Singapore-based The Clermont Group has completed its acquisition of the Israeli firm Eviation Aircraft, for an undisclosed sum.
The deal was originally entered into in January and has seen Clermont been issued equity equal to 70% of the business.
Eviation is currently in the race to become the first-to-market manufacturer of an all-electric propulsion aircraft, named Alice - which targets middle-mile commutes of up to 650 miles.
In addition, Eviation also announced its first commercial contract with Cape Air, and expects to begin shipping the aircraft for commercial use in 2022.
Clermont Aerospace owns electric engine company magniX, which recently announced a programme with Harbour Air, Canada’s largest seaplane operator, to certify its magni500 motor. The smaller magni250 motors will power Eviation’s Alice.
Richard Chandler, chairman of The Clermont Group, said: “Today marks an exciting new chapter for Clermont Aerospace. Eviation and magniX are two highly complementary platforms both focused on making the dream of sustainable flight a reality. Electric airplanes will shape the future of the aviation and transportation industries making air travel cleaner, cheaper and more efficient. We are at the dawn of a new era in aviation and Clermont is investing in innovation to lead this transformation.”
Omer Bar-Yohay, CEO of Eviation added that he is "delighted" by the transaction and describes 2019 as a pivotal year for the firm.
He said: “Eviation is delighted to be joining the Clermont Aerospace family. 2019 has been a pivotal year for everyone at the company – we debuted our first electric aeroplane Alice, announced a partnership with magniX and secured our first commercial contract with Cape Air.
"Clermont’s investment and expertise in business-building will enable us to accelerate our growth and take Eviation to new heights. As part of the Clermont Aerospace division, we are working together to realise our shared vision of a new era for air travel.”