Was the TAM merger a mistake for LAN?

AARON KARP | 135 views

LATAM Airlines Group, created by the 2012 merger of Chile’s LAN Airlines and Brazil’s TAM, is going through a rough patch. Its net loss through the first nine months of 2015 topped $200 million, prompting LATAM to embark on a restructuring of its 2016-2018 fleet plan that aims to save $3 billion by deferring aircraft deliveries and selling aircraft. Its fleet commitments for the three-year period are being reduced by 40%.

Spotlight

Air Arabia

Air Arabia (PJSC), listed on the Dubai Financial Market, is the Middle East and North Africa’s first and leading low-cost carrier flying to over 150 destinations across the world. Air Arabia was the first airline to introduce the low-cost carrier concept in the region and is on a mission to serve all Arab countries and beyond, constantly undergoing aggressive route expansion, taking advantage of its ideally located hubs in the United Arab Emirates, Morocco and Egypt.

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AIR TRANSPORT

A Carbon-Neutral Fuel for the Aviation Industry?

Article | July 15, 2022

A New System That Aims to Create Carbon-Neutral Aviation Scientists have achieved an amazing breakthrough in the development of carbon-neutral fuel for the aviation industry. An aviation fuel production system that uses water, sunlight, and carbon dioxide has been put into action. Its design was published on July 20th, 2022, in the journal Joule. The dream of achieving carbon-free aviation could become a reality with this development. “We are the first to demonstrate the entire thermochemical process chain from water and CO2 to kerosene in a fully-integrated solar tower system.” - Aldo Steinfeld, Professor, Study Corresponding Author, ETH Zurich The aviation industry accounts for approximately 5% of the global anthropogenic emissions that contribute to global climate change. The industry heavily relies on kerosene, commonly known as jet fuel, a liquid hydrocarbon fuel derived from crude oil. There are no clean options to power commercial flights on a global scale at the moment. Production of Synthetic Kerosene This breakthrough, with the help of solar energy, makes it possible to produce synthetic kerosene from water and carbon dioxide instead of crude oil. The amount of CO2 emitted during kerosene combustion in a jet engine equals what is consumed during its production in the solar plant. It is what makes the fuel carbon neutral, especially if the CO2 in the air is captured and directly used as an ingredient, which could be possible in the near future. As part of the European Union's SUN-to-LIQUID project, Steinfeld and his colleagues put forward a system that uses solar power to generate drop-in fuels—synthetic alternatives to fossil-derived fuels like kerosene and diesel. Solar-produced kerosene is consistent with the current aviation infrastructure for allocation, fuel storage, and use in jet engines. It can also combine with fossil-derived kerosene, according to Steinfeld. High Hopes for the Future Steinfeld and his team began scaling the construction of a solar fuel manufacturing plant at the IMDEA Energy Institute in Spain half a decade ago. The plant has 169 sun-tracking reflective panels that redirect and concentrate solar radiation into a tower-mounted solar reactor. This concentrated solar energy then powers redox reaction cycles in the reactor’s porous ceria structure, which is not absorbed but can be reused. It transforms the water and carbon dioxide into syngas, a customized mixture of hydrogen and carbon monoxide. This syngas is then injected into a gas-to-liquid converter and is finally converted into liquid hydrocarbon fuels such as kerosene and diesel. Steinfeld and his team are working on amping up the reactor’s efficiency from the current 4% to more than 15%.

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BUSINESS AVIATION

AI in Aviation: What’s the Word?

