MIAMI – British aircraft asset management company Falko has announced an investment in Electric Aviation Group (EAG) as part of its stakes in regional electric aircraft.
The Electric Aviation Group has been, according to its website, conceived to drive, inform, and support the development and production of electric flight vehicles by the UK and their subsequent adoption by the worldwide market.
According to a Falko press release, EAG “is currently the only independent company in the world, solely focused on the development of a hybrid-electric regional aircraft (“HERA”) capable of ranges up to 1200 nautical miles fulfilling the role currently performed by regional turboprops.”
Falko has the advice of Capital Law for the transaction.
Commitment to a More Sustainable Industry
With a focus on reducing the environmental impact, the aviation industry has increased its commitment to making the industry more sustainable.
To help achieve such a task in the UK and abroad, EAG founded the Jet Zero Consortium and is the convener and secretariat of the Electric Aviation All Party Parliamentary Group APPG, a new cross-party and cross-industry group aimed at promoting British skills and expertise within the electric flight sector.
Falkos’ release states that “EAG’s approach is to utilize existing airframe designs and add new technologies that will create a hybrid-electric regional aircraft. EAG aims to be at the forefront of the aviation industry’s drive to a greener future.”
EAG founder and CEO Kamran Iqbal was thankful for Falko’s investment and seemed confident for the post-COVID future. On his part, Falko CEO Jeremy Barnes expressed confidence in the project.
Comments from EAG, Falko CEOs
“The last 12 months have been extremely difficult for the entire aerospace sector but now we can see a light at the end of the tunnel. I strongly believe that aviation & aerospace sectors will come out of the COVID-19 crisis stronger and more focused, demonstrating the resilience of the aerospace sector to these external shocks,” Iqbal said.
“We are really excited to support EAG at this stage of its development. EAG complements Falko’s regional market focus and the investment demonstrates our long-term commitment to the development of future technologies aimed at reducing emissions within the aviation sector to assist the UK achieve NetZero leadership,” Barnes said.
Featured image: Electric Aviation Group