Singapore-based Clermont Group has completed the acquisition of a 70% equity stake in Israeli electric aircraft development company Eviation. Eviation is being merged into Clermont Aerospace. No financial details about the acquisition were disclosed but "Forbes" reported in February that Clermont was investing a convertible loan of $76 million for its 70% stake, which would give Eviation a company valuation of $108.5 million.
Eviation is striving to become the first-to-market manufacturer of an all-electric propulsion aircraft, named Alice. Alice, which targets middle-mile commutes of up to 650 miles, was unveiled at the Paris Air Show in June this year.
Eviation seeks to provide a sustainable mobility option which radically rethinks the cost, experience and environmental impact of regional travel. At the Air Show, Eviation also announced its first commercial contract with US regional carrier Cape Air, and expects to begin shipping the aircraft for commercial use in 2022.
The company was founded in 2016 by CEO Omer Bar-Yohay, Omri Regev and chairman Aviv Tzidon. Based in Kadima Tzoren in Israel, the company had 35 employees last February, according to "Forbes."
Clermont Aerospace also owns magniX, a Canadian electric engine company whose magni250 motors will power Eviation’s Alice.
Clermont Aerospace says it is committed to transforming Eviation’s vision of electric flight into a commercial reality, and is looking forward to Alice’s successful test flight and certification in the US.
Clermont Group chairman Richard F. Chandler said, "Today marks an exciting new chapter for Clermont Aerospace. Eviation and magniX are two highly complementary platforms both focused on making the dream of sustainable flight a reality. Electric airplanes will shape the future of the aviation and transportation industries making air travel cleaner, cheaper and more efficient. We are at the dawn of a new era in aviation and Clermont is investing in innovation to lead this transformation."
Bar-Yohay said, "Eviation is delighted to be joining the Clermont Aerospace family. 2019 has been a pivotal year for everyone at the company - we debuted our first electric aeroplane Alice, announced a partnership with magniX and secured our first commercial contract with Cape Air. Clermont’s investment and expertise in business-building will enable us to accelerate our growth and take Eviation to new heights. As part of the Clermont Aerospace division, we are working together to realize our shared vision of a new era for air travel."
Published by Globes, Israel business news - en.globes.co.il - on September 3, 2019
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