Article | January 7, 2022

DataBridge recently released a new market research analysis on AI in aviation, and the findings are promising. The aviation industry has relied on artificial intelligence (AI) for years. The technology has assisted pilots through machine learning algorithms to collect flight data about altitudes, air traffic management, weather, and route distance. It has enabled them to optimize fuel usage and reduce fuel costs. And now, it is going further. AI has been cascading into other areas of aviation. Here are some trends to note from the “Global Artificial Intelligence in Aviation Market” study. Benefitting Ground Operations AI is extensively used in real-time support systems and air traffic control. From automated baggage check-in to facial recognition, it is powering several ground operations. These functions contribute heavily to maximizing resources, reducing labor costs, and enhancing seamlessness across different processes. Improving Performance and Processes with Machine Learning (ML) The emergence of AI in aviation is thanks to a surge of capital investments by key aviation players. Cloud computing is being used by many organizations as a way to consolidate processes and deal with complexity better. Impacting How Planes will be Piloted AI will considerably impact the future of piloting as we know it. Building on Airbus’ first ever takeoff, landing and taxi using vision-based AI in 2020, prominent aerospace tech firms continue to work on self-piloting planes or passenger autonomous aerial vehicles (AV) that will employ AI-powered intelligent navigation to fly. Improving Efficiency and Accuracy for Manual Processes According to aviation experts, ML digital assistants are able to process massive volumes of historical data in order to support ground staff and pilots alike. With AI’s capabilities of enabling elusive insights into patterns and complexities of data, the technology is considered ideal for aviation, where there is no room for errors. The Path Ahead The COVID-19 pandemic highlighted the importance of new technologies in pushing the envelope and innovating solutions. The evolution of technology will only propel the adoption of AI further into the aviation industry. With multiple use cases and brilliant results from the use of AI, the aviation industry is all set for a digital transformation fuelled by data, machine learning and precision

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BUSINESS AVIATION

Inside NASA’s New Sustainable Flight Demonstrator Program

Article | January 28, 2022

NASA is known for developing and launching spacecraft that have a significant environmental impact. However, the space agency is fully on board with the net-zero movement. NASA supports the White House's Aviation Climate Action Plan. It is helping fund several aviation projects that aim to reduce the aviation industry’s damage to the environment. NASA’s Sustainable Flight Demonstrator Program NASA focuses on technologies for single-aisle aircraft, which are the powerhouses of many airline fleets and account for nearly half of global aviation emissions. NASA's Sustainable Flight Demonstrator (SFD) project aims to reduce carbon emissions and keep the US competitive in the design of single-aisle commercial airliners, which are in high demand. "Since its creation, NASA has worked with industry to develop and implement innovative aeronautics technology and has shared it with the world," said NASA Administrator Bill Nelson. "Now, with this ambitious new project, we're again joining with US industry to usher in a new era of cutting-edge improvements that will make the global aviation industry cleaner, quieter, and more sustainable." NASA Wants to Reduce the Environmental Impact of Commercial Aircraft The program’s goal is to build, test, and fly a large-scale demonstrator. NASA hopes to find a business partner for a Funded Space Act Agreement with its Armstrong Flight Research Center in Edwards, California, by the beginning of 2023. The agreement would draw on private-industry knowledge and experience, with an awardee developing a suggested technical plan and committing considerable cash to the project. Under this agreement, NASA would not purchase an aircraft or any other hardware for its missions. The mission of NASA is to develop new and innovative technologies and capabilities. NASA will collect data on the ground and in the air. Agency and industry teams can use it to test the airframe configuration and related technologies. Moving Away From Space NASA's technologies are typically cutting-edge. However, as with many high-end items, the benefits and applications frequently filter down to the masses. NASA's specialized technology and research frequently has civil aviation applications. It's interesting to see how NASA seems to be moving away from space and going after planes that fly closer to Earth.

