Surf Air Mobility Orders 100 Cessna Grand Caravan EX Aircraft; Stock Up In Pre-market

(RTTNews) - Electric aviation company Surf Air Mobility Inc. (SRFM) announced on Tuesday that it has placed an order for 100 Cessna Grand Caravan EX Aircraft with Textron Aviation Inc., a Textron Inc. (TXT) company.

Deliveries of the first 20 Cessna Grand Caravan EX aircraft are expected to begin in the first half of 2024.

Surf Air Mobility will also be the exclusive provider of certain battery electric and hybrid electric powertrain technology for the Cessna Grand Caravan made by Textron Aviation. Surf Air Mobility is targeting FAA supplemental type certification in 2026 by upgrading Cessna Grand Caravan EX single-engine turboprops to Surf Air Mobility's proprietary electric or hybrid-electric powertrain technology.

Through this agreement the company plans to make electrified aircraft broadly available to new and existing operators, and bring the benefits of lower cost, lower emission air travel at scale to customers.

The company believes this agreement will reduce direct operating costs by 25-50 percent, reduce environmental impact of flying, enable Cessna Grand Caravan owners and operators to upgrade to the electric or hybrid powertrains.

In pre-market activity, shares of Surf Air Mobility are trading at $1.84 up 3.95% on the New York Stock Exchange and shares of Textron closed at $78.8 up 1.40%.