Flight booking platform Surf Air Mobility (SAM) intends to go public after merging its operations with special purpose vehicle Tuscan Holdings, the companies announced today. SAM expects the deal to raise around $467 million to fund its efforts to introduce electric aircraft to its partner operators’ fleets.
The transaction, which is expected to close in the second half of this year, was announced just weeks after confirmation that a previous plan for Surf Air to acquire rival powertrain developer Ampaire from MagniX had been scrapped.
SAM’s plans now focus on converting Cessna Grand Caravan turboprop singles to a hybrid-electric propulsion system being developed by MagniX in collaboration with airframe modification specialists and systems integrator AeroTec. California-based company SAM said it will now support efforts to bring this modification to market under its own STC.
In a related deal, SAM will acquire US regional airline Southern Airways, which operates a fleet of Grand Caravans, to expand the Surf Air network. It also announced this week a partnership with Signature Aviation, with the FBO chain providing its facilities and services, including sustainable aviation fuel, to Surf Air flights. Signature also intends to develop infrastructure for charging future electric aircraft as part of this collaboration.
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