Luxembourg-based private alternative investment group GEM Global Yield has increased its investment commitment in gyronautics developer Skyworks Aeronautics Corp to $200 million.
Under the agreement, GEM will now provide Skyworks with a share subscription facility of up to $200 million for a 36 month term following a public listing of the Skyworks Aeronautics common stock. Skyworks will control the timing and maximum amount of drawdowns under this facility and has no minimum drawdown obligation. Concurrent with a public listing of Skyworks Aeronautics shares, Skyworks will issue warrants to GEM to purchase up to three per cent of the common stock of the company.
"Skyworks Aeronautics looks forward to continuing to work with GEM as we continue to bring our cutting-edge aircraft to market," says Skyworks co-founder and executive chairman Steve Stevanovich. “We think that GEM is an excellent partner that believes in our vision and understands the promise and potential of our technology.”
Skyworks Aeronautics will use the funds to move forward with the commercialisation of its cutting-edge gyroplane aircraft, the eGyro electric air taxi geared towards urban air mobility and the 400 mph VertiJet VTOL aircraft that competes directly with helicopters but at a much higher speed, longer range and lower operating cost.
“We are very excited about our diverse portfolio of gyro capabilities, which we believe position us exceptionally well to provide safe, affordable and extremely capable vertical lift and progressive electric alternatives to nations across the globe,” says co-founder and CEO Brigadier General (retired) John Michel.
Besides adding to its aircraft certification team and starting its certification efforts last year, including adding Jeff Bartlett, who has held the roles of head of the Design Organisation and chief of the office of airworthiness for a number of European and UK Design Organisation Approval holders, Skyworks has also assembled a wide array of collaboration partners to produce the eGyro. The eGyro has been designed to leverage the fundamental safety and exceptional performance advantages of a gyroplane to create an eVTOL system that provides a practical, affordable and scalable approach to intra and inter-city passenger and air cargo transport. With a proprietary auto-rotating main rotor design delivering exceptional performance and unprecedented safety, the eGyro overcomes a key limitation of many of today's existing eVTOL system concepts.