Surf Air To Fund Hybrid-Electric Fleet Conversion Plan Through Initial Public Offering

The company is also set to acquire regional airline Southern Airways and convert its Grand Caravan fleet to hybrid-electric propulsion.

Surf Air wants to convert Cessna Grand Caravan aircraft to hybrid-electric propulsion. — Surf Air Mobility's IPO-funded expansion plans focus on converting Cessna Grand Caravan aircraft to hybrid-electric propulsion, using a powertrain developed by MagniX. (Image: Surf Air Mobility)

By Charles Alcock • Managing Editor

May 18, 2022

Flight booking platform Surf Air Mobility (SAM) intends to go public after combining its business with special purpose acquisition company Tuscan Holdings. In a May 18 announcement, the company said it expects to raise around $467 million to fund its effort to introduce electric aircraft to the fleets of its partner operators.

SAM’s plans are focused on converting Cessna Grand Caravan turboprop aircraft to a hybrid-electric propulsion system being developed by MagniX in partnership with airframe modifications specialist and systems integrator AeroTec. The California-based company said it will now support efforts to bring this modification to market under a supplemental type certificate (STC) that it will own.

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