Aviation Technology
Aerospace Manufacturing and Design | October 10, 2023
Garmin has a long-term agreement to provide the state-of-the-art Garmin G3000 integrated flight deck to BETA Technologies for its CX300 electric fixed-wing aircraft and A250 electric vertical takeoff and landing (eVTOL) aircraft. The conventional fixed wing CX300 aircraft and A250 eVTOL aircraft are designed to enable a diverse range of missions and operations including short-haul transport operations for military, cargo, medical, and passenger applications – all with zero emissions and lower operational costs. BETA intends to enter into service as early as 2025 with its ALIA CTOL (CX300), and as early as 2026 with its ALIA VTOL (A250).
"We've been strategically working with BETA for several years in their effort towards bringing a sustainable aviation solution to the market. It's an honor to have our integrated flight deck chosen for the revolutionary A250 and CX300 aircraft and we are thrilled to be part of BETA's mission to grow the electric aviation market," said Phil Straub, Garmin executive vice president & managing director, Aviation.
Garmin's integrated flight deck boasts vibrant high-resolution flights displays and the latest communication, navigation, surveillance air traffic management (CNS/ATM) based on a lightweight and highly flexible open system architecture design enabling a seamless integration with BETA's flight control, propulsion, and battery management systems. Garmin's flexible architecture and agile development process enables BETA to leverage the latest in flight deck technologies while seamlessly integrating BETA's innovative fly-by-wire system and human machine interface designs for electric propulsion and novel operations in an eVTOL aircraft.
"Garmin is widely recognized as the leader in avionics, we're excited to be able to bring this familiar and time-tested experience to our customers. It's gratifying to have the support of this legacy aerospace company as we look to bring our electric aircraft to market. They've been a true strategic collaborator as we work together to develop the next era of sustainable aviation," said Kyle Clark, BETA founder and CEO.
Garmin International Inc. is a subsidiary of Garmin Ltd. which is incorporated in Switzerland. Its principal subsidiaries are in the United States, Taiwan, and the United Kingdom. Garmin and G3000 are registered trademarks of Garmin Ltd. or its subsidiaries.
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Aviation Technology
Wheels Up | September 26, 2023
Wheels Up Experience (NYSE: UP) today announced that it has closed the previously announced investment by Delta Air Lines, Certares Management LLC, Knighthead Capital Management LLC and Cox Enterprises.
The new investment structure combines the experience of Delta, the No. 1 premium airline, with the travel and tourism focus of Certares and turnaround and restructuring experience of Knighthead. It includes an agreement for a $500 million credit facility to Wheels Up, with funds contributed by Delta and CK Wheels LLC, which is co-managed by affiliates of Certares and Knighthead, and Cox. The announcement follows last week's selection of George Mattson as the company's new CEO.
"This investment represents both an important source of capital for Wheels Up to support our strategy for financial stability, future profitability and long-term growth on behalf of our members and customers, as well as a vote of confidence in our path forward from a group of investors with deep experience in the premium travel space," Mattson said. "We look forward to working closely with Delta and our other investors to deliver best-in-class operating performance and an exceptional customer experience which, as we deepen our commercial partnership, will also enable us to provide a one-of-a-kind seamless connection between private and premium commercial travel."
"Wheels Up is an integral part of Delta's portfolio of premium partners, and this deep relationship offers a significant opportunity to deliver compelling benefits to our customers that are unique in the travel space," said Dan Janki, Wheels Up Chairman and Delta's Chief Financial Officer. "This investment and new leadership puts Wheels Up on a strong path to future success."
The credit facility is comprised of a $350 million term loan funded at closing from Delta, CK Wheels LLC and Cox and a $100 million revolving credit facility from Delta. The terms of the credit agreement permit a new lender to provide a $50 million term loan after the closing date, as approved by Delta, Certares, Knighthead and Cox, and it is anticipated this additional funding will close in the near term.