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AIR TRANSPORT

A Peek into The Future of Piloting Airplanes

Article | July 6, 2022

Flying is changing, and so is the future of piloting. With technological advancements across the aviation industry, one can only anticipate what’s in store for the future of piloting. The battle between automation and learning skills that automation can easily take over is coming to a head. As airplane engineering matures, the aviation industry isn’t far from seeing a day when pilots who have undergone training on electric trainers require a license endorsement to fly a piston-powered aircraft. Goodbye, Manual Flying Airplanes are becoming downright easier to fly. Consider how most pilots today would never be able to fly the aircraft that their seniors trained in. According to experts, piloting skills will put more emphasis on the efficient use of airspace systems instead of directing and maneuvering the aircraft. Decoding Airplane Information Traditionally, a pilot’s primary task was to gather and decode the information he received through the aircraft’s systems. This information was then used to give the pilot an “air picture” which allowed him to get a sense of the air traffic, airspace, and weather. As aircraft technology improves, pilots will no longer need to know how to do this. Instead, the "air picture" will be shown on a screen in front of them. Final Word From augmented reality to 3D spatial audio cues, augmentation is happening to aircraft as well as the pilot’s ability to fly them. The evolution of aviation technology will only help transform the mechanics of airplanes, and pilots will no longer need to handle flight control. As augmented reality takes over, future cockpits might not even need to be at the front of the aircraft or have windows. That would be the true test of the future of piloting.

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Spotlight

Air Arabia

Air Arabia (PJSC), listed on the Dubai Financial Market, is the Middle East and North Africa’s first and leading low-cost carrier flying to over 150 destinations across the world. Air Arabia was the first airline to introduce the low-cost carrier concept in the region and is on a mission to serve all Arab countries and beyond, constantly undergoing aggressive route expansion, taking advantage of its ideally located hubs in the United Arab Emirates, Morocco and Egypt.

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AIR TRANSPORT

AZUL AIRLINES PARTNERS WITH FETCHERR TO PILOT DEMAND PREDICTION AND ALGO PRICING PLATFORM

AZUL AIRLINES | September 30, 2022

Azul Airlines, the largest airline in Brazil by departures and number of cities served, announced today that it became the first to pilot Fetcherr's demand prediction and algorithm pricing technology. Since incorporating Fetcherr's AI-native continuous pricing optimization system into its existing revenue management processes, Azul Airlines has already witnessed improved revenue performance and optimized workflows.We are proud to be pioneers of change by being the first airline to pilot truly innovative tech solutions,said Abhi Shah, Chief Revenue Officer at Azul Airlines. We are excited that Fetcherr's platform will help us maximize our revenue, optimize our operations and provide a seamless, improved customer experience." "The airline industry has tremendous opportunities when it comes to continuous pricing and using real-time data for demand predictions,We are thrilled Azul Airlines has begun experimenting with our technology. We hope they become the catalyst for change." Roy Cohen, CEO and Co-Founder of Fetcherr Fetcherr's AI technology and continuous pricing model accurately predicts demand using real-time, sophisticated models and automatically provides pricing recommendations. The system is a mature, live production system that scans the entire network 24/7 and optimizes pricing recommendations with justification to generate significant hidden or lost revenue. The automation saves manpower, can publish the fares directly to all distribution channels and predicts demand in volatile times. Fetcherr's system has proven to be successful in innovative, volatile markets such as E-commerce and Algo-trading, and now, in conjunction with Azul Airlines, is set to disrupt the untouched territory of the airline industry. About Fetcherr Fetcherr is an Israeli company that developed a proprietary AI-powered goal-based enterprise pricing and workflow optimization system. Founded in 2019 by experts in deep learning, Algo-trading, e-commerce and digitization of legacy architecture, Fetcherr aims to disrupt traditional rule-based (legacy) revenue systems through reinforcement learning methodologies, beginning with the airline industry. For more information, please visit https://fetcherr.io/. About Azul Airlines Azul , the largest airline in Brazil by number of flight departures and cities served, offers more than 900 daily flights to more than 150 destinations. With a passenger operating fleet of more than 160 aircraft and more than 13,000 crewmembers, Azul has a network of more than 300 non-stop routes. In 2020 Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian Flag Carrier ranked number one in the Traveler's Choice Awards.

