Surf Air IPO to fund conversion of hybrid-electric fleet
The Surf Air Mobility (SAM) flight booking platform intends to go public after merging its business with special purpose acquisition company Tuscan Holdings, the companies said today. SAM expects the deal to raise about $ 467 million to fund its efforts to introduce electric aircraft into partner operators ’fleets.
The deal, which is expected to close in the second half of this year, was announced just weeks after confirmation that Surf Air had previously planned to acquire rival powertrain developer MagniX Ampaire was left out.
SAM’s plans now focus on transforming the single-turbocharged Cessna Grand Caravan turboprop into a hybrid-electric propulsion system developed by MagniX in partnership with a glider modification specialist and AeroTec system integrator. California-based company SAM has said it will now support efforts to bring this modification to market within the STC it will own.
In the relevant deal, SAM will acquire US regional airline Southern Airways, which operates the Grand Caravans fleet, to expand its Surf Air network. This week, he also announced a partnership with Signature Aviation, with the FBO network making available its facilities and services, including sustainable aviation fuel, for Surf Air flights. As part of this collaboration, Signature also intends to develop an infrastructure for charging future electric aircraft.
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https://www.ainonline.com/aviation-news/business-aviation/2022-05-18/surf-air-ipo-fund-hybrid-electric-fleet-conversions Surf Air IPO to fund conversion of hybrid-electric fleet