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
Businesswire | July 04, 2023
VSE Corporation ,a leading provider of aftermarket distribution and maintenance, repair and overhaul (“MRO”) services for air, land and sea transportation assets for commercial and government markets, announced today it has closed its previously announced acquisition of Desser Holding Company LLC (“Desser Aerospace”), a global aftermarket solutions provider of specialty distribution and MRO services. Concurrent with the purchase of Desser Aerospace, VSE sold Desser Aerospace’s Proprietary Solutions businesses to the Loar Group Inc. (“Loar”), a diversified manufacturer and supplier specializing in aerospace and defense.
MANAGEMENT COMMENTARY
“We are excited to officially welcome the talented Desser Aerospace team to our VSE Aviation business,” stated John Cuomo, President and CEO of VSE Corporation. “The acquisition marks an important step on our path to increase the Company’s exposure to the high-growth, higher-margin aviation distribution and MRO markets. By combining Desser Aerospace’s distribution and repair capabilities with VSE Aviation’s aftermarket business, we have broadened our product and service portfolio and created a platform for geographic expansion into international markets.”
"VSE Aviation and Desser Aerospace have long been committed to providing market-leading, technical solutions that enhance the value and performance of their customers’ aircraft," said Ben Thomas, President of VSE Aviation. "We're excited to bring these two teams together as we look to create one organization focused on supporting the unique needs of our combined customer bases."
AGREEMENT TERMS
VSE acquired Desser Aerospace for a total cash consideration of $124 million, subject to customary working capital adjustments. In a separate transaction, the Company concurrently sold Desser Aerospace’s Proprietary Solutions businesses, including Seginus Aerospace, AOG Aviation Spares, and DAC Engineered Products to Loar, for a total cash consideration of $30 million. The total net cash outlay for the assets VSE acquired is $94 million.
The Company amended its existing credit facility with its lending syndicate in connection with the acquisition. The amendment provided for an incremental $90 million Term Loan A and a revision of certain financial covenants of the existing credit facility.
Upon closing, the Company funded $90 million of the purchase price with the proceeds from Term Loan A and a $4 million drawdown on its existing credit facility.
ADVISORS
Jones Day served as legal counsel to VSE Corporation. Jefferies LLC served as financial advisor to Desser Holding Company LLC.
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair services for air, land and sea transportation assets for commercial and government markets. Core services include MRO services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services.
ABOUT DESSER HOLDING COMPANY LLC
Founded in 1920, Desser Aerospace is a leading independent distributor of specialty aviation tires, tubes, brakes, and batteries and a provider of component Maintenance, Repair and Overhaul (MRO) services. Desser Aerospace operates locations in California, Tennessee, the United Kingdom and Australia, serving a diverse and attractive customer base across all aviation industry segments, including commercial aviation, business and general aviation and military aftermarket customers.
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Defense and Space
Businesswire | June 27, 2023
Aviation Capital Group LLC (“ACG”) announced that it has signed leases with Avianca for eight Airbus A320neo aircraft. All eight aircraft are powered by CFM International LEAP-1A26 engines and are scheduled for delivery in 2023.
We are excited about expanding our relationship with Avianca and seeing these aircraft continue to serve passengers in Colombia as well as across the Avianca network,” said Tom Baker, Chief Executive Officer and President of ACG.
“Avianca’s plan is to connect Colombia and Latin America with the world. We celebrate our growing partnership with ACG and the incorporation of these eight additional aircraft to Avianca’s fleet, which will then be composed of 150 aircraft - Passenger and Freighters,” said Adrian Neuhauser, President and CEO of Avianca.
About Aviation Capital Group
Aviation Capital Group is one of the world’s premier full-service aircraft asset managers with over 480 owned, managed and committed aircraft as of March 31, 2023, leased to roughly 95 airlines in approximately 45 countries. It was founded in 1989 and is a wholly owned subsidiary of Tokyo Century Corporation.
