Englewood, Colorado-based Bye Aerospace said last week in a news release that it entered an agreement with Seoul, Korea-based Aerospace9 for the Asian company to make not only a significant stock investment in Bye, but to also submit a substantial 300-aircraft order for Bye Aerospace aircraft. Aerospace9′s purchase agreement includes 150 eFlyer 2s, 148 eFlyer 4s and 2 of the soon-to-be announced twin-motor nine-seat aircraft, the Envoy. The order includes an option to purchase an additional 100 aircraft. George Bye, CEO of Bye Aerospace, said US government approval may be required to green-light the investment. Bye said eFlyer development has slowed some due to COVID-19, but that the company still expects eFlyer 2 certification before the end of 2022.
Bye Aerospace Signs Investment Agreement With South Korean Company
Key Takeaways:
- Korean company Aerospace9 has made a significant stock investment in Bye Aerospace and placed a firm order for 300 electric aircraft (eFlyer 2s, eFlyer 4s, and Envoy), with an option for an additional 100.
- Bye Aerospace aims to achieve FAA certification for its eFlyer 2 by the end of 2022 to commence production and fulfill its growing order backlog.
- This substantial investment and order may require US government approval, establishing a strategic partnership for electric aviation in Asia.
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