Singapore investment firm Clermont Group has acquired control of Israeli electric aviation company Eviation Aircraft. Clermont Aerospace has been issued equity equal to 70% of Eviation on a fully diluted basis.
The remaining 30% will be retained by its founders. The deal amounts to about $ 76 million, at a value of $108 million, according to a report in Forbes.
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Eviation has developed an electric passenger aircraft, named Alice, that can fly over 1,000 miles at a speed of 440 mph. The aircraft is expected to offer 50% lower operating costs than regular-sized aircraft, and will be commercially available by 2022.
At the Air Show in Paris, Eviation announced its first commercial contract with Cape Air.
Eviation was founded in 2015 by the active chairman Aviv Tzidon and CEO Omer Bar-Yohay. Tzidon is a serial entrepreneur who founded over 10 companies, three of which have been listed on NASDAQ and one on the Frankfurt stock exchange. He’s also the founder of Phinergy Ltd. CEO Bar-Yohay is a Physicist, with high power electrical propulsion systems expertise.
Eviation operates from the Kadima-Zoran industrial area and employs about 40 people at the company’s development center, which will continue to operate after the acquisition.
Following the acquisition, all manufacturing and business development activities will focus on the U.S. in the Seattle area.
Cleremont seeks an investment that not only yields returns but also contributes to the environment and the world. “Our first priority is to build a stronger home for the next generation,” the company website states.
Clermont Aerospace also owns magniX, an industry-leading electric engine company. magniX recently announced a program with Canada’s largest seaplane operator Harbour Air, to certify its magni500 motor. The magni250 motors will power Eviation’s Alice.
“Today marks an exciting new chapter for Clermont Aerospace. Eviation and magniX are two highly complementary platforms both focused on making the dream of sustainable flight a reality,” said Richard F. Chandler, Chairman of The Clermont Group. “Electric airplanes will shape the future of the aviation and transportation industries making air travel cleaner, cheaper and more efficient. We are at the dawn of a new era in aviation and Clermont is investing in innovation to lead this transformation.”
