Regent, a startup developing electric seagliders, has received a $60 million Series A investment, spearheaded by 8090 Industries and Peter Thiel's Founders Fund. Additionally, Japan Airlines provided financing and established an alliance with the startup to explore bringing their airborne ferries to Japan's waterways. Billy Thalheimer, the firm's co-founder and Chief Executive, declared that the new capital will be used for the recruitment of personnel, plus the designing and testing of full-scale models.
Regent, a startup that has developed electric seagliders to transport people and goods, has gained an influx of $60 million in venture funding and established a partnership with Japan Airlines to explore the possibility of its flying electric ferries being brought to Japan's waterways. 8090 Industries co-led the series A funding round alongside Founders Fund, Peter Thiel's investment vehicle, with contributions also coming from Japan Airlines Innovation Fund and Point72 Ventures. This has brought the company's total capital raised to-date to $90 million, according to Regent co-founder and CEO Billy Thalheimer.Reaching two major accomplishments, as was previously mentioned by CNBC, Regent created a quarter-scale prototype and conducted a series of trials in Rhode Island's Narragansett Bay to demonstrate the capability of its seagliders, officially called wing-in-ground-effect craft (WIGs). It was able to successfully travel out of the harbour at a slow speed, before soaring above the ocean's surface at around 50 mph and a height of 10 feet, in a variety of weather conditions.The commercial model of the battery powered seaglider, named the Viceroy, will be able to reach speeds of up to 180 mph and travel a distance of 180 miles. The organization constructed a full-scale version of the Viceroy and a simulator room at its headquarters where people can occur the virtual experience of the seaglider travelling over any waterway of their choice. Thalheimer added, "You can build as many decks or pitches as you want but this is the experience that unlocks excitement."
Eventually, it will be possible to board Regent seagliders just as one would a ferry or water taxi. In addition to using the WIGs as a mode of transport for coastal communities, the organization plans to sell them to parties providing cargo delivery, search and rescue, offshore logistics, security and defense services. Several businesses such as Mesa Airlines, Brittany Ferries and FRS have signed contracts to buy seagliders from Regent, and the company anticipates making a total of $8 billion in future revenue. Southern Airways is all set to take delivery of the initial Viceroy, and will be using it for its Mokulele Airlines, which presently offers island-to-island trips throughout Hawaii.The CEO has declared that the new funding will be used to employ more personnel, as well as to construct and examine complete prototypes of the Viceroy along with all the essential safety systems that have to be present for the seagliders to accommodate passengers. At present, Regent has 55 full-time workers, the majority of which are drawn from renowned outfits such as SpaceX and Bureau Veritas.The company is also in the process of creating a 100-seater seaglider, called the Monarch, which is in its early designing phase. With all the necessary regulatory approbations, Regent anticipates its Viceroy seagliders (with a capacity of 12) to go into effect and be usable within a period of two to three years; whereas the Monarch seagliders are expected to become operational by 2030.
Rayyan Islam, general partner at 8090 Industries, co-led the series A investment in Regent after recognizing the demand for its seagliders and the startups' success in prototyping and verifying the efficiency of the Viceroy. According to Islam, his firm believes that an industrial revolution is upon us, where decarbonization needs to be implemented in a way that is advantageous to businesses. The seagliders can reduce the greenhouse gas emissions from short-haul flights and eliminate other emissions from boats and water taxis that commonly rely on diesel. Moreover, the investor foresees Regent seagliders carrying passengers or tools to build, observe, or maintain offshore energy productions, including old-fashioned oil rigs and grand wind turbines.
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