About Avianca
AVIANCA includes Avianca - Star Alliance - member, LifeMiles and Avianca Cargo. In passenger transportation, Avianca, with more than 103 years of continuous operation since 1919, is the leading airline in Colombia, Ecuador, Central America and has one of the largest airline operations in Latin America with 130 routes, 4,100 weekly flights and a fleet of more than 130 Airbus 320 and Boeing 787 Dreamliner aircraft, connecting to around 70 destinations in 24 countries in the Americas and Europe. In 2022, Avianca transported 24.6 million passengers with the operation of more than 187,000 flights. Its loyalty program, LifeMiles, is one of the largest in Latin America with more than 11.9 million members and 500 brand partners. In cargo transportation, Avianca Cargo is a leader in the region and is the main operator in different markets in the Americas. It serves more than 50 destinations with a fleet of Airbus 330 freighters, in addition to the operation in bellies of passenger aircraft. In 2022, Avianca Cargo transported more than 450,000 tons of cargo. Avianca today has a team of more than 12,000 people committed to providing safe, convenient, affordable and friendly service to its customers.
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Aerospace
Businesswire | August 02, 2023
Veryon, formerly known as ATP, a leading provider of information services and software solutions for the aviation industry, recently announced the launch of Work Center, a new offering available in its robust lineup of industry-leading solutions.
As the only fully capable service center management solution designed for business aviation operators and management companies, Work Center allows aircraft operators to simplify the maintenance and return-to-service process with streamlined invoicing, reliable integrations and real-time airworthiness information — all in a unified platform. Aircraft operators can efficiently coordinate labor, parts and operational impact, resulting in smooth maintenance execution without any unnecessary delays or disruptions.
“Work Center is unlike any other maintenance execution solution out there,” said Kent Pickard, vice president of product management for Veryon. “We built the platform from scratch, specifically for business aviation operators, with one goal in mind: maximizing aircraft uptime. While most service center offerings were designed for stand-alone MROs, Work Center is purpose-built for aircraft operators so they can focus more on improving their operations, growing their business and ensuring accurate department billing and streamlined aircraft return-to-service process.”
This comprehensive solution optimizes aircraft availability through efficient logbook generation, detailed tracking of costs and labor, customizable workflows, pricing profiles and invoicing. Work Center is part of the Veryon Tracking platform, which combines maintenance tracking, flight operations, inventory management and technical publications in a single platform.
Teams that are completing a significant amount of in-house maintenance, particularly Part 135 operators in the business jet charter and management industry, can experience significant improvement in operations with Work Center.
"At Wing Aviation, Veryon Maintenance Tracking has been an integral part of our aircraft management workflow for many years,” said Jeremy Gee, chief executive officer of Wing Aviation. “We’re excited to participate in the growth of Work Center and look forward to leveraging it to efficiently manage our diverse charter fleet. Implementing Work Center has allowed us to consolidate our maintenance software into a single platform helping us to further simplify our processes, improve our clarity and continue the scalable growth of our business.”
Veryon is offering a free 30-minute webinar that includes a comprehensive exploration of Work Center’s key features on Thursday, Aug. 17 at 1 p.m. ET. The webinar will highlight Work Center’s ability to streamline and simplify the process of returning aircraft to service. Register here.
About Veryon
Veryon is the leading provider of aviation software and information services, supporting more than 75,000 aircraft maintenance professionals and 7,500 customers worldwide. We help everyone from business aviation teams and MROs to airlines and OEMs get their aircraft more uptime. Challenges like unscheduled repairs, part availability, and excessive paperwork lead to too many aircraft spending too much time on the ground. And that leads to needless delays, endless back and forth, and lots of wasted dollars. The key to more uptime is having a better technology platform to manage everything from maintenance and operations to manuals and diagnostics. That’s why thousands of aircraft operators, 25% of the worldwide commercial fleet, and over 100 OEMs all rely on Veryon. And it’s why customers have been able to achieve an average 23% reduction in downtime cost. Veryon. Let’s get you more uptime.
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