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BUSINESS AVIATION

ZeroAvia Signs Agreement with Textron Aviation to Develop Hydrogen-Electric Powertrain for the Cessna Grand Caravan

ZeroAvia | September 30, 2022

ZeroAvia, the leader in zero-emission aviation, today announced it has entered into a non-exclusive Joint Development Agreement with Textron Aviation Inc., a Textron Inc. ( NYSE: TXT) company, supporting ZeroAvia's development of hydrogen-electric, zero-emission powertrains for the Cessna Grand Caravan (208B) aircraft. ZeroAvia will obtain a Supplemental Type Certificate (STC) to retrofit the Grand Caravan single-engine utility turboprop with the ZA600 zero-emission powertrain, targeting commercial passenger and cargo operators. The Cessna Grand Caravan is designed and manufactured by Textron Aviation. Its high-wing design makes it a strong candidate for mounting hydrogen fuel tanks under the wings, ensuring operators can maintain seat capacity or cargo space, while transitioning to true zero emission propulsion systems. ZeroAvia will develop its ZA600 powertrain system for the Grand Caravan with data, engineering and certification support provided by Textron Aviation. ZeroAvia aims to obtain certification for the 600kW powertrain as early as 2025, enabling customers to operate zero-emission flights.The Cessna Grand Caravan platform has seen more than 2,400 aircraft delivered worldwide since the aircraft was introduced, representing enormous potential for a shift to clean propulsion. ZeroAvia has already announced several agreements with operators and lessors in relation to conversions of the Grand Caravan. "The famous Cessna Grand Caravan is on track to be one of the first airframes operating commercial services both cargo and passenger with hydrogen-electric, zero-emission engines. We applaud the visionary leadership of Textron Aviation in joining us to help transform a much-loved mainstay of sub-regional aviation into a symbol of sustainable transformation in aviation." Val Miftakhov, CEO, ZeroAvia This agreement with Textron Aviation adds to significant prior commitments from other aircraft original equipment manufacturers (OEMs) and operators to ZeroAvia's powertrain technology over the course of the last few months. ZeroAvia is already well advanced in retrofitting its system into a 19-seat Dornier 228 aircraft at its R&D location at Cotswold Airport in the UK, with first test flights anticipated over the next few weeks. The company is actively developing the market for its ZA600 product with different 9-19 seat airframes, while concurrently developing its ZA2000, 2-5MW engine class for 40-80 seat aircraft with an entry-into-service target of 2027. ZeroAvia is focused on developing hydrogen-electric propulsion as a practical, holistic and economically attractive solution to aviation's growing climate change impact. The company's hydrogen-electric powertrains use fuel cells to generate electricity, which powers electric motors to then turn propellers. Hydrogen-electric systems produce only water vapor and at temperatures that enable the management of contrail impact. ZeroAvia's work in developing its 600kW system through to a certifiable design is part of the HyFlyer II project, supported by the UK Government's Department for Business, Energy and Industrial Strategy (BEIS), Aerospace Technology Institute (ATI) and Innovate UK through the ATI Programme. About ZeroAvia ZeroAvia is a leader in zero-emission aviation, focused on hydrogen-electric aviation solutions to address a variety of markets, initially targeting a 300-mile range in 9–19 seat aircraft by 2025, and up to 700-mile range in 40–80 seat aircraft by 2027. Based in the UK and USA, ZeroAvia has already secured experimental certificates for its two-prototype aircraft from the CAA and FAA, passed significant flight test milestones, secured a number of key partnerships with major aircraft OEMs and major global airlines, and is on track for commercial operations in 2024. The company's expanding UK operations are supported by grants from UK's Aerospace Technology Institute and Innovate UK, and ZeroAvia is part of the UK Government's Jet Zero Council.

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AEROSPACE

Boom Supersonic Announces Tooling and Automation Supplier for Overture Superfactory

