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Bye has funds to build production prototypeBye has funds to build production prototype

Bye Aerospace announced July 13 that recent venture capital investments will allow construction of the first production-conforming prototype of the all-electric, two-seat eFlyer 2.

Photo courtesy of Bye Aerospace.

The coronavirus pandemic and related disruptions did not derail closing two investment deals that each infused $5 million into CEO George Bye’s effort to be the first to achieve FAA certification for an electric aircraft, the company noted in a press release, hinting that the global health emergency caused by the coronavirus might become part of the sales pitch for the eFlyer series. (Bye also hopes to certify a four-seat version, the eFlyer 4.)

“Electric flight is the future of air travel, and even more so now following the coronavirus outbreak, especially as the demand for affordable, smaller, greener aircraft increases,” said Chrysanthe Gussis, a member of the Bye Aerospace strategic advisory board, in the news release. “We are seeing more investors recognize the vision of Bye Aerospace as a leader in this sector.”

Bye noted in the same news release that the “due diligence” had been largely completed before stay-at-home orders locked down most of the country, and progress has continued.

“Since raising the $10 million we have completed critical design review in early June and are now underway with multiple test flights of the eFlyer 2 technology demonstrator,” Bye said. “Next, we will be solidifying our supply chain relationships to begin assembly on Serial #001, the first production-conforming eFlyer 2 aircraft.”

Independent analysts have noted an increase in demand for charter flights, likely driven in part, at least, by coronavirus concerns, and the limited opportunities for social distancing in commercial aircraft and airports. It remains to be seen if that factor will drive demand for light aircraft, particularly once a vaccine is available to all.

AOPA ePublishing staff

AOPA ePublishing Staff editors are experienced pilots, flight instructors, and aircraft owners who have a passion for bringing you the latest news and AOPA announcements.
Topics: Electric, Financial

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