Nexteon Technologies | August 10, 2021
Nexteon Technologies, Inc., a leader in advanced aviation technologies, announced today that it has signed an exclusive technology agreement with Portland, Oregon-based The Innovation Laboratory, Inc. (TIL). Through this new partnership, the companies will collaborate to evaluate Nexteon’s SecureTrack™ technology. This includes collecting and sharing surveillance data from Nexteon’s prototype ADS-B receiver network and developing algorithms that extract turbulence impact information. TIL will also support Nexteon’s flight testing and verification of SecureTrack’s capabilities.
Nexteon is developing technologies that will enable Global Optimized Routing. When combined, the company’s SecureTrack data and SmartRoutes™ route optimization solutions will work together to harmonize the global airspace. This will yield significant fuel and operational efficiencies for airlines, as well as reduced emissions that benefit the environment.
“Nexteon continues to build momentum in the development of our SecureTrack technology,” said Rob Kaimowitz, Chief Executive Officer of Nexteon Technologies. “By working with The Innovation Laboratory, we will be able to enhance our capabilities and increase the value of our SmartRoutes service to airlines around the world.”
“TIL is excited to work on this project with Nexteon,” said Dr. Jimmy Krozel, Chief Scientist of The Innovation Laboratory. “With our expertise in air traffic management and turbulence impact assessment in air navigation, they are the perfect partner for us to collaborate with to develop innovative technologies that will improve situational awareness and efficiency in aviation.”
About The Innovation Laboratory
The Innovation Laboratory, founded in 2007, specializes in advancing basic aviation innovations through research and development to prototype demonstration systems ready to transition into government and commercial systems.
About Nexteon Technologies
Nexteon Technologies is modernizing global aviation with best-in-class talent and technologies. Its innovative SecureTrack™ surveillance and SmartRoutes™ dynamic route optimization solutions enable more efficient, greener and more secure global aviation for ANSPs, commercial and general aviation fleets, and government agencies.
Volocopter GmbH | November 12, 2021
German urban air mobility (UAM) pioneer, Volocopter, has completed the first test flight with its 2X aircraft in Seoul, South Korea. It was the first ever crewed public test flight of a fully electric vertical take-off and landing (eVTOL) air taxi in South Korea. The Republic's Minister for Land, Infrastructure, and Transport (MOLIT) Noh Hyeong Ouk witnessed the historical test flight, marking a milestone in Volocopter's plan of introducing air taxis globally.
The 5-minute test flight took place at Gimpo International Airport, covered approximately 3 kilometers, reached a maximum altitude of 50 meters and maximum speeds of 45 km/h.
"With MOLIT's comprehensive K-UAM roadmap, South Korea is well positioned to achieve the goal of commercializing UAM by 2025. We are extremely honored to conduct the nation's first crewed public eVTOL test flight today and prove yet again that the future of air taxis is here and now with Volocopter's aircraft. As the pioneers of the UAM industry, we look forward to working closely with friends and partners from both the government agencies and private sectors to make UAM a reality in South Korea."
- Florian Reuter, CEO of Volocopter
"South Korea and Germany have enjoyed a close relationship for more than a century. We are connected by a common experience of a divided nation and strong ties in trade, education, and technology. We strongly welcome deepened cooperation in new sectors such as digitalization, e-commerce, and urban air mobility."
- German Ambassador to South Korea Michael Reiffenstuel
Seoul is the second city in Asia that Volocopter has conducted a test flight following the first successful public flight trial over Singapore's Marina Bay area in 2019.
Volocopter is leading the pack in the UAM sector with a family of aircraft that can transport passengers (the VoloCity and VoloConnect) and goods (the VoloDrone). It is the only eVTOL company that has obtained design and production organization approvals from European Union Aviation Safety Agency.
Volocopter is scheduled to conduct a public test flight at Incheon airport on 16 November (weather permitting) during K-UAM Confex 2021.
Volocopter is building the world's first sustainable and scalable urban air mobility business to bring affordable air taxi services for goods and people to megacities worldwide. Volocopter leads and cooperates with partners in infrastructure, operations, and air traffic management to build the ecosystem necessary to "Bring Urban Air Mobility to Life." Volocopter has 400 employees in offices in Bruchsal, Munich, and Singapore. The company has raised a total of €322 million in equity form investors including Daimler, Geely, DB Schenker, BlackRock, and Intel Capital amongst others.
Vance Street Capital LLC | October 21, 2021
Vance Street Capital LLC a Los Angeles-based private equity firm, today announced the acquisition of McFarlane Aviation, Inc. ("McFarlane"), the leading designer and manufacturer of aftermarket PMA parts for the general aviation industry. This proprietary transaction represents the fourth platform investment out of Vance Street Capital III L.P. and leverages the firm's expertise in aerospace and highly engineered components. Terms of the transaction were not disclosed.
Founded in 1970 and headquartered in Baldwin City, Kansas, McFarlane is a family-owned business that designs, manufactures, and distributes more than 30,000 consumable parts in the United States and internationally for the general aviation market, specifically light single engine and turboprop aircraft. McFarlane's proprietary portfolio of PMA parts consists of approximately 3,000 parts used across Cessna, Piper, Grumman, Beechcraft and Ag-Cat airplanes. The parts are sold to over 40,000 unique customers through McFarlane's website and its widely distributed catalog.
McFarlane was founded by Dave McFarlane, who was subsequently joined by his children, Dan and Cheryl. Together, they built McFarlane into the market leader it is today. As part of the transaction, the McFarlane family will retain a meaningful ownership position alongside Vance Street. "Finding a partner that could come in and provide not only growth-based resources, but also one that valued the culture and employee base our family has built over the past several decades was an important decision factor in finding our next partner," said Dave McFarlane. "Vance Street truly understood and respected those aspects of our business."
"Vance Street is honored to have the opportunity to partner with an iconic business like McFarlane,Over the last 50 years, Dave and his team have built a truly great company well known as a leader in its market. With Vance Street's additional support and capital, McFarlane is expected to accelerate its already impressive growth trajectory."
Nicholas Janneck, Principal at Vance Street
"This transaction is a perfect example of our strategy to partner with family-owned businesses that are industry leaders in a niche market," said John LeRosen, Partner at Vance Street.
Paul Hastings LLP acted as legal advisor to Vance Street. Debt financing was provided by BMO Sponsor Finance. Dentons served as legal advisor to McFarlane and the McFarlane family.
About Vance Street Capital LLC
Vance Street Capital is a middle-market private equity firm focused on investing in highly engineered solutions businesses across the medical, life science, aerospace, defense, and industrial sectors. For over three decades, Vance Street's partners have worked with management teams and family owners to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio.