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
businesswire | September 14, 2023
H2FLY, a wholly-owned subsidiary of Joby Aviation, today announced the successful completion of the world’s first piloted flight of a liquid hydrogen-powered electric aircraft.
H2FLY, acquired by Joby in 2021, continues to lead the industry on the development and testing of hydrogen aviation propulsion systems. The company completed a series of piloted flights with its HY4 demonstrator aircraft, including one that lasted more than three hours, fitted with a hydrogen-electric fuel cell propulsion system and liquid hydrogen that powered it for the entire flight.
The flights demonstrate the viability of using cryogenically-stored liquid hydrogen instead of gaseous hydrogen, which enables significantly lower tank weights and volume, leading to longer range. The successful installation and demonstration of flight with liquid hydrogen is believed to increase the range of H2FLY’s HY4 demonstrator aircraft from 466 mi (750 km) to 932 mi (1500 km), marking a critical step towards the long-term decarbonization of mid- to long-range aviation.
“H2FLY are pioneers in their field, and we’re proud of them achieving this watershed moment in the use of liquid hydrogen to power aircraft,” said JoeBen Bevirt, Founder and CEO of Joby Aviation. “In the years to come, battery-electric and hydrogen-electric propulsion systems will enable us to build aircraft that are quieter and make mid- to long-range air travel possible with zero emissions. It’s critical we take action now and invest aggressively in these technologies for the health of our planet and future generations to come.”
The successful flights are the culmination of Project HEAVEN, a European-government-supported consortium assembled to demonstrate the feasibility of using liquid hydrogen in aircraft. The consortium is led by H2FLY and includes the partners Air Liquide, Pipistrel Vertical Solutions, the German Aerospace Center (DLR), EKPO Fuel Cell Technologies, and Fundación Ayesa.
Following this test flight milestone, H2FLY will increasingly focus on its path to commercialization. In June, H2FLY announced the development of its new fuel cell systems, which will be capable of providing their full power range at altitudes high enough to enable commercial hydrogen-electric aircraft, demonstrating real-world commercial aircraft applications.
About Joby
Joby Aviation, Inc. is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi which it intends to operate as part of a fast, quiet, and convenient service in cities around the world.
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Business Aviation
PR Newswire | August 25, 2023
Boom Supersonic, the company building the world's fastest airliner, Overture, today announced it has completed several key milestones for XB-1, Boom's technology demonstrator aircraft. XB-1 leverages 60 years of progress in airplane technologies like carbon fiber composites, advanced avionics, and digitally-optimized aerodynamics to enable sustainable supersonic travel.
Earlier this year, XB-1 was moved from the company's hangar in Centennial, Colorado to the Mojave Air & Space Port in Mojave, California to continue preparations for flight. The aircraft has undergone extensive ground testing since arriving, including taxi testing this week.
"The recent progress made towards XB-1's first flight reflects the team's collective efforts to build and safely fly the world's first independently developed supersonic jet," said Blake Scholl, Boom Supersonic's founder and CEO.
In addition to the ongoing testing, XB-1 recently received an experimental airworthiness certificate from the Federal Aviation Administration (FAA), following a detailed aircraft inspection. Boom has also secured letters of authorization to allow Chief Test Pilot Bill "Doc" Shoemaker and test pilot Tristan "Gepetto" Brandenburg to fly XB-1. Additionally, letters of agreement with airspace authorities are in place allowing for flights of the aircraft over the Mojave desert. XB-1's historic first flight will occur in the same airspace where Captain Charles "Chuck" Yeager first broke the sound barrier in the Bell X-1 and the Mach 3+, strategic reconnaissance SR-71 "Blackbird" first flew in 1964.
XB-1 has provided the company with valuable learnings, including the development of a robust safety culture. In preparation for flight, Boom's test pilots have completed hundreds of hours in the simulator for aircraft evaluation, operations development, training, and human factors assessments to achieve the highest levels of safety. The test pilots also maintain flight proficiency in a T-38 trainer aircraft, the same aircraft that will be used as a chase plane for all flight tests of XB-1. To further increase safety, the test pilots will use the T-38 to practice formation flying.
"It's fitting that XB-1 is now progressing toward first flight at the Mojave Air & Space Port, home to more than 50 first flights and other significant aviation events," said Bill "Doc" Shoemaker, Chief Test Pilot for Boom Supersonic. "I'm looking forward to flying XB-1 here, building on the achievements of other talented engineers and pilots who inspire us every day to make supersonic travel mainstream."
XB-1 features a carbon composite and titanium fuselage measuring 71 feet in length. Its ogive (modified delta) wing enables safe operation at takeoff and landing as well as supersonic speeds. The three General Electric J85 engines that power XB-1 produce a combined maximum thrust of 12,300 pounds of force (lbf).
The supersonic demonstrator aircraft rolled out of Boom's hangar in Centennial, Colorado in October 2020. Since then, rigorous testing of all of XB-1's internal subsystems has been completed. Upgraded landing gear and supersonic engine intakes were also installed on XB-1, both of which increase performance and safety.
Across its development, XB-1 has validated Boom's approach to airplane design and enabled engineers to leverage advanced tools like computational fluid dynamics (CFD) which are critical components of Overture's development. Overture is the sustainable supersonic airliner from Boom that will fly at Mach 1.7, or about twice the speed of today's fastest airliners, and is designed to run on 100% sustainable aviation fuel (SAF).
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). The company has secured SAF offtake agreements from Dimensional Energy and AIR COMPANY, bringing its total to 10 million gallons of SAF per year for Overture's net zero carbon flight test program. Overture's order book, including orders and pre-orders 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 Aernnova, Leonardo, Aciturri, Safran Landing Systems, Eaton, Collins Aerospace, and the United States Air Force.
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Aviation Technology
Globenewswire | July 05, 2023
Draganfly Inc (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is proud to announce their inclusion in the Canada Day celebrations at the Canada Aviation and Space Museum in Ottawa, Ontario on, July 1, 2023.
The Canada Aviation and Space Museum has one of the most extensive aviation collections in Canada. Its collection consists of over 130 aircraft and artifacts, focusing on the history of Canadian aviation and its global impact.
“It is an honor for Draganfly to be recognized as a pioneer in the aviation industry and to have our latest technology on display alongside other great Canadian aerospace companies at the Canada Aviation and Space Museum,” said Cameron Chell, President, and CEO of Draganfly.
Visitors to the Canadian Achievements Drone Zone exhibit will see Draganfly's latest cutting-edge drone technology, the Heavy Lift Drone and Commander 3 XL.
Draganfly’s Heavy Lift Drone is a versatile, industrial, multirotor unmanned aerial vehicle (UAV) designed to lift more and fly further. Capable of automated missions and manual flight operations, Draganfly’s heavy-duty, robust UAV has a payload lift capacity of 67 pounds and up to 55 minutes of flight time.
Draganfly’s Commander 3 XL Drone is a high-endurance, weather-resistant, multirotor UAV designed for easy assembly and rapid deployment. The “Swiss Army Knife” of drones can drop and winch-down systems to transport up to 22lb of payload. It performs extremely well in light rain and snow.
About Draganfly
Draganfly Inc. is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize how organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 24 years, Draganfly is an award-winning industry leader serving the public safety, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.
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