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
Business Wire | 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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Aviation Technology
PR Newswire | October 25, 2023
Garmin announced its latest aviator smartwatch – the D2™ Mach 1 Pro. Featuring a large AMOLED touchscreen display, up to 25 days of battery life1, an LED flashlight and more – D2 Mach 1 Pro is designed for the most demanding pilot lifestyles, including those who fly professionally. Sporting classic pilot watch styling and premium materials like sapphire and titanium, the D2 Mach 1 Pro is ready to be worn both in and out of the cockpit. With extensive aviation, health, fitness and smartwatch features – D2 Mach 1 Pro redefines what pilots should expect from their smartwatch.
"This year marks 10 years of the D2 series – a smartwatch line that pilots have relied on to combine aviation tools with the latest smartwatch technology. The D2 Mach 1 Pro provides an extensive set of advanced capabilities that pilots use every day, all while touting battery life that can withstand even the long-haul commercial pilot trips. Features like the LED flashlight and large AMOLED display, combined with the high-end materials, make this the most premium-built D2 smartwatch yet." –Carl Wolf, Garmin Vice President of Aviation Sales and Marketing
New features pilots will love
A built-in LED flashlight offers variable white light intensities, a strobe function and red light for flight deck operations.
Improved battery life touts up to 25 days in smartwatch mode and up to 46 hours in the Fly activity, perfect for the professional pilots who complete their trip over multiple days.
Red Shift Mode changes the entire watch interface to shades of red to help preserve night vision, which provides for potentially clearer sight for demanding night flying conditions.
The ECG app2 allows users to record their heart rhythm and check for signs of atrial fibrillation (AFib). Users can take a 30-second ECG recording and view the results immediately on their smartwatch and, optionally, later in the Garmin Connect™ smartphone app.
When pilots aren't taking to the skies, they can get a better understanding of their fitness levels and track their performance with more than 30 built-in sports apps and advanced training features like hill score and endurance score.
Designed for pilots
Built for 24/7 wear, the carbon gray D2 Mach 1 Pro combines a durable design and premium materials like sapphire and titanium with a vibrant and sunlight-readable 1.4" AMOLED display. The 51mm watch case features a diamond-like carbon (DLC) titanium bezel and stainless steel 5-button design, allowing for quick access to flying tools, fitness stats, smart notifications3 and more – all on the responsive touchscreen interface. Compatible with a wide variety of metal, leather, nylon and silicone QuickFit™ bands, the D2 Mach 1 Pro can be styled for every type of event, whether it's a workout at the gym or a night on the town.
Premium aviation features on your wrist
The D2 Mach 1 Pro includes all the preflight, in-flight and postflight features pilots have come to know and trust from the D2 series, including a worldwide aeronautical database, HSI, Direct-to and moving map — all available without a phone connection. Pilots can stay informed with easy access to NEXRAD3, METARs, TAFs and MOS4 weather reports — alongside custom weather alerts as well as non-weather alerts like time, distance, altitude and a fuel timer. Utilize the wrist-based Pulse Ox sensor5 to monitor blood oxygen levels and barometric altimeter for altitude alerts. And in case of an engine-related issue, the D2 Mach 1 Pro can show the best glide speed, estimated glide distance and glide time, along with a bearing pointer to the nearest airport and a list of alternate airports.
Flight logging is a breeze with the D2 Mach 1 Pro, which automatically starts tracking flights on takeoff, then automatically transfers the date, duration, total flight time and route to the user's flyGarmin.com logbook3. Pilots can connect with the Garmin Pilot™ app to seamlessly transfer flight plans to the watch and view the list of waypoints included in their route. Additionally, for pilots operating a PlaneSync™-equipped aircraft, the D2 Mach 1 Pro can be used to access the aircraft dashboard to view status information6 including fuel, electrical, database and location information while away from the aircraft.
Customized fitness
With dozens of built-in sports apps – including new team sport activities like football, baseball, softball and more – D2 Mach 1 Pro provides data and insights for many passions. Whether working out at a gym or in the comfort of one's home, the D2 Mach 1 Pro tracks activities like strength, cardio, indoor rowing, stair stepping, yoga and HIIT. Users can also take advantage of daily workout suggestions or follow animated cardio, strength, yoga and Pilates workouts right on their watch screen. For those exploring the great outdoors, they can keep track of adventures like hiking, mountain biking, skiing, snowboarding, surfing, whitewater rafting and more.
