Japan’s FGL invests in Bye Aerospace

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The eFlyer 800. (IMAGE: Bye Aerospace)

New New SingaporeJapanese conglomerate Fuyo General Lease (FGL) has invested in electric aircraft maker Bye Aerospace through a third-party allocation of new shares and has entered into a capital alliance to support its business. Specific financial details of the deal were not disclosed.

Amid global demand for measures to combat climate change, the aviation industry is also making efforts to achieve decarbonisation, such as the International Air Transport Association (IATA) adopting a target of zero greenhouse gas emissions by 2050 and through other developments like electric aircraft, hydrogen powered aircraft and the spread of sustainable aviation fuels (SAF) are also accelerating.

The eFlyer 4. (PHOTO: Bye Aerospace)

Bye Aerospace is working to develop and manufacture small electric aircraft, the “eFlyer” series, that can achieve zero emissions, training for new pilots and inter-regional air passenger and cargo transport at significantly lower costs. The global electrification of small aircraft, of which there are approximately 130,000 one-engine piston aircraft in operation in the U.S. alone (as of the end of 2019), is expected to reduce CO2 emissions by the equivalent of 135 million tons per year (based on Bye Aerospace’s estimations); (equal to about 10% of Japan’s CO2 emissions in fiscal 2019).

FGL has identified aircraft as one of its strategic fields in its medium-term management plan “Frontier Expansion 2021”. Through its investment in Bye Aerospace, it plans to work to expand the aviation business field by focusing on zero-emission technologies.

The Fuyo Lease Group said it is dedicated to helping build a more sustainable society by implementing the concept of Creating Shared Value (CSV), which aims to grow as a company while proactively addressing social issues.

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