Surf Air Mobility

Last updated

Surf Air Mobility Inc.
Company type Public
NYSE:  SRFM
Industry Aviation
FoundedFebruary 2020 (2020-02)
Founders
  • Liam Fayed
  • Sudhin Shahani
Headquarters,
United States [1]
Area served
North America
Key people
RevenueIncrease2.svg US$61 million (2023)
Increase Negative.svgUS$(197) million (2023)
Increase Negative.svgUS$(251) million (2023)
Total assets Increase2.svgUS$111 million (2023)
Total equity Decrease Positive.svgUS$(78) million (2023)
Number of employees
833 (2023)
Subsidiaries
Website surfairmobility.com
Footnotes /references
Financials as of December 31,2023.
References: [2]

Surf Air Mobility Inc. is an American aviation company focused on regional flying. The company plans to develop electric and hybrid powertrains to upgrade existing aircraft. Surf Air Mobility is the parent company of Surf Air, a charter flight operator, and two airlines, Mokulele Airlines and Southern Airways Express.

History

Surf Air Mobility was formed in February 2020 following the acquisition of BlackBird Air. [3] The company also controls Surf Air, a private air travel company providing the ability to access short-haul regional flights that range from 50 to 500 miles. [4] [5]

In September 2020, Surf Air Mobility secured a commitment for $200 million in funding from Global Emerging Markets Group (GEM). [6] [7]

In February 2021, Surf Air Mobility entered an agreement to acquire Ampaire, [8] [9] an electric aviation company that develops hybrid-electric powertrains for aircraft such as the Ampaire Electric EEL based on the Cessna 337 and the Cessna Grand Caravan. [10] [11] [12] The agreement has since been called off. [13]

In July 2021, Surf Air Mobility announced that it has entered into an exclusive relationship with Textron Aviation in which Textron Aviation will support Surf Air Mobility's development of an electrified Cessna Grand Caravan, beginning with a hybrid electric Cessna Grand Caravan aircraft. [14] [15] Surf Air Mobility has agreed to purchase up to 150 Cessna Grand Caravan EX single-engine turboprops, [16] with an initial fleet order of 100 aircraft and an option for 50 more. [17] [18]

In July 2023, Surf Air Mobility went public on the stock market through a direct listing on the New York Stock Exchange. [19] A decision many finance outlets described as risky. [20] [21] [22] As part of Surf Air Mobility's debut on the stock market, it completed its acquisition of Southern Airways Express in August 2023. [23]

Related Research Articles

Beechcraft is an American brand of civil aviation and military aircraft owned by Textron Aviation since 2014, headquartered in Wichita, Kansas. Originally, it was a brand of Beech Aircraft Corporation, an American manufacturer of general aviation, commercial, and military aircraft, ranging from light single-engined aircraft to twin-engined turboprop transports, business jets, and military trainers. Beech later became a division of Raytheon and then Hawker Beechcraft before a bankruptcy sale turned its assets over to Textron. It remains a brand of Textron Aviation.

<span class="mw-page-title-main">Cessna</span> Aircraft manufacturing subsidiary of Textron

Cessna is an American brand of general aviation aircraft owned by Textron Aviation since 2014, headquartered in Wichita, Kansas. Originally, it was a brand of the Cessna Aircraft Company, an American general aviation aircraft manufacturing corporation also headquartered in Wichita. The company produced small, piston-powered aircraft, as well as business jets. For much of the mid-to-late 20th century, Cessna was one of the highest-volume and most diverse producers of general aviation aircraft in the world. It was founded in 1927 by Clyde Cessna and Victor Roos and was purchased by General Dynamics in 1985, then by Textron, Inc. in 1992. In March 2014, when Textron purchased the Beechcraft and Hawker Aircraft corporations, Cessna ceased operations as a subsidiary company, and joined the others as one of the three distinct brands produced by Textron Aviation.

<span class="mw-page-title-main">Cessna 208 Caravan</span> Family of utility transport aircraft

The Cessna 208 Caravan is a utility aircraft produced by Cessna. The project was commenced on November 20, 1981, and the prototype first flew on December 9, 1982. The production model was certified by the FAA in October 1984 and its Cargomaster freighter variant was developed for FedEx. The 4 ft (1.2 m) longer 208B Super Cargomaster first flew in 1986 and was developed into the passenger 208B Grand Caravan.

<span class="mw-page-title-main">Textron</span> American industrial conglomerate

Textron Inc. is an American industrial conglomerate based in Providence, Rhode Island. Textron's subsidiaries include Arctic Cat, Bell Textron, Textron Aviation, and Lycoming Engines. It was founded by Royal Little in 1923 as the Special Yarns Company. In 2020, Textron employed over 33,000 people in 25 different countries. The company ranked 265th on the 2021 Fortune 500 of the largest United States corporations by revenue.

