Icon raises $60 million to produce A5

June 20, 2013

Icon has raised $60 million to build the A5. Photo courtesy Icon Aircraft.

A final round of fundraising has netted Icon Aircraft $60 million in investment capital to support “regulatory compliance” and ramp up production of the new A5, the Los Angeles-based company announced June 20.

“We are thrilled to have the support of such a distinguished and passionate group of investors,” said founder and CEO Kirk Hawkins in a news release. Icon raised those dollars from investors in North America, Europe, and, for the first time, Asia, the company noted. While not naming names, Icon reported the Asian investor is a multibillion-dollar conglomerate well established in China’s general aviation industry.

There has been no word, yet, from the FAA on Icon’s request for an exemption to the light sport aircraft weight limits. Icon cited safety benefits including a spin-resistant design in seeking a 250-pound increase to the LSA limit for amphibious aircraft. A competitor’s complaint to Speaker of the House John Boehner (R-Ohio) has meanwhile triggered a congressional inquiry into the weight exemption request.

Icon has collected nearly 1,000 deposits on the A5, and Hawkins thanked those early buyers for their patience amid delays, according to the news release.

“This has been a longer and more challenging journey than even we had anticipated; that said, ICON is now in a great place,” Hawkins wrote. “For everyone who has kept the faith, remained a great wingman, and waited patiently for the A5, you’re going to get the most amazing sport aircraft ever created.”