Etirc Aviation Injects $100M+ into Eclipse
Eclipse Aviation president and CEO Vern Raburn announced yesterday that Etirc Aviation is deepening its partnership with Eclipse with an equity investment of more than $100 million, an agreement to add countries to Etirc’s Eclipse 500 sales and support network and the right to manufacture the very light jet within its expanded network area. According to Raburn, the new funds will help the company continue its growth in New Mexico. The agreement makes Etirc Aviation the exclusive provider of sales, customer service, maintenance support and flight training for not only the previously agreed countries in Eastern Europe, Russia, the CIS and Turkey, but also Western Europe and the UK. Also under the deal, an Eclipse manufacturing facility could be set up somewhere in Russia, possibly at Ulyanovsk, according to Etirc CEO Roel Pieper, who is also the newly elected non-executive chairman of Eclipse Aviation. Eclipse 500s built at the Russian plant would be sold in Etirc’s distribution area and Eclipse would supply all parts for final assembly in Russia. With this investment, Etirc (headquartered in Luxembourg) is now Eclipse’s largest equity investor but holds only a minority stake in Eclipse. Etirc will supply further funding when Eclipse meets certain goals.