<span class="mw-page-title-main">FedEx Express</span> Cargo airline based in Memphis, Tennessee, United States

FedEx Express is a major American cargo airline based in Memphis, Tennessee, United States. As of 2023, it is the world's largest cargo airline in terms of fleet size and freight tons flown. It is the namesake and leading subsidiary of FedEx Corporation, delivering freight and packages to more than 375 destinations over 220 countries across six continents each day. FedEx Express is also the world's largest express transportation company.

<span class="mw-page-title-main">Ravn Alaska</span> American regional airline based in Alaska

New Pacific Airlines, Inc., d.b.a. Ravn Alaska, is an Alaskan airline that specializes in serving the small communities in the US state of Alaska. The airline is headquartered in Anchorage, which is also home to its primary hub, Ted Stevens Anchorage International Airport.

<span class="mw-page-title-main">Avco</span> Aerospace company

Avco Corporation is a subsidiary of Textron, which operates Textron Systems Corporation and Lycoming.

<span class="mw-page-title-main">Electric aircraft</span> Aircraft powered directly by electricity, with no other engine needed

An electric aircraft is an aircraft powered by electricity. Electric aircraft are seen as a way to reduce the environmental effects of aviation, providing zero emissions and quieter flights. Electricity may be supplied by a variety of methods, the most common being batteries. Most have electric motors driving propellers or turbines.

Mokulele Airlines is a regional airline operating in Hawaii. The airline scheduled inter-island and charter flights, primarily between smaller airports and its hubs at Kahului Airport on the island of Maui and Daniel K. Inouye International Airport in Honolulu on the island of Oahu. The airline was acquired by Southern Airways Express in 2019 but continues to operate under its own brand. Both Southern Airways and Mokulele Airlines are subsidiaries of Surf Air Mobility, which purchased Southern in 2023.

Surf Air is a Los Angeles-based aviation marketplace that offers members access to regional semi-private flights with their scheduled flights from San Carlos Airport (SQL) to Hawthorne Airport (HHR), Santa Barbara Airport (SBL), and Truckee Tahoe Airport (TRK). Surf Air is a subsidiary of Surf Air Mobility.

<span class="mw-page-title-main">Southern Airways Express</span> Airline of the United States

Southern Airways Express is a commuter airline operating across the United States with headquarters in Palm Beach, Florida. Southern Airways Express, commonly referred to as 'Southern', acts as a local service airline for dozens of cities across all U.S. time zones. The majority of Southern's routes are subsidized through the Essential Air Service program by the United States Department of Transportation.

Textron Aviation Inc. is the general aviation business unit of the conglomerate Textron that was formed in March 2014 following the acquisition of Beech Holdings which included the Beechcraft and Hawker Aircraft businesses. The new business unit includes the Textron-owned Cessna. Textron Aviation sells Beechcraft and Cessna-branded aircraft. While no longer selling new Hawker airplanes, Textron Aviation still supports the existing Hawker aircraft fleet through its service centers.

Blade Air Mobility, Inc. is an aviation company headquartered in New York City and incorporated in Delaware. Blade's urban air mobility platform provides air transportation for passengers and last-mile critical cargo, primarily using helicopters and amphibious aircraft for passenger routes in the United States, Canada, Southern Europe, and India, in addition to being one of the largest air medical transporters of human organs for transplant in the world. Blade began trading on the Nasdaq on May 10, 2021, via a SPAC merger.

<span class="mw-page-title-main">RED A03</span> Aircraft diesel engine

The RED A03 is a V12 four-stroke aircraft diesel engine designed and built by RED Aircraft GmbH of Adenau, Germany.

<span class="mw-page-title-main">Beechcraft Denali</span> Single engine turboprop airplane by Textron Aviation, 2021

The Beechcraft Denali, also known as the Model 220 and previously the Cessna Denali and Textron "Single Engine Turboprop" (SETP), is an American single engine turboprop aircraft under development by Textron Aviation. Announced at EAA AirVenture Oshkosh 2015, the aircraft is a completely new design, not derived from any existing aircraft. It should compete with the Pilatus PC-12 and Daher-Socata TBM, as well as other new projects such as the One Aviation Kestrel K-350 and the CAIGA Primus 150.

<span class="mw-page-title-main">Cessna 408 SkyCourier</span> Twin-turboprop utility aircraft

The Cessna 408 SkyCourier is an American utility aircraft designed and built by the Cessna division of Textron Aviation. It was launched on November 28, 2017, with an order for 50 from FedEx Express, with the aircraft designed for the needs of its FedEx Feeder service. It made its first flight on May 17, 2020, and was type certified on March 11, 2022. FedEx took delivery of the first production model on May 9, 2022.