Boom Supersonic | September 29, 2022

Boom Supersonic, the company building the world's fastest airliner, optimized for speed, safety, and sustainability, today announced that it has selected Advanced Integration Technology (AIT) as the tooling and automation provider and integrator for the Overture final assembly line. This strategic partnership is an important prerequisite for aircraft production at the Overture Superfactory in Greensboro, North Carolina. Site preparation at the Superfactory is already underway, and groundbreaking is on track for December 2022.Boom's purchase agreement with AIT spans the design, fabrication, and installation of custom tooling for the Overture Superfactory. AIT will provide an end-to-end system for the Superfactory, creating transportation and positioning tools for fuselage assembly, wing assembly, wing-to-fuselage joining, and final assembly. Major hardware provided by AIT will include automated drilling machinery, mobile transport equipment, and setups for positioning and joining setups. Boom is prioritizing design and procurement of long-lead-time sections of the tooling suite, helping to ensure that the Overture program remains on track to enter production in 2024. "Advanced Integration Technology is a recognized leader in aircraft assembly tooling, and we are excited to be working with them to prepare the Superfactory for Overture production,This order will help ensure that the Superfactory is ready for Overture's manufacturing launch in 2024." Chris Taylor, Vice President of Manufacturing at Boom Overture will carry passengers at twice the speed of today's fastest passenger jets. As the company announced in January, 2022, Boom will hire more than 2,400 workers at the Superfactory over the next ten years, and recruiting is already underway. Boom also pledged to create over 200 internships for students in North Carolina universities, community colleges, and trade schools, and the first class of these interns is expected in 2023. We are honored that Boom has selected Advanced Integration Technology to design, produce and integrate Overture's Superfactory final assembly line. AIT is proud to use our industry leading expertise in aerospace production system integration to support Boom's vision of supersonic travel, said Michael Wellham, AIT President and Chief Operating Officer. Last week, Boom announced an offtake agreement with AIR COMPANY to purchase up to 5 million gallons of sustainable aviation fuel (SAF) per year through the duration of Overture flight testing in Greensboro, North Carolina. Boom also recently announced three tier-one suppliers that will contribute to key systems on Overture including Collins Aerospace, Safran Landing Systems, and Eaton. Boom is in advanced supplier conversations for several other major components of the aircraft, and also plans to announce its engine partner later this year. In August, American Airlines placed deposits on 20 Overture aircraft and pre-ordered an additional 40, bringing Overture's order book to $26 billion including orders and options. About Boom Supersonic Boom Supersonic is transforming air travel with Overture, the world's fastest airliner, optimized for speed, safety, and sustainability. Serving both civil and government markets, Overture will fly at twice the speed of today's airliners and is designed to run on 100% sustainable aviation fuel (SAF). Overture's order book, including purchases and options from American Airlines, United Airlines, and Japan Airlines stands at 130 aircraft. Boom is working with Northrop Grumman for government and defense applications of Overture. Suppliers and partners collaborating with Boom on the Overture program include Collins Aerospace, Eaton, Safran Landing Systems, the United States Air Force, American Express, AIR COMPANY, Climeworks, and AWS.

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AIR TRANSPORT

AZUL AIRLINES PARTNERS WITH FETCHERR TO PILOT DEMAND PREDICTION AND ALGO PRICING PLATFORM

AZUL AIRLINES | September 30, 2022

Azul Airlines, the largest airline in Brazil by departures and number of cities served, announced today that it became the first to pilot Fetcherr's demand prediction and algorithm pricing technology. Since incorporating Fetcherr's AI-native continuous pricing optimization system into its existing revenue management processes, Azul Airlines has already witnessed improved revenue performance and optimized workflows.We are proud to be pioneers of change by being the first airline to pilot truly innovative tech solutions,said Abhi Shah, Chief Revenue Officer at Azul Airlines. We are excited that Fetcherr's platform will help us maximize our revenue, optimize our operations and provide a seamless, improved customer experience." "The airline industry has tremendous opportunities when it comes to continuous pricing and using real-time data for demand predictions,We are thrilled Azul Airlines has begun experimenting with our technology. We hope they become the catalyst for change." Roy Cohen, CEO and Co-Founder of Fetcherr Fetcherr's AI technology and continuous pricing model accurately predicts demand using real-time, sophisticated models and automatically provides pricing recommendations. The system is a mature, live production system that scans the entire network 24/7 and optimizes pricing recommendations with justification to generate significant hidden or lost revenue. The automation saves manpower, can publish the fares directly to all distribution channels and predicts demand in volatile times. Fetcherr's system has proven to be successful in innovative, volatile markets such as E-commerce and Algo-trading, and now, in conjunction with Azul Airlines, is set to disrupt the untouched territory of the airline industry. About Fetcherr Fetcherr is an Israeli company that developed a proprietary AI-powered goal-based enterprise pricing and workflow optimization system. Founded in 2019 by experts in deep learning, Algo-trading, e-commerce and digitization of legacy architecture, Fetcherr aims to disrupt traditional rule-based (legacy) revenue systems through reinforcement learning methodologies, beginning with the airline industry. For more information, please visit https://fetcherr.io/. About Azul Airlines Azul , the largest airline in Brazil by number of flight departures and cities served, offers more than 900 daily flights to more than 150 destinations. With a passenger operating fleet of more than 160 aircraft and more than 13,000 crewmembers, Azul has a network of more than 300 non-stop routes. In 2020 Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian Flag Carrier ranked number one in the Traveler's Choice Awards.

