Aircraft startup Electra to invest $850 million to build Ohio factory
Aircraft startup Electra to invest $850 million to build Ohio factory FARNBOROUGH, England, July 21 (Reuters) - Hybrid-electric aircraft startup Electra said Tuesday it will invest $850 million to build a production facility to assemble its nine-passenger hybrid-electric aircraft in Springfield, Ohio.
The company, backed by Honeywell, Safran and other major investors, said the move will help get the EL9 Ultra Short from development into significant commercial production and create 1,975 jobs. The EL9 is a fixed-wing aircraft that uses hybrid-electric propulsion to take off and land in as little as 150 feet and aims to bring air travel for point-to-point routes up to 250 miles that might otherwise be served by cars in a new category called "Direct Aviation" using access points
such as parking lots, barges, and sports fields.
The company is working to win FAA certification and expects to have its first flight in late 2027 or 2028. The initial phase will support capacity for up to 400 aircraft per year.
Electra investors include Lockheed Martin Ventures LMT.N, Honeywell HONA.O and Safran Corporate Ventures SAF.PA.
(Reporting by David Shepardson)
((David.Shepardson@thomsonreuters.com; 2028988324;))
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