Surf Air Mobility Inks $450 Million Deal With Jetstream Aviation Capital

Surf Air plans to build a regional air mobility ecosystem by developing a hybrid electric powertrain that will offer OEMs and third-party operators the ability to order new or upgrade existing aircraft with hybrid electric powertrains.

Michael Wildes

Tuesday, October 11, 2022 at 04:21 PM ET

Verified

SAM says it will deploy the world's largest fleet of hybrid electric aircraft on existing and new regional airline routes. [Courtesy: Surf Air]

Key Takeaways:

Surf Air Mobility (SAM) has secured a $450 million aircraft financing agreement with Jetstream Aviation Capital to expand its fleet of turboprop aircraft over the next six years.
This funding will enable SAM to grow its regional air travel operations, specifically by acquiring new and used Cessna Caravans and Pilatus PC-12s.
The agreement also includes Jetstream's expressed interest in purchasing up to 250 hybrid- and fully-electric powertrains from SAM, supporting SAM's strategy to electrify its fleet (starting with the Caravan by 2025) and establish itself as a leader in sustainable regional aviation.

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Surf Air Mobility (SAM) has signed a $450 aircraft financing agreement with Jetstream Aviation Capital to grow its fleet of turboprop aircraft. Jetstream is the largest global aircraft lessor focused exclusively on commercially operated turboprop regional aircraft and engines.

The Miami-based leasing company is the largest global owner of Saab 340 and Saab 2000 aircraft and associated spares and engines, and has a sprawling portfolio of more than 150 aircraft, including Cessna Caravans, Embraer EMB-120s, and Pilatus PC-12s used for passenger and cargo. Jetstream will support Surf Air through an operating lease and sale agreement that allows the regional carrier to grow its fleet.