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Modern Aviation Expands into the Midwest with the Acquisition of the Elliott Aviation FBO at Des Moines International Airport

Modern Aviation Expands into the Midwest with the Acquisition
Modern Aviation announced today that it has closed the acquisition of the FBO assets and operations at Des Moines International Airport from Elliott Aviation, bringing its total number of locations to thirteen.Modern's new FBO in Des Moines operates on a 17-acre leasehold and offers state of the art facilities and amenities such as conference rooms and workstations, sleep rooms, crew cars and comfortable lounge areas with approximately 145,000 square feet of heated hangar space and 20,000 square feet of office space. Elliott will continue to operate a maintenance, repair, and overhaul business on the airfield.

"We are very excited about our new operation in Des Moines, which provides our customers access to our services for the first time in the Midwest. Elliott Aviation has a long history of providing outstanding customer service to its customers through its highly experienced and long tenured employees, all of whom have joined Modern. I would like to extend a warm welcome to the Modern Aviation family to our new teammates and customers. We also look forward to partnering with the Des Moines Airport Authority to continue to grow DSM and benefit the local community."

Mark Carmen, Modern Aviation's CEO

Greg Sahr, President and CEO of Elliott Aviation, stated, Divesting our Des Moines FBO business to a great partner in Modern Aviation is a win-win for Elliott Aviation, our employees, Modern Aviation, and the Des Moines community. While our FBO employees will continue to provide exceptional service at the DSM location under the Modern umbrella, this divestiture will allow Elliott to focus our efforts and investment on growing our MRO business across our geographic footprint. In addition to Des Moines, Iowa (DSM), Modern Aviation operates at Wilmington, North Carolina (ILM), Seattle, Washington (BFI), Denver, Colorado (APA), San Juan, Puerto Rico (SIG), LaGuardia Airport, NY (LGA), John F. Kennedy Airport, NY (JFK), Long Island MacArthur Airport, NY (ISP), Republic Airport, NY (FRG), Francis S. Gabreski Airport, NY (FOK), Sacramento Executive Airport (SAC), Sacramento International Airport (SMF) and Sacramento Mather Airport (MHR).

About MODERN AVIATION
Modern Aviation is a growing company that is building a national network of premium FBO properties. Modern Aviation's strategy is to acquire and develop FBO operations in growth markets and to focus on providing exceptional service, extraordinary quality and industry-leading safety. Modern Aviation is backed by the growth-oriented infrastructure private equity fund, Tiger Infrastructure Partners. Modern Aviation is actively engaged in pursuing additional FBO acquisitions and development opportunities in North America and the Caribbean.

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Airbus, Barclays Sustainable Impact Capital and NEOM co-lead ZeroAvia's latest financing round

ZeroAvia | September 21, 2023

ZeroAvia today announced that Airbus, Barclays Sustainable Impact Capital and NEOM have co-led the company's latest financing round. Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures and Amazon Climate Pledge Fund have also participated in the investment. This investment will enable ZeroAvia to accelerate progress towards certification of its first engine as well as delivering the company's mission of a hydrogen-electric engine in every aircraft. In conjunction with the investment, Airbus and ZeroAvia have agreed to collaborate on certification approaches for hydrogen power systems. The companies also intend to work together on a number of critical technical areas, including liquid hydrogen fuel storage, flight and ground testing of fuel cell propulsion systems, and development of hydrogen refueling infrastructure and operations. ZeroAvia is pursuing hydrogen-electric propulsion systems as the most environmentally friendly and economically attractive solution to aviation's growing climate change impact. The company's hydrogen-electric engines use hydrogen in fuel cells to generate electricity, which is then used to power electric motors to turn the aircraft's propellers, with the only byproduct during flight being water. Airbus is a global leader in fostering alternative propulsion using hydrogen. Fuel cell systems are an important part of its ZEROe aircraft concepts program, designed to deliver low-carbon emission airframes of various sizes. The industry major has recently ground tested a hydrogen engine concept at 1.2 MW power. The investment will support ZeroAvia's continued growth and technology development, most notably progressing its first product – ZA600 - through to certification. ZeroAvia recently completed the first stage of flight testing of the prototype ZA600 and is moving to complete design work ahead of certification, targeting 2025 entry-in-service to support up to 20 seat aircraft. The funding will also enable ZeroAvia to continue to progress its larger engine program - the ZA2000, a 2-5.4 MW modular powertrain designed to support larger commercial aircraft applications. The company is working on retrofitting a Dash 8 400 76-seat testbed demonstrator provided by Alaska Airlines, with a view to first flight testing with a full size engine in 2024. The investment will help ZeroAvia extend the leadership it has established across core in-house technologies for multi-MW class hydrogen-electric engines, including high temperature PEM (HTPEM) fuel cells, advanced electric motors and power electronics, and onboard liquid hydrogen fuel storage. Val Miftakhov, Founder and CEO, ZeroAvia, said: "Anybody following the development of hydrogen aviation - and its potential to transform the industry - will see this investment as a positive step. Airbus has led the way with its zero-emission vision and its commitment to extensive R&D programs. For ZeroAvia to now have investors such as Airbus coming on board is the strongest possible validation of the prospects for hydrogen-electric propulsion technology." "ZeroAvia has already been successful in flight testing fuel cell propulsion, and hydrogen storage and distribution systems on board their Do-228 flight test platform which puts them in a strong position to take their technologies to the next phase of development," said Glenn Llewellyn, Airbus Vice President ZEROe aircraft. "In addition, ZeroAvia is supporting the development of a wider hydrogen ecosystem for aviation - technologies, decarbonised hydrogen supply and certification of hydrogen propulsion systems - which all complement well with our own ambition to bring a ZEROe hydrogen powered aircraft to service by 2035." Andy Challis, Co-Head of Principal Investments, Barclays, said: "Replacing fossil fuels with green hydrogen has been identified as a key decarbonisation pathway for hard to abate sectors, such as aviation. Our Sustainable Impact Capital portfolio is one of many ways which Barclays is supporting green-tech companies to innovate and scale, recognising that doing so at speed is crucial for a timely transition to net zero. ZeroAvia has shown that with ambition, technological innovation and the right support from both the public and private sector, it is possible to scale and implement such hydrogen technologies at pace, as evidenced by the ZA600 moving ever closer to commercial flight. 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About ZeroAvia ZeroAvia is a leader in zero-emission aviation, focused on hydrogen-electric aviation as the initially targeting a 300-mile range in 9–19 seat aircraft by the end of 2025, and up to 700-mile range in 40–80 seat aircraft by 2027. Based in the US and the UK, ZeroAvia has already secured experimental certificates for its three prototype aircraft from the CAA and FAA, passed significant flight test milestones, secured a number of key partnerships with major aircraft OEMs, secured pre-orders for nearly 2,000 engines from a number of the major global airlines, with future revenue potential over $10bn. ZeroAvia is part of the UK Government's Jet Zero Council. About Airbus Airbus is a global leader in aeronautics, space and related services. In 2022 it generated revenues of € 58.76 billion and employed a workforce of around 134,000. Airbus offers the most comprehensive range of passenger airliners. 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It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses and reinventing environmental conservation. NEOM will include hyperconnected, cognitive cities, ports and enterprise zones, research centers, sports and entertainment venues and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and enterprises in groundbreaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity.

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Allegiant secures financing for airbus a320 ceo and boeing 737 max aircraft

PR Newswire | October 05, 2023

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Eviation Announces Order from Solyu for 25 Alice All-Electric Commuter Aircraft

PR Newswire | September 12, 2023

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Airbus, Barclays Sustainable Impact Capital and NEOM co-lead ZeroAvia's latest financing round

ZeroAvia | September 21, 2023

ZeroAvia today announced that Airbus, Barclays Sustainable Impact Capital and NEOM have co-led the company's latest financing round. Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures and Amazon Climate Pledge Fund have also participated in the investment. This investment will enable ZeroAvia to accelerate progress towards certification of its first engine as well as delivering the company's mission of a hydrogen-electric engine in every aircraft. In conjunction with the investment, Airbus and ZeroAvia have agreed to collaborate on certification approaches for hydrogen power systems. The companies also intend to work together on a number of critical technical areas, including liquid hydrogen fuel storage, flight and ground testing of fuel cell propulsion systems, and development of hydrogen refueling infrastructure and operations. ZeroAvia is pursuing hydrogen-electric propulsion systems as the most environmentally friendly and economically attractive solution to aviation's growing climate change impact. The company's hydrogen-electric engines use hydrogen in fuel cells to generate electricity, which is then used to power electric motors to turn the aircraft's propellers, with the only byproduct during flight being water. Airbus is a global leader in fostering alternative propulsion using hydrogen. Fuel cell systems are an important part of its ZEROe aircraft concepts program, designed to deliver low-carbon emission airframes of various sizes. The industry major has recently ground tested a hydrogen engine concept at 1.2 MW power. The investment will support ZeroAvia's continued growth and technology development, most notably progressing its first product – ZA600 - through to certification. ZeroAvia recently completed the first stage of flight testing of the prototype ZA600 and is moving to complete design work ahead of certification, targeting 2025 entry-in-service to support up to 20 seat aircraft. The funding will also enable ZeroAvia to continue to progress its larger engine program - the ZA2000, a 2-5.4 MW modular powertrain designed to support larger commercial aircraft applications. The company is working on retrofitting a Dash 8 400 76-seat testbed demonstrator provided by Alaska Airlines, with a view to first flight testing with a full size engine in 2024. The investment will help ZeroAvia extend the leadership it has established across core in-house technologies for multi-MW class hydrogen-electric engines, including high temperature PEM (HTPEM) fuel cells, advanced electric motors and power electronics, and onboard liquid hydrogen fuel storage. Val Miftakhov, Founder and CEO, ZeroAvia, said: "Anybody following the development of hydrogen aviation - and its potential to transform the industry - will see this investment as a positive step. Airbus has led the way with its zero-emission vision and its commitment to extensive R&D programs. For ZeroAvia to now have investors such as Airbus coming on board is the strongest possible validation of the prospects for hydrogen-electric propulsion technology." "ZeroAvia has already been successful in flight testing fuel cell propulsion, and hydrogen storage and distribution systems on board their Do-228 flight test platform which puts them in a strong position to take their technologies to the next phase of development," said Glenn Llewellyn, Airbus Vice President ZEROe aircraft. "In addition, ZeroAvia is supporting the development of a wider hydrogen ecosystem for aviation - technologies, decarbonised hydrogen supply and certification of hydrogen propulsion systems - which all complement well with our own ambition to bring a ZEROe hydrogen powered aircraft to service by 2035." Andy Challis, Co-Head of Principal Investments, Barclays, said: "Replacing fossil fuels with green hydrogen has been identified as a key decarbonisation pathway for hard to abate sectors, such as aviation. Our Sustainable Impact Capital portfolio is one of many ways which Barclays is supporting green-tech companies to innovate and scale, recognising that doing so at speed is crucial for a timely transition to net zero. ZeroAvia has shown that with ambition, technological innovation and the right support from both the public and private sector, it is possible to scale and implement such hydrogen technologies at pace, as evidenced by the ZA600 moving ever closer to commercial flight. We're delighted to be making a follow-on investment and look forward to seeing ZeroAvia continuing to drive change in the aviation sector." Majid Mufti, Managing Director NEOM Investment Fund, said: "At NEOM, we are committed to identifying and implementing sustainable solutions that pave the way for a greener future. Our focus on maximizing renewable energy sources and fostering innovation in alternative fuel systems aligns with ZeroAvia's pioneering efforts in hydrogen-electric propulsion technology. Developing a green hydrogen future is central to NEOM's mission, and participating in this venture with ZeroAvia was a natural choice for us. We look forward to working closely with the company and contributing significantly to reaching that future." About ZeroAvia ZeroAvia is a leader in zero-emission aviation, focused on hydrogen-electric aviation as the initially targeting a 300-mile range in 9–19 seat aircraft by the end of 2025, and up to 700-mile range in 40–80 seat aircraft by 2027. Based in the US and the UK, ZeroAvia has already secured experimental certificates for its three prototype aircraft from the CAA and FAA, passed significant flight test milestones, secured a number of key partnerships with major aircraft OEMs, secured pre-orders for nearly 2,000 engines from a number of the major global airlines, with future revenue potential over $10bn. ZeroAvia is part of the UK Government's Jet Zero Council. About Airbus Airbus is a global leader in aeronautics, space and related services. In 2022 it generated revenues of € 58.76 billion and employed a workforce of around 134,000. Airbus offers the most comprehensive range of passenger airliners. Airbus is also a European leader providing tanker, combat, transport and mission aircraft, as well as one of the world's leading space companies. In helicopters, Airbus provides the most efficient civil and military rotorcraft solutions worldwide. About Barclays Sustainable Impact Capital As part of the firm's broader commitments, Barclays will invest £500m of its own capital, led by the Principal Investments team, in fast-growing, innovative, environmentally-focused companies whose values are aligned with those of Barclays and which target the goals and timelines of the Paris Agreement. Investments will be strategic to Barclays, its clients and the communities it serves, with clear scalable propositions that deliver both environmental benefits and economic returns. About NEOM NEOM is an accelerator of human progress and a vision of what a New Future might look like. It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses and reinventing environmental conservation. NEOM will include hyperconnected, cognitive cities, ports and enterprise zones, research centers, sports and entertainment venues and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and enterprises in groundbreaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity.