Around-the-clock wearability
The D2 Mach 1 Pro is designed for all-day wear and includes advanced health and wellness tools, as well as a suite of smart features to keep users connected while on the go. Loaded with 24/7 health monitoring features, the D2 Mach 1 Pro includes Body Battery™ energy monitoring, all-day stress tracking, jet lag advisor, advanced sleep monitoring and sleep score, and more.
Packed with connected features, the D2 Mach 1 Pro lets users receive smart notifications3; download songs from Spotify®, Deezer or Amazon Music7 for phone-free listening; check their calendar; breeze through checkout lines with Garmin Pay™ contactless payments8; and more. Like all Garmin smartwatches, the D2 Mach 1 Pro can be used with either Android or Apple® smartphones.
Available now, the D2 Mach 1 Pro includes a vented titanium bracelet with carbon gray DLC coating as well as a black silicone band for a suggested retail price of $1399.99.
Garmin products and services have revolutionized flight and become essential to the lives of pilots and aircraft owners and operators around the world. A leading provider of solutions to general aviation, business aviation, rotorcraft, advanced air mobility, government and defense, and commercial air carrier customers, Garmin believes every day is an opportunity to innovate. Recipient of the prestigious Robert J. Collier Trophy for Garmin Autoland, Garmin developed the world's first certified autonomous system that activates during an emergency to control and land an aircraft without human intervention. Visit the Garmin Newsroom, email our media team, connect with @garminaviation on social, or follow our blog.
Battery life based on D2 Mach 1 Pro when smartwatch mode is enabled.
The ECG app is only available when paired with a smartphone with the latest version of the Garmin Connect smartphone app. The ECG app is not available in all regions; see Garmin.com/ECG for availability. The ECG app is not intended for use by people under 22 years old. With the ECG app, this device is capable of generating an ECG similar to a single-lead electrocardiogram.
When paired with a compatible smartphone, with a data connection, and in range of Bluetooth technology.
U.S. airports only
This is not a medical device and is not intended for use in the diagnosis or monitoring of any medical condition; see Garmin.com/ataccuracy. Pulse Ox is not available in all countries.
Remote aircraft status requires active PlaneSync subscription. User's smart device must have internet connectivity. Feature is available on-ground only and requires GDL 60 to have LTE connectivity; signal strength and other factors may apply. See Garmin.com/PlaneSyncCoverage for coverage details.
May require premium subscription by a third-party music provider
View current supported country, payment network and issuing bank information at Garmin.com/GarminPay/Banks.
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Aviation Technology
Joby | September 28, 2023
Joby Aviation, Inc, a company developing electric vertical take-off and landing (eVTOL) aircraft for commercial passenger service, today announced it has delivered its first aircraft to Edwards Air Force Base approximately six months ahead of the expected 2024 delivery date. On-base operations with Joby aircraft will be used to demonstrate a range of logistics missions, including cargo and passenger transportation, and will be operated by both Joby and U.S. Air Force personnel. In partnership with the U.S. Air Force, NASA will also use the aircraft for research focused on how these aircraft could fit into the national airspace, benefiting the entire air taxi industry.
Joby’s aircraft, which has already begun flying at Edwards AFB, is the first electric air taxi to be stationed on a U.S. military base and is believed to be the first delivery of an electric air taxi in the U.S., as part of Joby’s $131 million AFWERX Agility Prime contract with the U.S. Air Force. Joby’s current and previously completed work with the Department of Defense represents a total potential contract value of $163 million, the largest in the industry.
The Agility Prime contract includes the provisioning of up to nine aircraft to the U.S. Air Force and other federal agencies, reinforcing the U.S. government’s continued leadership in developing and adopting eVTOL technology, and ushering in a new era of electric aviation. A second aircraft is planned to be delivered to Edwards in early 2024.
