Financial Officer of Isar Aerospace, adds: "We are thrilled to have concluded this round of financing in a difficult global market environment, building on strong investor demand and the company's steady progress, at an increased valuation compared to our Series B in July 2021."
The record round underlines Isar Aerospace's leading position in the commercial space industry. At the same time, it highlights the company's role in strengthening Europe's capabilities for consistent, flexible, and cost-efficient access to space for commercial and institutional customers worldwide. With a total financing amount raised of more than USD 330m (EUR 310m), Isar Aerospace is the most capitalized independent New Space company in the European Union.
Bulent Altan, Chairman of the Advisory Board and seed investor in Isar Aerospace, says: "The undeniably most common building block of any space application is reliable and affordable access to orbit. Isar Aerospace is a catalyst for the tremendous growth of the sector. With a crisp and fast execution, focus on quality, and establishing capabilities for future volume production, Isar Aerospace is emerging as a strong leader in the space economy. I am extremely pleased to have been a part of the journey from day one and look forward to the upcoming first launches."
Full vertical integration, solid customer pipeline
Since its creation in 2018, Isar Aerospace has established itself as a technological leader, having developed proprietary know-how through full vertical integration, owning design, production, and testing operations entirely in-house. Its manufacturing facility, established in Munich, provides maximum reliability, cost-efficiency, and flexibility. The high degree of automation allows for future scalability to serve increasing market demand. Isar Aerospace has signed firm contracts with customers globally, including major commercial players, New Space companies, and government institutions. The company's flight manifest is already fully booked for its first years of operations, demonstrating its strong positioning as a provider of cost-efficient access to specific orbits for the deployment of constellations and targeted use cases.
Targeting the inaugural flight in the second half of 2023
Isar Aerospace started the production of the maiden flight vehicle while entering the qualification stages for its vehicle systems. The entirely in-house developed and manufactured Aquila engine is undergoing engine testing and qualification. At the same time, the company is finalizing the build-up of its launch infrastructure at the launch site in Andøya, Norway, from where the inaugural flight of its launch vehicle Spectrum, which is planned for the second half of 2023, will take place.
Strengthening Europe's capabilities to access orbit
Access to space is key to unlocking the innovation potential for technologies urgently needed to address climate change, ensure secure and efficient connectivity, and improve critical infrastructure globally. With 2022 serving as a wake-up call for Europe's geopolitical role, decision-makers have prioritized the advancement of European sovereign access to space, as the continent aims to ensure its global competitiveness. Isar Aerospace will significantly contribute to materializing independent capabilities for accessing space. By developing and building launch vehicles that will transport small and medium-sized satellites and constellations into Earth's orbit, companies, institutions, and governments globally will be empowered to improve their capabilities and services in Earth observation, telecommunications, agriculture, disaster management, transportation, environmental monitoring and protection, scientific research, and defense applications.
About Isar Aerospace
Isar Aerospace, based in Ottobrunn/Munich, develops and builds launch vehicles for transporting small and medium-sized satellites as well as satellite constellations into Earth's orbit. The company was founded in 2018 as a spin-off of Technical University Munich. Since then, it has grown to more than 300 employees from more than 40 nations with many years of hands-on rocket know-how and experience within other high-tech industries.
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AIR TRANSPORT
Business Wire | March 24, 2023
Aviation Capital Group LLC (“ACG”) announced the delivery of one new Airbus A320neo aircraft on long-term lease to Spirit Airlines. Powered by the ultra-efficient Pratt & Whitney GTF engines, this is the first of four aircraft scheduled to deliver to the airline from ACG’s order book with Airbus. This is ACG’s first aircraft delivery from Airbus’ facility in Mobile, Alabama.
“We are thrilled to be delivering our first new Airbus A320neo aircraft to Spirit Airlines, which also marks ACG’s first aircraft delivery from Mobile, Alabama,” said Alan Mangels, Vice President of Marketing for ACG. “We are also proud to partner with Spirit Airlines in working towards a cleaner and more sustainable future by investing in fuel-efficient, new technology aircraft that produce lower emissions, use less fuel and create less environmental noise.”
