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.
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.
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.
Businesswire | August 14, 2023
Wisk Aero (“Wisk”) and Archer, leaders in the Advanced Air Mobility (AAM) market, along with The Boeing Company (“Boeing”) today announced that they have reached a settlement to resolve the federal and state court litigation between the parties on undisclosed terms.Simultaneously, the parties have entered into a collaboration that looks forward to the growth and development of the AAM industry. Archer has agreed to make Wisk its exclusive provider of autonomy technology for future variants of Archer’s aircraft.As part of the parties’ collaboration, Boeing is making an investment in Archer that will support the integration of Wisk’s autonomous technology in future variants of Archer’s aircraft.
Wisk is an advanced air mobility (AAM) company dedicated to delivering safe, everyday flight for everyone. Wisk’s self-flying, eVTOL (electric vertical takeoff and landing) air taxi will make it possible for passengers to skip the traffic and get to their destination faster. Wisk is a fully-¬owned Boeing subsidiary that operates separately from Boeing and is headquartered in the San Francisco Bay Area, with locations around the world. With over a decade of experience and over 1600 test flights, Wisk is shaping the future of daily commutes and urban travel, safely and sustainably. Wisk is on a journey to deliver safe, autonomous, all¬electric, everyday flight, join us and learn more here.
Archer is designing and developing electric vertical takeoff and landing aircraft for use in urban air mobility networks. Archer’s mission is to unlock the skies, freeing everyone to reimagine how they move and spend time. Archer's team is based in Santa Clara, CA.
As a leading global aerospace company, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. As a top U.S. exporter, the company leverages the talents of a global supplier base to advance economic opportunity, sustainability and community impact. Boeing's diverse team is committed to innovating for the future, leading with sustainability, and cultivating a culture based on the company's core values of safety, quality and integrity.
Aerospace, Defense and Space
prnewswire | July 10, 2023
WebCargo by Freightos (Nasdaq: CRGO), the leading digital cargo booking and payment platform, announced today that its new Airline Dashboard has emerged from beta for its 35+ airline partners. With the new product, airlines can optimize revenue and utilization with unparalleled visibility into customer behavior across over 10,000 forwarding offices, while gaining the ability to easily adjust surcharges, services and more.
WebCargo's Airline Dashboard gives airlines a competitive edge with nearly real-time data generated by analyzing tens of thousands of monthly eBookings. The dashboard provides general industry data, including the Freightos Air Index (FAX) with daily market pricing, as well as granular airline-specific lane-level insights, including sophisticated market data on the customer price sensitivity, how soon before departure the majority of customers book or cancel freight, data on origins and destinations, and other market trends.
Manel Galindo, CEO of WebCargo, said, "WebCargo's Airline Dashboard will transform airlines' ability to optimize pricing and balance yield and volume. Many airlines have been in the dark when it comes to broader industry behavior. Our Dashboard fixes this while helping them analyze why customers are clicking on certain offers and passing on others. Visibility into customer behavior is invaluable for airlines' pricing and revenue teams, especially when combined with tools to adjust their cargo offers to meet those needs and make the sale."
"The dashboard is an amazing tool not only to understand performance but also to adjust pricing strategy in real time," said Andrés Romero, Head of Revenue Management for American Airlines Cargo. "Leveraging the data from the dashboard, we have been able to attract more revenue and adapt more quickly to market changes."
One standout feature of the Airline Dashboard is "Look to book ratios", which helps optimize pricing based on how often potential customers who see an offer actually book it. This also provides visibility into how customers weight factors like price, transit time, weight-break, or brand loyalty, when making a booking.
As Toke Høgild, Head of Commercial at Scandinavian Airlines' SAS Cargo Group, an early adopter of the Dashboard shared, "With WebCargo's Airline Dashboard, the new data that becomes available through digital sales gives us the ability to steer, navigate and test in new ways."
About WebCargo, a Freightos Company
WebCargo Air is the leading platform for live air cargo rate distribution and bookings between hundreds of airlines and 3,500+ forwarders across over 10,000 forwarding offices. Partners include over 30 airlines, including China Southern, American Airlines, Turkish Airlines, Lufthansa, Etihad Cargo, Air France KLM, IAG Cargo, SAS, Qatar Airways, El Al, and Emirates SkyCargo.
Freightos (Nasdaq: CRGO) makes global trade frictionless with the leading international freight booking and payment platform. While international trade is at the core of the global economy, it is powered by a massive global freight market that remains largely offline, increasing costs and reducing supply chain reliability.