News Release
Air New Zealand's Electric Flight Initiative Prepares for Takeoff
MarketJar
Air New Zealand just announced bold plans to introduce all-electric cargo flights by 2026, marking a significant leap toward sustainability in the aviation industry. 1 With a length exceeding 39 feet and weighing three tonnes, the The Beta ALIA electric cargo aircraft can reach speeds of up to 168 miles per hour. Extensive test flights have demonstrated its capabilities, covering nearly 300 miles on a single charge, with a charging time of 40 to 60 minutes, highlighting the practical feasibility of electric aviation for commercial operations. Initially focusing on cargo transportation, the aircraft will collaborate with New Zealand Post to shuttle mail between the two airports, showcasing the practical utility of electric aviation in essential services. In December 2023, Air New Zealand's CEO Greg Foran emphasized the pivotal role of sustainable aviation fuels in reducing the airline's carbon footprint. He highlighted the potential of next-generation aircraft to significantly cut emissions, particularly in regional operations. The Beta ALIA aircraft represents a vital advancement in emission reduction efforts. Data from 2023 revealed that aviation contributed 12% of New Zealand's carbon emissions, a stark contrast to the global average of 2.8%. 2 Kiri Hannifin, Air New Zealand's chief sustainability officer, said that nearly all airports across the country had shown keen interest in securing routes, underscoring the widespread enthusiasm for sustainable air travel. Air New Zealand isn’t the only company looking to launch all-electric aircraft in the near future. Surf Air Mobility Inc. (NYSE:SRFM) is a Los-Angeles-based regional air mobility platform transforming regional flying through electrification. Surf Air Mobility isn’t just an EV aircraft startup. Its subsidiary Southern Airways is already the largest commuter airline in the US based on scheduled departures, flying more than 450,000 passengers on ~75,000 flights to 48 destinations in the US in 2022. Now, the company has partnered with commercial leaders to develop revolutionary new technology to upgrade the widely popular Cessna Grand Caravan aircraft with fully electric and hybrid-electric engines for passenger air travel, once certified. With expertise spanning aviation, electrification, and consumer technology, Surf Air Mobility is well-positioned to drive forward the electrification of air travel, ushering in a new era of sustainable aviation. Surf Air Mobility Forges Ahead in Electrifying Regional Air Travel: Partnerships, Milestones, and Financial Outlook Surf Air Mobility Inc. (NYSE:SRFM) just announced its fourth quarter and full year 2023 results, showcasing growth and development in its regional air mobility platform. The company exceeded guidance, with a GAAP revenue of $60.5 million and pro forma revenue of $112.9 million for the full year, marking a 12% year-over-year increase. In Q4 2023, Surf Air Mobility solidified key partnerships and agreements, signaling its dedication to innovation and expansion. The company deepened its collaboration with Palantir to develop advanced software solutions, including continuing work on an AI-enhanced 'crew scheduling' application. Additionally, Surf Air Mobility continues to advance its initiative to electrify the Cessna Caravan, and is in the final stage of vendor selections for key components, including battery and electric motor suppliers. Surf Air Mobility extended its global footprint by collaborating with Brazil's Azul, the largest airline in the country, to work toward introducing electric Cessna Caravans into Azul's existing fleet. The company also delved into the burgeoning seaglider market through a partnership with REGENT, a leading manufacturer of all-electric seagliders. With plans to establish a base in Miami, Surf Air Mobility could offer passenger transport services for South Florida, including routes connecting Miami, Fort Lauderdale, Palm Beach, and the Caribbean Islands. In March 2024, Surf Air Mobility signed a memorandum of understanding with Auric Air Services Ltd., a Tanzania-based regional air operator serving East Africa. The agreement aims to upgrade up to 12 of Auric Air's Cessna Grand Caravan aircraft with Surf Air 's proprietary electrified powertrain technology upon certification. The company now has MOUs for approximately 13% of the Cessna Caravan market in Africa for potential upgrades to its electrified powertrains, once certified. This agreement follows Surf Air 's recent announcements of similar electrified powertrain MOUs with other major Cessna Caravan air operators in East Africa, such as Safarilink, Yellow Wings, and Z.Boskovic, as well as Azul Connecta in Brazil. Looking ahead, Surf Air Mobility Inc. (NYSE:SRFM) anticipates first-quarter 2024 revenue in the range of $28.5 million to $29.5 million. With efforts to balance growth with profitability, Surf Air Mobility is poised to lead the future of regional air mobility with its innovative approach and dedication to environmental stewardship. Click on this link or read their corporate presentation to learn more about Surf Air Mobility Inc. (NYSE:SRFM). Footnotes: [1] https://thesun.my/world/new-zealand-to-launch-first-electric-plane-for-test-commercial-flights-in-2026-company-ED12339085 [2] https://www.rnz.co.nz/national/programmes/checkpoint/audio/2018918568/air-nz-purchases-first-battery-powered-electric-aircraft Disclosure: 1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies outlined in this Article. The author determined which companies would be included in this article based on research and understanding of the sector. 2) The Article was issued on behalf of and sponsored by, Surf Air Mobility Inc. Market Jar Media Inc. was paid $1,500 for the production and publishing of this article by Surf Air Mobility Inc.’s Digital Marketing Agency of Record (Native Ads Inc.). 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Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy. 4) The Article does not constitute investment advice. All investments carry risk and each reader is encouraged to consult with his or her individual financial professional. Any action a reader takes as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.'s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on PressReach.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on PressReach.com. 5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article. 6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding Surf Air Mobility Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. 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April 19, 2024 08:30 AM Eastern Daylight Time
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