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BUSINESS AVIATION

ZeroAvia Signs Agreement with Textron Aviation to Develop Hydrogen-Electric Powertrain for the Cessna Grand Caravan

ZeroAvia | September 30, 2022

ZeroAvia, the leader in zero-emission aviation, today announced it has entered into a non-exclusive Joint Development Agreement with Textron Aviation Inc., a Textron Inc. ( NYSE: TXT) company, supporting ZeroAvia's development of hydrogen-electric, zero-emission powertrains for the Cessna Grand Caravan (208B) aircraft. ZeroAvia will obtain a Supplemental Type Certificate (STC) to retrofit the Grand Caravan single-engine utility turboprop with the ZA600 zero-emission powertrain, targeting commercial passenger and cargo operators. The Cessna Grand Caravan is designed and manufactured by Textron Aviation. Its high-wing design makes it a strong candidate for mounting hydrogen fuel tanks under the wings, ensuring operators can maintain seat capacity or cargo space, while transitioning to true zero emission propulsion systems. ZeroAvia will develop its ZA600 powertrain system for the Grand Caravan with data, engineering and certification support provided by Textron Aviation. ZeroAvia aims to obtain certification for the 600kW powertrain as early as 2025, enabling customers to operate zero-emission flights.The Cessna Grand Caravan platform has seen more than 2,400 aircraft delivered worldwide since the aircraft was introduced, representing enormous potential for a shift to clean propulsion. ZeroAvia has already announced several agreements with operators and lessors in relation to conversions of the Grand Caravan. "The famous Cessna Grand Caravan is on track to be one of the first airframes operating commercial services both cargo and passenger with hydrogen-electric, zero-emission engines. We applaud the visionary leadership of Textron Aviation in joining us to help transform a much-loved mainstay of sub-regional aviation into a symbol of sustainable transformation in aviation." Val Miftakhov, CEO, ZeroAvia This agreement with Textron Aviation adds to significant prior commitments from other aircraft original equipment manufacturers (OEMs) and operators to ZeroAvia's powertrain technology over the course of the last few months. ZeroAvia is already well advanced in retrofitting its system into a 19-seat Dornier 228 aircraft at its R&D location at Cotswold Airport in the UK, with first test flights anticipated over the next few weeks. The company is actively developing the market for its ZA600 product with different 9-19 seat airframes, while concurrently developing its ZA2000, 2-5MW engine class for 40-80 seat aircraft with an entry-into-service target of 2027. ZeroAvia is focused on developing hydrogen-electric propulsion as a practical, holistic and economically attractive solution to aviation's growing climate change impact. The company's hydrogen-electric powertrains use fuel cells to generate electricity, which powers electric motors to then turn propellers. Hydrogen-electric systems produce only water vapor and at temperatures that enable the management of contrail impact. ZeroAvia's work in developing its 600kW system through to a certifiable design is part of the HyFlyer II project, supported by the UK Government's Department for Business, Energy and Industrial Strategy (BEIS), Aerospace Technology Institute (ATI) and Innovate UK through the ATI Programme. About ZeroAvia ZeroAvia is a leader in zero-emission aviation, focused on hydrogen-electric aviation solutions to address a variety of markets, initially targeting a 300-mile range in 9–19 seat aircraft by 2025, and up to 700-mile range in 40–80 seat aircraft by 2027. Based in the UK and USA, ZeroAvia has already secured experimental certificates for its two-prototype aircraft from the CAA and FAA, passed significant flight test milestones, secured a number of key partnerships with major aircraft OEMs and major global airlines, and is on track for commercial operations in 2024. The company's expanding UK operations are supported by grants from UK's Aerospace Technology Institute and Innovate UK, and ZeroAvia is part of the UK Government's Jet Zero Council.

