Surf Air Signs $450M Funding Commitment with Jetstream

 - October 11, 2022, 1:33 PM
As part of its $450 million finance deal with Surf Air, Jetstream Capital has agreed to buy as many as 250 hybrid and fully electric powertrains. (Photo: Surf Air Mobility)

Surf Air Mobility (SAM) today signed a $450 million facility with Jetstream Aviation Capital to fund planned growth of its turboprop fleet. Jetstream, a U.S. leasing group specializing in commercially operated turboprop regional aircraft and engines, also agreed to purchase up to 250 hybrid- and all-electric propulsion systems for existing aircraft from SAM.

Los Angeles-based SAM will gain access to the financing facility over the next six years for both new and used Cessna Caravans and Pilatus PC-12s, subject to separate binding purchase and lease agreements for each individual aircraft.

Jetstream intends to take delivery of the 250 hybrid and fully electric powertrains from SAM over the course of five years, subject to FAA certification and the negotiation of pricing terms and the minimum commitment and definitive documentation. 

SAM plans to first concentrate on scaling operations using the Cessna Grand Caravan, which would become the first aircraft electrified using the company’s hybrid electric powertrains. The company, which until earlier this year was partnered with Ampaire, hopes to prepare the conversion for commercial certification by 2025.

SAM’s plans to install a MagniX hybrid-electric propulsion system under development in partnership with modifications and aircraft modification specialist AeroTec in the Grand Caravan. Aerotec said it will support efforts to bring the modification to market under a supplemental type certificate that it will own.

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