Surf Air Mobility Inc. is an American aviation company focused on regional flying. The company plans to develop electric and hybrid powertrains to upgrade existing aircraft. Surf Air Mobility is the parent company of Surf Air, a charter flight operator, and two airlines, Mokulele Airlines and Southern Airways Express.
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| Company type | Public |
|---|---|
| NYSE: SRFM | |
| Industry | Aviation |
| Founded | February 2020 |
| Founders |
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| Headquarters | , United States[1] |
Area served | North America |
Key people | |
| Revenue |  US$61 million (2023) |
 US$(197) million (2023) | |
| US$(251) million (2023) | |
| Total assets | US$111 million (2023) |
| Total equity |  US$(78) million (2023) |
Number of employees | 833 (2023) |
| Subsidiaries | |
| Website | surfairmobility |
| Footnotes / references Financials as of December 31, 2023[update]. References:[2] | |
History edit
Surf Air Mobility was formed in February 2020 following the acquisition of BlackBird Air.[3] The company also controls Surf Air, a private air travel company providing the ability to access short-haul regional flights that range from 50 to 500 miles.[4][5]
In September 2020, Surf Air Mobility secured a commitment for $200 million in funding from Global Emerging Markets Group (GEM).[6][7]
In February 2021, Surf Air Mobility entered an agreement to acquire Ampaire,[8][9] an electric aviation company that develops hybrid-electric powertrains for aircraft such as the Ampaire Electric EEL based on the Cessna 337 and the Cessna Grand Caravan.[10][11][12] The agreement has since been called off.[13]
In July 2021, Surf Air Mobility announced that it has entered into an exclusive relationship with Textron Aviation in which Textron Aviation will support Surf Air Mobility's development of an electrified Cessna Grand Caravan, beginning with a hybrid electric Cessna Grand Caravan aircraft.[14][15] Surf Air Mobility has agreed to purchase up to 150 Cessna Grand Caravan EX single-engine turboprops,[16] with an initial fleet order of 100 aircraft and an option for 50 more.[17][18]
In July 2023, Surf Air Mobility went public on the stock market through a direct listing on the New York Stock Exchange.[19] A decision many finance outlets described as risky.[20][21][22] As part of Surf Air Mobility's debut on the stock market, it completed its acquisition of Southern Airways Express in August 2023.[23]
References edit
- ^ "Surf Air Secures $200 Million in Funding Ahead of IPO | Los Angeles Business Journal". Los Angeles Business Journal.
- ^ "Surf Air Mobility Inc. 2023 Annual Report (Form 10-K)" (PDF). U.S. Securities and Exchange Commission. March 29, 2024.
- ^ "Surf Air Acquires BlackBird Air | Los Angeles Business Journal". Los Angeles Business Journal.
- ^ Siebenmark, Jerry. "Surf Air Targets Short-haul Flights with BlackBird Buy". Aviation International News.
- ^ "Surf Air's Ampaire Acquisition Could Speed Up Hybrid-Electric Aviation". Aviation Week & Space Technology.
- ^ "Surf Air Says It Secured $200 Million As It Plans To Go Public". Forbes.
- ^ "Surf Air Mobility Lands $200M IPO-linked Funding Boost". Aviation International News.
- ^ "Hybrid Electric Aviation Pioneer Ampaire To Be Acquired By Surf Air". Forbes.
- ^ "Surf Air Mobility To Acquire Ampaire". AVweb. February 19, 2021.
- ^ "Surf Air Mobility to Acquire Electric Aviation Pioneer Ampaire". Flying.
- ^ "Hybrid Electric Aviation Pioneer Ampaire To Be Acquired By Surf Air". Forbes.
- ^ Bogaisky, Jeremy. "Prius Of The Skies? Cessna To Offer Hybrid Version Of Workhorse Caravan Utility Plane In Tie-Up With Surf Air". Forbes. Retrieved September 17, 2021.
- ^ Perry, Dominic (April 27, 2022). "Surf Air pulls plug on Ampaire purchase". Flight Global. Retrieved November 7, 2023.
- ^ Thurber, Matt. "Surf Air Mobility Bets Big on Hybrid-electric Caravan". Aviation International News. Retrieved September 17, 2021.
- ^ "Surf Air Mobility to electrify Cessna Grand Caravan EX aircraft". Aerospace Manufacturing and Design. Retrieved September 17, 2021.
- ^ "Electric Cessna Grand Caravan in Development to Fly by 2024". Aviation Today. July 20, 2021. Retrieved September 17, 2021.
- ^ Wayne, Gary Lee Ray (July 26, 2021). "Surf Air Mobility & Textron to develop hybrid Cessna". electrive.com. Retrieved September 17, 2021.
- ^ "Surf Air Mobility Bets Big on Electric". Business Jet Traveler. July 22, 2021. Retrieved September 17, 2021.
- ^ "Surf Air Mobility Lists Shares, Giving Hope That a Key Venture Exit Door Is Reopening". WSJ.com. July 27, 2023. Retrieved January 30, 2024.
- ^ "Surf Air's Rough Debut a Cautionary Tale for Direct Listings". news.bloomberglaw.com. Retrieved November 7, 2023.
- ^ Kuruthukulangara, Jessica (July 28, 2023). "Direct listing of Surf Air Mobility gets cold reception | Seeking Alpha". seekingalpha.com. Retrieved November 7, 2023.
- ^ Le Marquand, Yves (July 31, 2023). "Surf Air Mobility's share price continues to drop". Corporate Jet Investor. Retrieved November 7, 2023.
- ^ "Surf Air Mobility Announces the Successful Completion of its Acquisition of Southern Airways". www.businesswire.com. August 2, 2023. Retrieved November 7, 2023.
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