Comp Air Receives $150 Million Cash Infusion

 - October 27, 2008, 9:13 AM

Merritt Island, Fla.-based Comp Air last month announced that it received $150 million in funding from MercMed, a California-based investment company headed by former Mercury Air Group chairman Dr. Philip Fagan. CEO Ron Lueck said the company has started taking refundable $100,000 customer deposits on the $2.95 million, Honeywell TPE331-14GR-powered Comp Air 12 and has deposits in hand for about two dozen airplanes. The prototype has accumulated approximately 200 hours, and FAA certification is expected at the end of 2010.