In connection with the closing of the credit facility, the lenders will initially receive newly issued Wheels Up common stock representing 80% of the company's outstanding equity as of the closing of the credit facility, on a fully diluted basis. After approval by Wheels Up's stockholders of an amendment to its certificate of incorporation, the company will issue to the lenders additional new shares such that the lenders will own 95% of the company's outstanding equity as of the closing of the credit facility, on a fully diluted basis.
Wheels Up also announced a new structure for its Board of Directors. Under the new structure, Delta Air Lines will appoint four directors, Certares and Knighthead each will appoint two directors, and Cox will appoint one director. In addition, one company executive will join the Board and two independent directors are expected to remain from the previous Board.
The parties were assisted in the transaction by a number of strategic advisors, including: Davis Polk, Jefferies LLC, Kirkland & Ellis and PJT Partners.
About Wheels Up
Wheels Up is a leading provider of on-demand private aviation in the U.S. and one of the largest private aviation companies in the world. Wheels Up offers a complete global aviation solution with a large, modern, and diverse fleet, backed by an uncompromising commitment to safety and service. Customers can access membership programs, charter, aircraft management services and whole aircraft sales, as well as unique commercial travel benefits through a strategic partnership with Delta Air Lines. Wheels Up also offers freight, safety and security solutions and managed services to individuals, industry, government, and civil organizations.
Wheels Up is guided by the mission to connect private flyers to aircraft, and one another, through an open platform that seamlessly enables life's most important experiences. Powered by a global private aviation marketplace connecting its base of approximately 12,000 members and customers to a network of approximately 1,500 safety-vetted and verified private aircraft, Wheels Up is widening the aperture of private travel for millions of consumers globally. With the Wheels Up mobile app and website, members and customers have the digital convenience to search, book and fly.
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Aviation Technology
PR Newswire | October 19, 2023
Supernal, Hyundai Motor Group's (HMG) Advanced Air Mobility (AAM) company, Hyundai WIA, a global automotive and aerospace parts manufacturer and Mecaer Aviation Group, an Italy-based global aeronautical company, announced today a partnership to design and manufacture landing gear systems for electric vertical takeoff and landing (eVTOL) vehicles. Hyundai WIA specializes in mass manufacturing and precision machine tools, while Mecaer is experienced in designing and building aerospace-grade landing gear systems. The three partners are collaborating to improve the safety and overall performance of eVTOL vehicles by addressing weight, structural efficiency, energy absorption and electronic system integration in the landing gear design and manufacturing process.
"Our collaboration with Hyundai WIA and Mecaer is a testament to Supernal's commitment to innovation and the highest standards of safety, design and manufacturing for Advanced Air Mobility," said Jaiwon Shin, president of Hyundai Motor Group and CEO of Supernal. "This partnership unites our collective strengths and expertise to deliver aerospace-grade eVTOL landing gear in record time and ensure their scalability and sustainability. These types of automotive and aerospace strategic alliances are key to the growth and success of our emerging industry."
The partnership is critical to Supernal's efforts to pioneer high-scale production processes that will meet future demands of the AAM industry. The collaboration will support the business model—and streamline manufacturing—by incorporating state-of-the-art materials and efficient assembly technologies.
"Hyundai WIA looks forward to leveraging our expertise from the automotive industry in large-scale parts manufacturing for the benefit of Supernal's upcoming eVTOL aircraft," said Jae-Wook Jung, president and CEO of Hyundai WIA. "We foresee significant potential to help demonstrate how cross-industry efficiencies can address enduring supply chain challenges, as well as the potential created by a new category of civil aviation."
"We are especially proud to announce our participation in this industry-leading strategic partnership and to have teamed with Supernal and Hyundai WIA to design, develop and manufacture a fully integrated wheeled landing gear for the Advanced Air Mobility company's eVTOL vehicle," said Bruno Spagnolini, CEO, Mecaer. "We are extremely appreciative of the trust Supernal has shown in the ability of the Mecaer and Hyundai WIA team to produce and innovate its landing gear system."
Supernal, Hyundai WIA and Mecaer held a signing ceremony for the partnership at the Seoul Air Show on October 18.
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