Reportedly, Berkshire Hathaway’s private aircraft firm NetJets has halted plans to add supersonic jets to its fleet as Boeing Co (BA)-backed Aerion failed to raise funds for production. The world’s largest private jet company, NetJets informed in March that it had obtained purchase rights for 20 of Aerion’s AS2 aircraft.
“In the current financial environment, it has proven hugely challenging to close on the scheduled and necessary large new capital requirements to finalize the transition of the AS2 into production,” Aerion said in a statement.
NetJets supersonic fleet plans were on hold, after Aerion’s announcement, over financing issues.
“However, we remain interested in the future of supersonic aircraft and will investigate other ventures,” it said in a statement to Reuters.
Boeing, which made a strategic investment in Aerion in 2019, stated: “While we are disappointed Aerion could not secure additional funding to continue their work, we remain committed to working with innovative and creative partners who, like Aerion, continue to push limits on groundbreaking technology.”
Dow 30 component Boeing (NYSE: BA) is the world’s largest aerospace company and leading manufacturer of commercial jetliners and defense, space, and security systems. To learn more about Boeing (BA) and to track its ongoing progress please visit the Vista Partners Boeing (BA) Coverage Page.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
Stay Informed! Stay Competitive! Please join us at Vista Partners, and receive our FREE email updates throughout the week and view our exclusive content and research.