Boom Supersonic has announced a strategic investment from American Express Ventures. The funds will support the continued development of Boom’s flagship product, the supersonic airliner Overture. Overture is Boom’s 65- to 88-seat supersonic airliner, capable of running on 100% sustainable aviation fuel. The supersonic aircraft is slated to roll out in 2025 and begin commercial
Etihad Airways has announced its financial and operating results for 2020, recording a 76% fall in passengers carried throughout the year (4.2 million, compared to 17.5 million in 2019) as a result of lower demand and reduced flight capacity caused by the unparalleled global downturn in commercial aviation. As a consequence of the COVID pandemic
Volocopter, the urban air mobility specialist has announced a successful signing of its Series D funding round, raising an additional US$240 million and taking the total raised to US$390 million. This fresh injection of funds will allow the company to maintain its leading role as an urban air mobility (UAM) company through its VoloCity battery-powered
Revenue at the Lufthansa Group fell to €13.6 billion in 2020 (previous year: €36.4 billion). Despite rapid and extensive cost reductions, the Lufthansa Group had to report an Adjusted EBIT of minus €5.5 billion (previous year: profit of €2.0 billion). The Adjusted EBIT margin was minus 40.1% (previous year: plus 5.6%). The operating cash drain
On February 26, Jet MS, a global provider of base and line maintenance services for business and regional aircraft, and a part of the global aerospace business group Avia Solutions Group, has acquired the U.K.-based RAS Group, comprising of RAS Completions and RAS Interiors. RAS Group is a long-established aircraft interior, exterior, and completions company
In a boost to its defense business in the U.S. market, the aviation training specialist CAE Inc (CAE) has agreed to buy L3Harris Technologies’ (L3Harris) military training division. It is expected the deal will augment the development of training systems for remotely piloted aircraft, submarines, fighter and bomber aircraft; the company is currently a major
SIA Engineering Company (SIAEC) has signed a Memorandum of Understanding (MOU) with SR Technics Switzerland (SRT) relating to the potential acquisition (in part or whole) of SRT Malaysia by SIAEC. SRT Malaysia, located in Selangor, Malaysia, is a subsidiary of SRT, incorporated in January 2013 to provide component repair, testing and overhaul services with a
Having secured bankruptcy protection in both Norway and Ireland in 2020, low-cost carrier Norwegian Air (Norwegian) has taken a NEK12.8 billion (US$1.5 billion) charge and cancelled its current order of 88 narrow-body Airbus jets. Last year Norwegian cancelled its remaining orders for 97 aircraft with Boeing, while also seeking compensation from the planemaker for the
Fly Leasing (FLY) is reporting a net loss of US$107.0 million for the fourth quarter of 2020. This compares to net income of US$75.2 million for the same period in 2019. The decrease in net income is primarily due to flight equipment impairment of US$115.0 million. Net loss for the year ended December 31, 2020
IAG Cargo has reported its 2020 full-year results, reporting commercial revenues of €1,306 million over the period from January 1 to December 31, 2020, an increase of 18.5% on 2019 at constant currency. Overall yields for the year were up 94.6% on the same time last year at constant currency. Sold tons were down 34.9%. IAG’s top priority was
