Surf Air Mobility

Last updated

Surf Air Mobility Inc.
Company type Public
NYSE:  SRFM
Industry Aviation
FoundedFebruary 2020 (2020-02)
Founders
  • Liam Fayed
  • Stan Little
  • Sudhin Shahani
Headquarters
Hawthorne, California
,
United States [1]
Area served
North America
Key people
  • Carl Albert (Chair)
  • Deanna White (Interim CEO)
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]

In March 2024, Surf Air Mobility entered into a MOU agreement with Auric Air to upgrade up to 12 of their Cessna Grand Caravans with Surf Air’s proprietary electrified powertrain technology once certified. [24]

In May 2024, Surf Air Mobility began scheduled commuter service between West Lafayette (Purdue University) and Chicago O’Hare. The service provides staff, students, family, friends, and the greater community with easier, faster connections. [25]

In May 2024, Surf Air Mobility launched Williamsport’s only scheduled commuter service that flies between Williamsport Regional Airport and Washington Dulles International Airport. [26]

In June 2024, Surf Air Mobility entered into a MOU agreement with Brazil-based airline operator, ASTA, to upgrade up to 4 of the Cessna Grand Caravan aircraft with Surf Air’s proprietary electrified powertrain technology once certified. [27]

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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.
  24. ↑ "Surf Air Mobility Enters Agreement to Supply Electric Powertrains to Tanzanian Cessna Caravan Operator Auric Air". Yahoo Finance. Yahoo Finance. Retrieved March 22, 2024.
  25. ↑ "Surf Air Mobility and Purdue University Officially Begin Privately-Backed Commuter Air Service from West Lafayette / Purdue University Airport (LAF)". Yahoo Finance. Yahoo Finance. Retrieved May 17, 2024.
  26. ↑ "Surf Air Mobility and Williamsport, Pennsylvania, Officially Begin Subsidized Commuter Air Service Between Williamsport Regional Airport (IPT) and Washington Dulles International Airport (IAD)". Yahoo Finance. Yahoo Finance. Retrieved May 28, 2024.
  27. ↑ "Surf Air Mobility Enters Agreement to Supply Electric Powertrains to Asta, a Brazilian Cessna Caravan Operator". Yahoo Finance. Yahoo Finance. Retrieved June 11, 2024.
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