February 15, 2024

Surf Air Mobility and Electra Enter Bilateral Agreement to Bring eSTOL Aircraft to Market, Incorporate Surf Air Technology into Joint Systems, and Create Leasing Partnership

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Surf Air Mobility Inc. (NYSE: SRFM) (“Surf Air Mobility”,“Surf Air”), a leading green regional air mobility platform, and Electra.aeroInc. (“Electra”), a next-gen aerospace company, have joined forces to introduce affordable, sustainable, and easily accessible regional air travel to a broad customer base leveraging Electra’s hybrid-electric short takeoff and landing(eSTOL) aircraft on Surf Air’s technology-driven, on-demand air mobility platform, and through Surf Air’s Aircraft-as-a-Service (ACaaS) offering to air operators.  

Surf Air has secured early delivery positions for 90Electra eSTOL aircraft for integration into the Surf Air national flight network including Southern Airways Express and Mokulele Airlines, as part ofSurf Air’s aim to use its platform to support the launch, growth, and optimization of new electrified aircraft. The Electra eSTOL aircraft’s ability to take off and land in as little as 150 feet will enable direct-to-destination air transportation beyond large airports, including small regional airports and novel Advanced Air Mobility (AAM) infrastructure, expanding regional transportation to a broader customer base than private aviation currently serves.  

The agreement between Surf Air and Electra highlights several key points of collaboration:

●     SurfAir secures preferred delivery positions on 90 eSTOL aircraft from Electra

●     SurfAir and Electra will collaborate on the development of route networks to be served by Surf Air’s air mobility network leveraging the Electra eSTOL aircraft

●     SurfAir is the preferred lessor and provider of Electra eSTOL aircraft to Surf Air customers under its Aircraft-as-a-Service leasing program

●     SurfAir, its data services partner(s), and Electra will collaborate on the development of predictive analytics systems to reduce overall operating costs and streamline operations.

“Electra stands out as one of the early market leaders in regional air mobility, and we’re excited to bring them onto our platform. Their innovations around hybrid-electric, short takeoff and landing aircraft—which can essentially take off and land on a football field-sized space—will unlock tremendous opportunities within the changing landscape of regional air mobility. We intend to leverage our leading position to become the definitive launch platform for new advanced aircraft technologies such as Electra,” saidStan Little, Chief Executive Officer (CEO) of Surf Air Mobility.

“As the country’s largest commuter airline, Surf Air is at the forefront of addressing the growing demand for cleaner, more affordable and convenient travel options. Electra is pleased to partner with Surf Air in spearheading the decarbonization of regional business aviation through the integration of our eSTOL aircraft into their fleet,” said John S. Langford, founder and CEO of Electra.

Traditionally, smaller regional Part 135 operators have not had the same access to aircraft funding options and software services as larger commercial air carriers. Surf Air’s Aircraft-as-a-Service program is being designed to solve this problem and lower the barrier to entry by providing the necessary financing and software tools to enable a new generation of regional aircraft and air operators to launch, grow, and optimize their businesses.

In addition to supporting the growth and distribution of innovative sustainable aircraft, such as the Electra eSTOL, Surf Air continues to develop its own electrified powertrain technology for the Cessna GrandCaravan aircraft whose development is supported by an exclusive relationship with Textron Aviation. Surf Air will use its platform to bring the electrifiedCaravan aircraft to market on a global scale, thus proving what it can do for other aircraft makers as well.

“With billions of dollars being invested into the regional and advanced air mobility space, it’s becoming increasingly important for a solution that can on-ramp new technologies and get them into the hands of operators as quickly and safely as possible,” said Jamie Strecker, VP of Business Development for Surf Air Mobility. “Through our air mobility platform and our Aircraft-as-a-Service program, we believe we can accelerate Electra’s eSTOL aircraft time to market.”