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Allegiant secures financing for airbus a320 ceo and boeing 737 max aircraft

PR Newswire | October 05, 2023

Allegiant Travel Company announced financing commitments for seven Airbus A320 and four Boeing 737 MAX aircraft from BNP Paribas, Europe's leading bank, and Jackson Square Aviation (JSA), a leading global commercial aircraft lessor. The innovative $412M deal combines banking and lessor capital to secure Allegiant's aircraft financing needs into the second quarter 2024, while providing the airline with healthy liquidity at an attractive cost in today's market. "We are delighted with BNP Paribas and Jackson Square's creativity in providing what we believe is an efficient framework that affords us robust liquidity to support foundational investments in our fleet. This transaction taps into young A320 CEO aircraft and will also serve as the inaugural financing for our Boeing 737 MAX equipment," said Robert Neal, Allegiant's senior vice president and chief financial officer. Allegiant has drawn down $196 million on September 29, and the remainder will be drawn commensurate with its initial 737 MAX deliveries. "Our relationship with BNP Paribas, spanning more than a decade, has been instrumental in our growth as an ultra-low-cost leader. We are thrilled to welcome Jackson Square Aviation as a new partner as we make air travel more affordable and accessible to leisure travelers," added Neal. "We are delighted to provide Allegiant, a long-standing client of the bank, an innovative and first-of-its-kind financing solution which combines bank and lessor capital into one transaction. This transaction allows the airline to maximize value while having more structural flexibility to manage its aircraft fleet versus the more traditional aircraft financing alternatives," said Ankush Chowdhury, managing director & head of transportation banking and capital markets at BNP Paribas. "BNP Paribas is honored to partner with Jackson Square Aviation as we continue to innovate in the world of aviation finance with the goal of providing efficient and thoughtful financing solutions to our aviation clients," added Chowdhury. "It's a great pleasure to have Allegiant as a new airline customer for Jackson Square Aviation and we're pleased to be working together with a long-standing banking partner, BNP Paribas," said Chris Dailey, president & chief commercial officer of JSA. "Combining the strengths of JSA and BNP Paribas, we're able to provide an efficient financing solution for Allegiant's fleet of in-service Airbus A320s and next generation Boeing 737-8-200s, which we're also excited to introduce as a first into our portfolio," said Dailey. Allegiant currently operates an all-Airbus fleet comprised of 127 Airbus A319s and A320s. Allegiant has agreed to purchase up to 130 Boeing 737-7 and 737-8-200 models in a multi-year deal, Boeing's first with an ultra-low-cost carrier in the United States. The new 737 MAX additions will afford the airline flexibility, environmental benefits, and new customer features. AboutAllegiant – Together We Fly Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in small-to-medium cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves communities across the nation, with base airfares less than half the cost of the average domestic roundtrip ticket.

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Aerospace

Eviation Announces Order from Solyu for 25 Alice All-Electric Commuter Aircraft

PR Newswire | September 12, 2023

Eviation Aircraft, a manufacturer of all-electric aircraft, today announced that Solyu, a leasing company based in Seoul, South Korea, has signed a Letter of Intent (LOI) for 25 commuter Alice aircraft with options for 25 additional aircraft. Solyu is focused on supporting sustainable aviation by providing financing and leasing solutions for the Alice to a global customer base of operators. Leading the Electric Age of Aviation The nine-passenger Eviation Alice is the world's first flight-proven all-electric commuter aircraft. Built from a clean-sheet design integrating magniX's industry-leading electric propulsion system, Alice produces zero carbon emissions and features lower operating costs per flight hour compared to light jets or high-end turboprops – thereby providing the opportunity to activate more routes, improving the convenience of air travel. "Solyu's order is a testament to how lessors are embracing Alice as the future of flight," said Eddie Jaisaree, Vice President, Commercial Sales at Eviation. "The leasing community is an important constituent in bringing about sustainable change in the aviation industry. It is exciting to see a forward-thinking company such as Solyu recognizing Alice's zero carbon technology, economic viability and beautiful design." "We are very excited to work with Eviation to bring sustainable aviation to the market," said Andrew Claerbout, President of Solyu. "With aviation regulations focusing on sustainability and airlines demanding to reduce their carbon footprint, we see Alice as a major contributor to meeting those targets. In addition to its zero emissions, Alice's flexible layout and low operating costs will provide operators opportunities to open new markets." "As we continue to take important steps toward certification, Alice has now secured US$ 5 billion in orders," said Gregory Davis, CEO of Eviation. "It is gratifying to see the marketplace so excited about Alice's innovative design, low cost of operation and environmental credentials. We are delighted to have Solyu, our newest leasing customer, join us in our mission to lead the electric age of aviation." About Eviation Aircraft Based in Washington State, U.S., Eviation Aircraft Inc. develops and manufactures electric aircraft to delight operators and passengers with green, cost efficient and convenient regional transportation. Its electric propulsion units, high-energy-density batteries, mission-driven energy management, and innovative airframe are designed from the ground up for electric flight. Please visit us at www.eviation.com. About Solyu Based in Seoul, South Korea, Solyu is a lessor focused on providing customers with the newest technology, zero emissions aircraft. The team at Solyu is highly experienced with decades of global experience in aircraft leasing and finance.

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