Singaporean Conglomerate Acquires Israeli-Founded Electric Plane Startup Eviation Aircraft

Singapore-based conglomerate Clermont Group has acquired Israeli-founded electric plane startup Eviation Aircraft, buying a 70-percent stake in the company.

Clermont Group said the agreement to purchase the shares was first entered into in January. The financial terms of the deal were not disclosed

Founded in 2016, Eviation Aircraft is developing and manufacturing efficient electric aircraft to make electric aviation a viable, sustainable, and affordable option in the mobility space. Earlier this year, Eviation Aircraft debuted its full-scale, all-electric, nine-passenger commuter airplane Alice at the 53^rdannual Paris Air Show in June. It stole the show.

The Alice prototype has been dubbed the world’s first electric commuter plane, and Eviation Aircraft CEO Omer Bar-Yohay revealed at the time that Massachusetts-headquartered regional airline Cape Air would be the company’s first customer. Cape Air operates 92 fleets in 35 cities throughout the US and Carribean, including Hyannis, Nantucket, and Martha’s Vineyard.

Clermont Group also owns electric engine company magniX, according to reports.

Clermont Group chairman Richard Chandler was quoted as saying that “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,” he added.

Last year, Eviation Aircraft won in the transportation category of Fast Company’s 2018 World-Changing Ideas Awards.