Japan-based Fuyo General Lease Co (FGL) has undertaken a third-party allocation of new shares in electric aircraft developer Bye Aerospace, and has entered into a capital alliance to support its business.

Bye Aerospace is working to develop and manufacture a family of 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 single engine piston aircraft in operation in the US 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, which is equal to about 10 per cent of Japan's CO2 emissions in fiscal year 2019.

Fuyo Lease Group has identified aircraft as one of its strategic fields in its 'Frontier Expansion 2021' medium-term management plan. Through its investment in Bye Aerospace, it will work to expand the aviation business field by grasping the trends of global innovation in zero-emission technologies and contribute to the decarbonisation of aviation.

The Fuyo Lease Group is dedicated to helping build a more sustainable society by implementing the concept of creating shared value, which aims to grow its companies while proactively addressing social issues.