Eclipse Aviation News
“The value proposition created by the Eclipse 500 and the advanced state of our development program have made Eclipse Aviation attractive to the investment community, especially now that Pratt and Whitney Canada has been selected to supply the engines,” said Vern Raburn, president and CEO of Eclipse Aviation. “In one of the most difficult private equity markets seen in decades, we have raised $87 million in this round and believe the $325 million in cumulative equity funding to date is the largest total amount of funding ever raised for a new aircraft company. We expect this latest round to be our final equity round. We are on track for FAA certification in early 2006.”
The capital in this round of financing includes a $10 million investment from the State of New Mexico's State Investment Council, which was enabled by a new law enacted in the recent legislative session. The remainder of the equity capital was from a group of undisclosed private investors.
“This investment represents the confidence we have in Eclipse as a sound investment and in recognition of the importance Eclipse will play in building a high wage economy in New Mexico,” said New Mexico Governor Bill Richardson, who supported the State Investment Council investment in Eclipse.
Test Flight Findings Advance Program Momentum
The Eclipse 500 resumed test flight in May equipped with interim engines and since then, Eclipse Aviation has successfully tested the revolutionary aircraft's low-speed handling characteristics and systems operations. The company's advanced data acquisition system has enabled Eclipse to learn a significant amount about the aerodynamic and systems performance of the jet within a relatively short time period. After completing the development testing of Eclipse 500 aerodynamics and systems with the interim engines, subsequent flight test aircraft will be used for certification flight testing with the Pratt & Whitney Canada engines, which will be available in late 2004. Altogether there are eight test aircraft, six of which will fly and two of which will be used for structural testing.
Eclipse Aviation is in the business of designing, certifying and producing modern, affordable jet aircraft that will revolutionize the transportation market. The company is applying advanced electronics systems, manufacturing and business practices to produce aircraft that cost less than a quarter of today's small jet aircraft, will be significantly safer and easier to operate than those of today, and have the lowest cost of ownership ever achieved in a jet aircraft.
The goal of Eclipse is to bring the word "personal" into aviation, making it possible for commercial air passengers to move directly between cities on a quick, affordable and convenient basis. It will also allow pilot owners to enter the world of jet-powered aviation.