Xeriant Aerospace and XTI Aircraft yesterday announced a 50:50 joint venture through which they aim to bring the hybrid-electric TriFan 600 VTOL to market by the end of 2024. The two companies are forming a new company called Eco-Aero, and Xeriant has committed to investing $10 million in the joint venture over the next 12 months, starting with a $1 million deposit.
In addition to the fresh capital, Xeriant will contribute “technology and strategic business relationships.” XTI is mainly contributing the patented intellectual property for the TriFan program and aerospace engineering experience.
XTI CEO Robert LaBelle said yesterday at a press conference in Denver that the formation of the joint venture “means that we’re finally launching the development of the full-scale aircraft, and [it] puts us on the road to certification.” The Colorado-based company is finalizing the design of the fixed-wing TriFan 600 and said it will have the first prototype built and flying by April 2023.
According to LaBelle, the TriFan 600 will provide an alternative to existing business aircraft and helicopters, which he said is a market potentially worth around $20 billion. The VTOL will seat six passengers in standard configuration, rising to nine for air taxi operations.
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