News Release
Pilotless Cargo Aircraft Takes Flight Over San Francisco Bay
MarketJar
While driverless cars are becoming a familiar sight in the Bay Area, a Silicon Valley-based company is now pushing boundaries by introducing the concept of pilotless planes. In a groundbreaking event that unfolded over approximately 12 minutes, a Cessna 208B Caravan aircraft executed a takeoff, cruise, and landing just south of the San Francisco Bay Area without a single human on board. 1 The pilotless aircraft is the brainchild of Robert Rose, the co-founder and CEO of Reliable Robotics. Rose's background includes roles as Director of Flight Software at SpaceX and Senior Director of Autopilot at Tesla. Before establishing Reliable Robotics, he played a key role in developing flight software for SpaceX's Falcon 9 rocket and Dragon spacecraft, contributing to the first commercial mission to the International Space Station. 2 Several companies are innovating in autonomous and remote flight technology, aiming to enhance safety and efficiency in sectors from cargo transport to military applications. The Cessna Caravan, known for its 3,000-pound cargo capacity and ability to operate on short runways, is ideal for accessing remote areas. Reliable Robotics worked closely with Textron Aviation, the Cessna Caravan's creator, and global aviation services company ASL Aviation Holdings. According to Textron's Senior VP, Chris Hearne, Reliable’s successful flight of the pilotless Cessna 208 Caravan represents a milestone in bringing new technology to aviation. Another innovative company working on developing revolutionary new technology for aircraft with Textron Aviation is Surf Air Mobility Inc. (NYSE:SRFM), the largest commuter airline in the US based on scheduled departures. Unlike Reliable Robotics, which is focused on transporting cargo, Surf Air Mobility is retrofitting Cessna Grand Caravans with fully electric and hybrid-electric engines for passenger air travel. Surf Air Mobility Inc. (NYSE:SRFM) recently bolstered its financial position through the appointment of seasoned financial executive Oliver Reeves as CFO and additional access to capital via a $35.2 million mandatory convertible debenture with GEM Global Yield. Surf Air Mobility and Textron Aviation Forge Path for Electrified Future Through an exclusive relationship with Textron Aviation, the parent company of Cessna, Surf Air Mobility Inc. (NYSE:SRFM) is developing an electrified Cessna Grand Caravan EX. Deliveries of the first 20 Cessna Grand Caravan EX aircraft to Surf Air are anticipated to start in the first half of 2024. This collaboration is integral to Surf Air Mobility 's initiative to develop and certify electrified powertrains for the Cessna Grand Caravan EX. Surf Air Mobility has committed to acquiring up to 150 Cessna Grand Caravan EX aircraft, with an initial order for 100 aircraft and an option for an additional 50. These aircraft will undergo upgrades to incorporate Surf Air Mobility 's proprietary electric or hybrid-electric powertrain technology once certified. Through this exclusive arrangement, Surf Air Mobility aims to make electrified aircraft widely accessible, offering benefits such as lower costs and reduced emissions on a large scale. The company will also serve as the exclusive provider of specific battery electric and hybrid electric powertrain technology for the Cessna Grand Caravan to Textron Aviation. Surf Air Mobility envisions deploying both electric and hybrid-electric Cessna Grand Caravan aircraft across its network, connecting more regional airports with short-haul direct service. This initiative aligns with the goal of building a regional mass transport platform to sustainably link communities across the US. Adding Global Revenue Channels in 2024 Surf Air Mobility has already signed significant agreements to develop and deploy its electric powertrains to airlines across the globe. On January 4, the company announced a monumental supply agreement with Safarilink, an airline connecting domestic scheduled flights to destinations within Kenya and Tanzania, and Yellow Wings Air Services, a Kenyan air operator that serves over 500 airfields throughout the East Africa region. The deal will see Surf Air Mobility upgrade existing Cessna Grand Caravan aircraft in Africa with its proprietary electrified powertrain technology, marking a monumental milestone to expand its global footprint. Late last year, the company signed a similar agreement with Azul, the largest airline in Brazil, to electrify its existing fleet of 27 Cessna Caravans. Surf Air Mobility ’s first generation fully-electric powertrain technology is targeted to reduce direct operating costs by as much as 50% and eliminate 100% of direct carbon emissions. Expanding Commuter Air Service in the US Apart from its electrification plans, Surf Air Mobility Inc. (NYSE:SRFM) is also making significant strides in its effort to transform regional air travel in the United States. In December, the company announced a partnership with Purdue University to initiate a subsidized scheduled commuter air service between West Lafayette / Purdue University Airport (LAF) and Chicago O’Hare Airport (ORD), targeting an early Q2 2024 start date. This program, operated by Surf Air Mobility ’s subsidiary Southern Airways Express, aims to provide Purdue University’s community and West Lafayette residents with up to four daily flights, offering faster and easier access to the world through one of America's busiest airports. Funded by Purdue University, this initiative