A hybrid electric aircraft is an aircraft with a hybrid electric powertrain. As the energy density of lithium-ion batteries is much lower than aviation fuel, a hybrid electric powertrain may effectively increase flight range compared to pure electric aircraft. By May 2018, there were over 30 hybrid electric aircraft projects, and short-haul hybrid-electric airliners were envisioned from 2032.

The Ampaire Electric EEL is a hybrid electric aircraft developed by U.S. startup Ampaire, established in Hawthorne, California. The forward piston engine of a Cessna 337 Skymaster is replaced by an electric motor powered by a battery, in a parallel hybrid configuration. The demonstrator first flew on 6 June 2019.

<span class="mw-page-title-main">ZeroAvia</span> British-American hydrogen-electric aircraft company

ZeroAvia is a British/American hydrogen-electric aircraft developer. The company was founded in 2017 by Valery Miftakhov, who currently serves as the company CEO. ZeroAvia is developing hydrogen-fueled powertrain technology aiming to compete with conventional engines in propeller aircraft, with an aim of zero-emission and lower noise. ZeroAvia expects to sell products by 2023 and demonstrate flights up to 500 miles (800 km) in aircraft of up to 20 seats. According to the company, by 2026, ZeroAvia intends to fly an aircraft over 500 miles range in aircraft with up to 80 seats.

Ampaire is an American aircraft manufacturer startup based in Hawthorne, California.

References

  1. "Surf Air Secures $200 Million in Funding Ahead of IPO | Los Angeles Business Journal". Los Angeles Business Journal .
  2. "Surf Air Mobility Inc. 2023 Annual Report (Form 10-K)" (PDF). U.S. Securities and Exchange Commission. March 29, 2024.
  3. "Surf Air Acquires BlackBird Air | Los Angeles Business Journal". Los Angeles Business Journal .
  4. Siebenmark, Jerry. "Surf Air Targets Short-haul Flights with BlackBird Buy". Aviation International News .
  5. "Surf Air's Ampaire Acquisition Could Speed Up Hybrid-Electric Aviation". Aviation Week & Space Technology .
  6. "Surf Air Says It Secured $200 Million As It Plans To Go Public". Forbes .
  7. "Surf Air Mobility Lands $200M IPO-linked Funding Boost". Aviation International News .
  8. "Hybrid Electric Aviation Pioneer Ampaire To Be Acquired By Surf Air". Forbes.
  9. "Surf Air Mobility To Acquire Ampaire". AVweb. February 19, 2021.
  10. "Surf Air Mobility to Acquire Electric Aviation Pioneer Ampaire". Flying .
  11. "Hybrid Electric Aviation Pioneer Ampaire To Be Acquired By Surf Air". Forbes .
  12. Bogaisky, Jeremy. "Prius Of The Skies? Cessna To Offer Hybrid Version Of Workhorse Caravan Utility Plane In Tie-Up With Surf Air". Forbes. Retrieved September 17, 2021.
  13. Perry, Dominic (April 27, 2022). "Surf Air pulls plug on Ampaire purchase". Flight Global. Retrieved November 7, 2023.
  14. Thurber, Matt. "Surf Air Mobility Bets Big on Hybrid-electric Caravan". Aviation International News. Retrieved September 17, 2021.
  15. "Surf Air Mobility to electrify Cessna Grand Caravan EX aircraft". Aerospace Manufacturing and Design. Retrieved September 17, 2021.
  16. "Electric Cessna Grand Caravan in Development to Fly by 2024". Aviation Today. July 20, 2021. Retrieved September 17, 2021.
  17. Wayne, Gary Lee Ray (July 26, 2021). "Surf Air Mobility & Textron to develop hybrid Cessna". electrive.com. Retrieved September 17, 2021.
  18. "Surf Air Mobility Bets Big on Electric". Business Jet Traveler. July 22, 2021. Retrieved September 17, 2021.
  19. "Surf Air Mobility Lists Shares, Giving Hope That a Key Venture Exit Door Is Reopening". WSJ.com. July 27, 2023. Retrieved January 30, 2024.
  20. "Surf Air's Rough Debut a Cautionary Tale for Direct Listings". news.bloomberglaw.com. Retrieved November 7, 2023.
  21. Kuruthukulangara, Jessica (July 28, 2023). "Direct listing of Surf Air Mobility gets cold reception | Seeking Alpha". seekingalpha.com. Retrieved November 7, 2023.
  22. Le Marquand, Yves (July 31, 2023). "Surf Air Mobility's share price continues to drop". Corporate Jet Investor. Retrieved November 7, 2023.
  23. "Surf Air Mobility Announces the Successful Completion of its Acquisition of Southern Airways". www.businesswire.com. August 2, 2023. Retrieved November 7, 2023.