- Rose Cay plans to acquire existing aircraft, convert them using ZeroAvia's hydrogen-electric powertrain system, and lease them to operators.
- Rose Cay intends to support the Energy Transition through the deployment of hydrogen infrastructure at airports worldwide.
- The deal includes a conditional purchase order for up to 250 engines with deliveries beginning as early as 2024.
DELAWARE and KEMBLE, United Kingdom and HOLLISTER, Calif., Nov. 9, 2021 /PRNewswire/ -- ZeroAvia, a leader in zero-emission passenger aircraft, today announced an Aircraft and Infrastructure financing collaboration with Rose Cay GP, LLP ("Rose Cay"), a US-based real asset special situations investment platform.
"Rose Cay is committed to the Energy Transition and development of a sustainable, zero-emission airline industry. Rose Cay is uniquely poised to leverage both our experience in infrastructure investments as well as aircraft financing to enable ZeroAvia to deliver its hydrogen-electric technology. By converting existing aircraft, we can minimize lifecycle environmental impacts, while concurrently accelerating zero-emission hydrogen aircraft entry into service," said Alex J. Parker, Managing Partner at Rose Cay. "We are delighted to work with ZeroAvia for the long term, as a leader in the development of zero-emission aircraft."
Rose Cay and ZeroAvia plan to bring to market zero-emission aircraft to operators worldwide. Rose Cay would provide the capital to fund aircraft acquisition, ZeroAvia hydrogen-electric powertrain systems, and conversion costs for lease customers. Together with ZeroAvia, Rose Cay also intends to develop airport infrastructure projects, with committed offtake agreements, to ensure hydrogen availability.
"Working with Rose Cay will help us deliver zero-emission aircraft to market in the shortest time frame. By acquiring, converting and leasing, stored available aircraft we can ensure operators can take advantage of our zero-emission powertrain technology without having to wait for new aircraft to be built. In addition, having Rose Cay supporting infrastructure projects ensures we can deliver a robust in-service support network," said Val Miftakhov, CEO and founder of ZeroAvia.
Recently, ZeroAvia also successfully ground-tested its 600kW powertrain capable of flying airframes 10-20 seats in size 500 miles, in a 19-seat aircraft at Cotswold Airport in the UK, with flight testing planned over the coming months. Concurrently, ZeroAvia is also moving to full-size prototype manufacturing of its ZA2000 - an engine family capable of producing between 2,000 and 5,000 kilowatts of power to support up to 90 seat aircraft over 500 nautical miles - for flight testing demonstrations starting in 2023.
About ZeroAvia
ZeroAvia is a leader in zero-emission aviation, focused on hydrogen-electric aviation solutions to address a variety of markets, initially targeting 500 mile range in 9-19 seat aircraft used for commercial passenger transport, cargo, agriculture, and more. Based in the UK and USA, ZeroAvia has already secured experimental certificates for two prototype aircraft from the CAA and FAA, passed significant flight test milestones, and is on track for commercial operations in 2024 for its 600kW engines, and 2026 for its 2,000-5,000kW engine platform. The company's expanding UK operations are supported by grants from UK's Aerospace Technology Institute and Innovate UK, and ZeroAvia is part of the UK Prime Minister's Jet Zero Council. For more information, please visit ZeroAvia.com and follow @ZeroAvia on Twitter, Instagram, and LinkedIn.
About Rose Cay
Rose Cay GP, LLC ("Rose Cay") is a real asset special situations investment platform. Rose Cay targets opportunities across forward looking sectors that are poised for growth and offers a stable credit profile. Investments seek to leverage best-in-class ESG compliance, global trends, technology, and core assets to deliver long-term value.
This press release does not constitute an offer to sell or the solicitation of an offer to purchase any securities.
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