is a unique adaptation of the Essential Air Service (EAS) model, traditionally reliant on federal funding, demonstrating a novel approach to regional air mobility. Just weeks later, Surf Air Mobility announced a similar agreement with the Williamsport Municipal Airport Authority to launch subsidized scheduled air service between Williamsport Regional Airport (IPT) and Washington Dulles International Airport (IAD) from May 2024. This service aims to revitalize air travel in Williamsport, Pennsylvania, targeting ten weekly flights that connect the local community to major air networks. Funded through local grants and community donations, this program marks the first commercial flights at Williamsport in over two years and does not rely on federal subsidies. These initiatives underscore Surf Air Mobility ’s commitment to enhancing regional connectivity. As the largest commuter airline in the US by scheduled departures, with its subsidiaries Southern Airways and Mokulele Airlines, Surf Air Mobility is at the forefront of innovating regional air travel, leveraging underutilized airports and forming strategic partnerships to bridge communities with major air travel networks. Click on this link or read their corporate presentation to learn more about Surf Air Mobility Inc. (NYSE:SRFM). Footnotes: [1] https://www.forbes.com/sites/edgarsten/2023/12/06/historic-flight-of-pilotless-cargo-plane-revealed/?sh=1c4d9fca3946 [2] https://reliable.co/company 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.). Additional details relating to Market Jar Media Inc.’s engagement by Surf Air Mobility Inc.’s Digital Marketing Agency of Record (Native Ads Inc.) are set out in https://pressreach.com/disclaimer-srfm. 3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. Market Jar has not independently verified or otherwise investigated all such information. None of Market Jar or any of their respective affiliates, guarantee the accuracy or completeness of any such information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 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. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Surf Air Mobility Inc.’s industry; (b) market opportunity; (c) Surf Air Mobility Inc.’s business plans and strategies; (d) services that Surf Air Mobility Inc. intends to offer; (e) Surf Air Mobility Inc.’s milestone projections and targets; (f) Surf Air Mobility Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Surf Air Mobility Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Surf Air Mobility Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Surf Air Mobility Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Surf Air Mobility Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) the accuracy of budgeted costs and expenditures; (e) Surf Air Mobility Inc.’s ability to attract and retain skilled personnel; (f) political and regulatory stability; (g) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (h) changes in applicable legislation; (i) stability in financial and capital markets; and (j) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Surf Air Mobility Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Surf Air Mobility Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Surf Air Mobility Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Surf Air Mobility Inc.’s business operations (e) Surf Air Mobility Inc. may be unable to implement its growth strategy; and (f) increased competition.Except as required by law, Surf Air Mobility Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Surf Air Mobility Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Surf Air Mobility Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document. 7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Surf Air Mobility Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Surf Air Mobility Inc. or such entities and are not necessarily indicative of future performance of Surf Air Mobility Inc. or such entities. 8) Investing is risky. The information provided in this article should not be considered as a substitute for professional financial consultation. Users should be aware that investing in any form carries inherent risks, and as such, there is a possibility of losing some or all of their investment. The value of investments can fluctuate significantly within a short period, and investors must understand that past performance is not indicative of future results. Additionally, users should exercise caution as transactions involving investments may be irreversible, even in cases of fraud or accidental actions. It is crucial to acknowledge that rapidly evolving laws and technical issues can have adverse effects on the usability, transferability, exchangeability, and value of investments. Furthermore, users must be cognizant of potential security risks associated with their investment activities. Individuals are strongly encouraged to conduct thorough research, seek professional advice, and carefully evaluate their risk tolerance before engaging in any investment endeavors. Market Jar Media Inc. is neither an investment adviser nor a broker-dealer. The information presented on the website is provided for informative purposes only and is not to be treated as a recommendation to make any specific investment. No such information on PressReach.com constitutes advice or a recommendation. Contact Details James Young +1 800-340-9767 campaigns@pressreach.com Company Website https://pressreach.com
January 08, 2024 11:50 AM Eastern Standard Time
Image
News Release
