Avocet Aircraft LLC and Israel Aircraft Industries Ltd (IAI) have signed an agreement to jointly investigate the development and marketing of the Avocet Professional Jet. This next-generation, six-seater jet will be designed specifically to meet the requirements of the airtaxi and fractional operator markets. It is predicted that it will go on sale at approximately $2 million.

IAI plans to adopt responsibility for the ProJet’s design, engineering, development, production and certification. Avocet plans to handle marketing sales, customer relations, training, delivery and product support. While IAI will be producing the single-pilot twin engine jet, its final assembly is due to take place in the US.

The former chairman and ceo of American Airlines, Bob Crandell said: “The Avocet ProJet programme, like other efforts to build an affordable small jet, will be a substantial challenge. If IAI and Avocet accomplish their goals, I think this new aircraft will have a profound impact on business aviation.”