Singapore’s Clermont closes Eviation acquisition
The Clermont Group, based in Singapore, said it has completed its acquisition of Israel-based Eviation Aircraft. The companies originally entered into the deal in January. Clermont has been issued equity equal to 70 percent of Eviation’s share capital on a fully diluted basis. Financial terms were not disclosed.
Eviation is one of several companies working to become the first-to-market manufacturer of an all-electric propulsion aircraft, named Alice. Alice, which targets middle-mile commutes of up to 650 miles, was unveiled at the Paris Air Show in June this year. At the show, Eviation also announced its first commercial contract with Cape Air, and expects to begin shipping the aircraft for commercial use in 2022.
Clermont Aerospace also owns magniX, an electric engine company. magniX recently announced a programme with Harbour Air, Canada’s largest seaplane operator, to certify its magni500 motor. The smaller magni250 motors will power Eviation’s Alice.
Richard Chandler, chairman of The Clermont Group, said: “Today marks an exciting new chapter for Clermont Aerospace. Eviation and magniX are two highly complementary platforms both focused on making the dream of sustainable flight a reality. Electric airplanes will shape the future of the aviation and transportation industries making air travel cleaner, cheaper and more efficient. We are at the dawn of a new era in aviation and Clermont is investing in innovation to lead this transformation.”
Omer Bar-Yohay, CEO of Eviation, said: “Eviation is delighted to be joining the Clermont Aerospace family. 2019 has been a pivotal year for everyone at the company – we debuted our first electric aeroplane Alice, announced a partnership with magniX and secured our first commercial contract with Cape Air. Clermont’s investment and expertise in business-building will enable us to accelerate our growth and take Eviation to new heights. As part of the Clermont Aerospace division, we are working together to realise our shared vision of a new era for air travel.”
The Clermont Group is an international business group with its headquarters in Singapore. The company builds and invests in businesses in healthcare, financial services and aerospace.