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In the investment world, few names carry as much weight as Cathie Wood.
Renowned for her visionary strategies and keen eye for disruptive technologies, Wood’s Ark Investments has made waves with her recent investments in the electric aviation sector.
Archer Aviation (NYSE: ACHR), an electric aircraft developer backed by industry heavyweights Boeing and United Airlines, saw a surge in interest after Wood's investment of over $30 million in August.1
Archer develops electric vertical takeoff and landing (eVTOL) aircraft for urban landscapes with the purpose of establishing a reliable air taxi service. Last summer, the Federal Aviation Administration issued the company's flagship Midnight eVTOL a Special Airworthiness Certificate, allowing it to begin test flights. Archer intends to commence piloted "for credit" flight testing in early 2024 with the goal of obtaining FAA Type Certification.
In addition to her investment in Archer Aviation, Wood has also set her sights on Joby Aviation, a leader in the race to develop all-electric air taxis.
Through her company Ark Invest, Wood acquired nearly $2 million worth of shares in Joby Aviation (NYSE: JOBY), recognizing the company's potential to transform urban mobility with its innovative technology.
Joby Aviation just announced a significant deal with Dubai’s Road and Transport Authority (RTA) to introduce air taxi services in the Emirate by early 2026, with initial operations targeted for 2025.2
This exclusive agreement, signed at the World Governments Summit in Dubai, grants Joby Aviation the sole rights to operate air taxis in Dubai for six years, positioning the city as a global leader in clean and efficient air travel. With the support of the RTA, including financial backing, Joby aims to establish and expand its service operations seamlessly in Dubai.
Amidst the excitement surrounding Archer and Joby, another player has quietly emerged as a frontrunner in the air taxi electrification race: Surf Air Mobility Inc. (NYSE:SRFM).
Surf Air Mobility is the largest commuter airline in the US based on scheduled departures, flying more than 450,000 passengers on ~75,000 flights to 48 destinations in the US in 2022. The company also generated over $100 million in revenue, and has plans to electrify regional air travel across the US and beyond.
Unlike its competitors, Surf Air Mobility is taking a different approach. Instead of building electric aircraft from scratch, the company is focused on upgrading existing aircraft with fully electric and hybrid-electric engines once its proprietary powertrain technology is certified. This strategic decision can not only accelerate the electrification process but also leverages the proven reliability and existing market adoption of the Cessna Grand Caravan aircraft, setting Surf Air Mobility apart in the rapidly evolving landscape of electric aviation.
Pioneering the Future of Air Travel
Surf Air Mobility's recent collaboration with Electra.aero Inc., a next-gen aerospace company, further solidifies its position as a leader in the electrification of air travel. The partnership will utilize Electra’s hybrid-electric short takeoff and landing (eSTOL) aircraft within Surf Air’s tech-based on-demand air mobility service and its Aircraft-as-a-Service (ACaaS) offering.
Surf Air Mobility is also expanding its electrification strategy globally through recent partnerships in Africa and South America. The company's collaboration with Z.Boskovic Air Charters, a prominent figure in Kenya's private charters, safari, freight, and corporate travel scene, marks a significant milestone in its electrification efforts. The agreement entails upgrading Z.Boskovic's existing and forthcoming fleet of Cessna Caravans with Surf Air's electrified powertrain technology once certified.
With Z.Boskovic's current fleet of 13 Cessna Caravans already operational, the company plans to bolster its fleet with two additional Caravan aircraft by the end of 2024, solidifying its status as Kenya's largest charter operator of Cessna Caravans.
Surf Air Mobility's partnership with Safarilink, an airline connecting domestic scheduled flights to destinations within Kenya and Tanzania, and Yellow Wings Air Services, a Kenyan air operator serving over 500 airfields throughout the East Africa region, further strengthens its position in the African market.
The agreement will see Surf Air Mobility upgrade existing Cessna Grand Caravan aircraft in Africa with its proprietary electrified powertrain technology once certified, marking a monumental milestone in its efforts to expand its global footprint and accelerate the adoption of electric aviation technology worldwide.
With a proven track record of success, a dynamic management team, and a clear vision for the future, Surf Air Mobility is poised to become a key player in the electric aviation sector.
As investors seek opportunities in the electric aviation sector, Surf Air Mobility offers an opportunity for those looking to invest in the future of sustainable transportation.
Click on this link or read their corporate presentation to learn more about Surf Air Mobility Inc. (NYSE:SRFM).
Footnotes:
[1] https://www.thestreet.com/investing/stocks/cathie-wood-jim-cramer-technology-stocks-investing-joby-aviation-sell
[2] https://www.stockwatch.com/News/Item/U-b20240211538091-U!JOBY-20240211/U/JOBY
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