General Aviation News

Surf Air Mobility Signs Deal With Jetstream Aviation to Fund Expansion

Surf Air Mobility Signs Deal With Jetstream Aviation to Fund Expansion

Electric aviation company Surf Air Mobility has signed a USD$450 million deal with Jetstream Aviation Capital to fund the growth of its turboprop fleet. 

Surf Air will have access to financing for six years for both new and used Cessna Caravans and Pilatus PC-12 single-engine turboprops. Each aircraft acquisition will be subject to separate binding sale, purchase and lease agreements. 

Surf Air went public in May via a SPAC merger, and also acquired Southern Airways, a regional airline company that flies Cessna Caravans, Tecnam P2012 Travellers, King Air 200s and PC-12s on routes from cities in the United States. 

“We believe the customized aircraft leasing structure from Jetstream will provide us a capital-efficient way to more rapidly expand our operations at the scale necessary for a future when electrified aircraft unlock the latent demand for convenient, affordable regional travel on new routes across the US,” said Sudhin Shahani, Co-founder, Chief Executive Officer and Executive Chairman of Surf Air Mobility. 

The agreement will also enable Surf Air to grow its fleet to meet route expansion plans and customer demand as it seeks to expand its regional air travel footprint and sustainable flying solutions, the company said in a press release.

Jetstream, the largest global aircraft lessor focused exclusively on commercially operated turboprop regional aircraft and engines, will also purchase up to 250 hybrid- and all-electric propulsion systems from Surf Air for its own aircraft over the course of five years as part of the deal, which is subject to FAA certification and the negotiation of pricing terms and the minimum commitment and definitive documentation.