About Aviation Capital Group
Aviation Capital Group was founded in 1989 and is one of the world’s premier full-service aircraft asset managers with approximately 470 owned, managed and committed aircraft as of December 31, 2022, which are leased to approximately 95 airlines in approximately 45 countries. ACG is a wholly owned subsidiary of Tokyo Century Corporation.
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AIR TRANSPORT
PRnewswire | March 31, 2023
SpeedBird, a leading luxury private air travel provider based in Orlando, Florida, is excited to announce its forthcoming merger with Northern Jet Management (NJM), the Midwest's largest and most trusted provider of private jet services. This move brings together two talented teams and increases the combined company's fleet to accelerate expansion to more destinations throughout the United States and internationally. The pending transaction, which will close in second quarter 2023, brings the combined company's revenue to more than $110 million. With this announcement, the combined company will have 209 employees, including 98 pilots, and a fleet of 37 aircraft with dedicated customer terminals in Grand Rapids, Michigan; Orlando, Florida; and Naples, Florida., and additional offices in Milwaukee and Chicago.
"Through this combination with Northern Jet, we are now positioned to become one of the top 20 private jet operators in the United States," said Chris Bull, founder and chief executive officer of SpeedBird who serves as CEO of the combined company. "We are excited to collaborate with the teams that Northern Jet has in its Grand Rapids headquarters, as well as in Chicago, Milwaukee and Naples. Northern Jet has been a leader in private air travel for business and leisure for more than 30 years, and our collective commitment to superior client service and safety are well-matched. Their extraordinary team, aircraft fleet and facilities are significant milestones forward for us and will continue to elevate our clients' experience."
"It was important for us to find a company that shared the same values and commitment to putting our clients first and providing sophisticated and safe service to airports throughout the country and abroad," said Chuck Cox, who has led Northern Jet Management since 1995 and becomes chairman and a shareholder of the combined company. "We found our cultural match in SpeedBird, and we are now collectively positioned to serve our mutual clients with even more opportunities for business and leisure travel."
With access to 37 aircraft – including Cessna Citation CJ3s, Learjet 40/45/70/75s, Citation Xs, Challenger 300/350s and Challenger 605s – and a team of 209 total employees, including 98 pilots, the combined company will continue to provide the absolute best in luxury private air travel for clients, all while being an award-winning leader in the industry. The Orlando Business Journal named SpeedBird among its Best Places to Work in 2021. Northern Jet is regularly recognized for its best-in-safety performance rankings from organizations such as the National Business Aviation Association, Air Charter Safety Foundation, Argus International, and in 2020 it was named among "Michigan's 50 Companies to Watch" by the Grand Rapids Business Journal.
The combined company now has 30,000 square feet of hangar space in Grand Rapids, 24,500 square feet in Naples and 32,500 square feet in Orlando. Logging more than 20,000 flight hours annually, it is one of the busiest private aviation companies in the United States.
"Among post-pandemic developments is the vibrant economic outlook for companies like SpeedBird and Northern Jet, whose innovative approach to private air travel reflects what we see as an immense opportunity for long-term growth in key markets," said Josh Ollek, managing director, aerospace at global investment banking boutique William Blair, which facilitated the merger.
About Northern Jet Management
Northern Jet Management provides a premier jet travel experience to customers who seek the flexibility, convenience and comfort that private jet travel promises. We maximize our customers' time with uncompromised quality, service and safety through our focus on total customer satisfaction and absolute professionalism. The Company Jet Fractional Ownership Program, Aircraft Management Services and Private Advantage Card Program make Northern Jet Management the premier private jet operator in the Midwest, with bases in Grand Rapids, Michigan, and Naples, Florida.
About SpeedBird
Personal. Private. Authentic. From takeoff to touchdown, SpeedBird offers a bespoke private air travel experience for the most discerning clients. SpeedBird's elevated experience provides clients with unrivaled comfort and reliability, including a wide selection of luxury private aircraft available on demand. To learn more about SpeedBird, please visit www.flyspeedbird.com.
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