The aircraft, which was the first built on Joby’s Pilot Production Line in Marina, CA, will be stationed at Edwards Air Force Base for at least the next year, with charging and ground support equipment provided on-base by Joby in a facility purpose-built by the Air Force for joint flight test operations. The U.S. Air Force and Joby will conduct joint flight testing and operations to demonstrate the aircraft’s capabilities in realistic mission settings. On-base operations will also include the training of Air Force pilots and aircraft maintenance crews, which will provide the DOD with valuable insight into the performance of eVTOL aircraft and will give Joby on-the-ground operational and training experience as the company prepares for the launch of commercial passenger service in 2025.
“We’re proud to join the ranks of revolutionary aircraft that first demonstrated their capabilities at Edwards Air Force Base, including the first American jet fighter, the first supersonic aircraft, and many others that have pushed the boundaries of aviation technology,” said JoeBen Bevirt, Founder and CEO of Joby.
“The longstanding support of the DOD and NASA has been critical to the rapid development of electric aviation and eVTOL aircraft, and demonstrates how successful public-private partnerships can bring new technology to life at speed. Their work will have profound implications for continued American leadership in both commercial and defense aerospace technology,” he added.
Joby’s partnership with the DOD dates back to its 2016 engagement with the Defense Innovation Unit (DIU), which granted the company early funding as well as access to test ranges and expertise that have aided its aircraft development program.
“Agility Prime’s stated objective in 2020 was to work towards an operational capability for transformative vertical lift in the DoD by 2023. The arrival of Joby’s aircraft at Edwards AFB is an important step towards achieving this objective,” said Col Elliott Leigh, AFWERX director and Chief Commercialization Officer for the Department of the Air Force.
“The delivery of this first eVTOL aircraft is the start of a new chapter in Edwards’ rich aerospace history,” notes Maj Phillip Woodhull, director, Emerging Technologies Integrated Test Force. “This partners private industry with the 412th Test Wing’s world-renowned test management execution. We are excited to agilely test, experiment with, and evaluate this new technology for potential future national defense applications.”
In partnership with the U.S. Air Force’s AFWERX program, NASA will also be supporting this testing at Edwards Air Force Base with NASA’s pilots, researchers, and equipment as part of their commitment to advancing the Advanced Air Mobility industry as a whole, for the benefit of all. NASA’s Armstrong Flight Research Center is located on Edwards Air Force Base, and has a long history of supporting important technological milestones in aviation and space – supersonic and hypersonic flight, digital fly-by-wire control systems, and the space shuttles.
“NASA’s participation in the Joby and AFWERX project will provide our researchers with hands-on experience with a representative eVTOL vehicle, concentrated on how these types of aircraft could fit into the national airspace for everyday use, that will inform NASA’s effort in supporting the entire eVTOL industry,” said NASA research pilot Wayne Ringelberg. “The research will include a focus on handling qualities evaluation tools, autonomy, and airspace integration, which is all needed research to push the industry forward.”
Over the past year, the U.S. Air Force and Marines have made multiple visits to Joby’s manufacturing and flight test facilities in Marina, CA. Four U.S. Air Force pilots completed full remotely-piloted transition flights of the Joby aircraft in April, and two groups of Marines visited in May to conduct mission analysis regarding potential logistics and medical applications of the aircraft.
With a range of up to 100 miles plus energy reserves and a top speed of 200 mph, the Joby aircraft is capable of transporting a pilot and four passengers quickly and quietly with zero operating emissions.
The delivery will be celebrated at an event held this morning at 10:00am PT at Edwards Air Force Base. The event can be watched live via this link: https://www.youtube.com/watch?v=6qVLQsz_YJc.
Media assets, including photos and videos of the Joby aircraft in flight, are available here.
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.
About AFRL
The Air Force Research Laboratory is the primary scientific research and development center for the Department of the Air Force. AFRL plays an integral role in leading the discovery, development, and integration of affordable warfighting technologies for our air, space and cyberspace force. With a workforce of more than 11,500 across nine technology areas and 40 other operations across the globe, AFRL provides a diverse portfolio of science and technology ranging from fundamental to advanced research and technology development.
About AFWERX
The innovation arm of the DAF and a directorate within the Air Force Research Laboratory brings cutting edge American ingenuity from small businesses and start-ups to address the most pressing challenges of the DAF. Employs approximately 325 military, civilian and contractor personnel at six hubs and sites executing an annual $1.4B budget. Since 2019, has executed 4,671 contracts worth more than $2B to strengthen the U.S. defense industrial base and drive faster technology transition to operational capability.
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