Bye Aerospace Signs Investment Agreement With South Korean Company

Agreement may require US government approval.

Aerospace9 order includes 150 eFlyer 2 aircraft.Bye Aerospace

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.

“We are extremely honored to share with Aerospace9 in this extraordinary announcement,” Bye said. “Bye Aerospace is on a rigorous path to achieve FAA certification on our eFlyer 2 airplane, and once that approval is obtained, to begin production on our expanding backlog of orders.” Aerospace9 chairman Seunghyuk Cha said, “This investment is not just a purchase contract, it is a very meaningful contract that creates an amazing opportunity for Asia. Our company has a very important responsibility in the aviation industry as a new strategic partner of Bye Aerospace.”