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AEROSPACE

Boom Supersonic Announces Tooling and Automation Supplier for Overture Superfactory

Boom Supersonic | September 29, 2022

Boom Supersonic, the company building the world's fastest airliner, optimized for speed, safety, and sustainability, today announced that it has selected Advanced Integration Technology (AIT) as the tooling and automation provider and integrator for the Overture final assembly line. This strategic partnership is an important prerequisite for aircraft production at the Overture Superfactory in Greensboro, North Carolina. Site preparation at the Superfactory is already underway, and groundbreaking is on track for December 2022.Boom's purchase agreement with AIT spans the design, fabrication, and installation of custom tooling for the Overture Superfactory. AIT will provide an end-to-end system for the Superfactory, creating transportation and positioning tools for fuselage assembly, wing assembly, wing-to-fuselage joining, and final assembly. Major hardware provided by AIT will include automated drilling machinery, mobile transport equipment, and setups for positioning and joining setups. Boom is prioritizing design and procurement of long-lead-time sections of the tooling suite, helping to ensure that the Overture program remains on track to enter production in 2024. "Advanced Integration Technology is a recognized leader in aircraft assembly tooling, and we are excited to be working with them to prepare the Superfactory for Overture production,This order will help ensure that the Superfactory is ready for Overture's manufacturing launch in 2024." Chris Taylor, Vice President of Manufacturing at Boom Overture will carry passengers at twice the speed of today's fastest passenger jets. As the company announced in January, 2022, Boom will hire more than 2,400 workers at the Superfactory over the next ten years, and recruiting is already underway. Boom also pledged to create over 200 internships for students in North Carolina universities, community colleges, and trade schools, and the first class of these interns is expected in 2023. We are honored that Boom has selected Advanced Integration Technology to design, produce and integrate Overture's Superfactory final assembly line. AIT is proud to use our industry leading expertise in aerospace production system integration to support Boom's vision of supersonic travel, said Michael Wellham, AIT President and Chief Operating Officer. Last week, Boom announced an offtake agreement with AIR COMPANY to purchase up to 5 million gallons of sustainable aviation fuel (SAF) per year through the duration of Overture flight testing in Greensboro, North Carolina. Boom also recently announced three tier-one suppliers that will contribute to key systems on Overture including Collins Aerospace, Safran Landing Systems, and Eaton. Boom is in advanced supplier conversations for several other major components of the aircraft, and also plans to announce its engine partner later this year. In August, American Airlines placed deposits on 20 Overture aircraft and pre-ordered an additional 40, bringing Overture's order book to $26 billion including orders and options. About Boom Supersonic Boom Supersonic is transforming air travel with Overture, the world's fastest airliner, optimized for speed, safety, and sustainability. Serving both civil and government markets, Overture will fly at twice the speed of today's airliners and is designed to run on 100% sustainable aviation fuel (SAF). Overture's order book, including purchases and options from American Airlines, United Airlines, and Japan Airlines stands at 130 aircraft. Boom is working with Northrop Grumman for government and defense applications of Overture. Suppliers and partners collaborating with Boom on the Overture program include Collins Aerospace, Eaton, Safran Landing Systems, the United States Air Force, American Express, AIR COMPANY, Climeworks, and AWS.

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