Technology
Thursday, October 5th, 2023 2:01 pm EDT
Key Points
- Funding and Partnership: Regent, a startup developing electric seagliders for transporting people and cargo, has raised $60 million in a series A funding round co-led by 8090 Industries and Peter Thiel’s Founders Fund, with participation from Japan Airlines Innovation Fund and Point72 Ventures, among others. This funding brings Regent’s total capital raised to $90 million. The startup has also formed a partnership with Japan Airlines to explore the introduction of its flying electric ferries in Japan’s waterways.
- Technological Milestones: Regent has achieved significant technological milestones, including building a quarter-scale prototype and conducting successful test runs of its seagliders (wing-in-ground-effect craft or WIGs) in Rhode Island’s Narragansett Bay. The prototype demonstrated the ability to “float, foil, and fly” as expected, with the commercial version, the Viceroy, expected to fly at speeds of up to 180 mph and have a range of about 180 miles. Regent has also created a full-scale mockup of the Viceroy and a “sim room” for virtual flying experiences.
- Market Potential and Sustainability: Regent plans to disrupt coastal and island travel by allowing travelers to board seagliders like regular ferries or water taxis. In addition to passenger transport, the company aims to sell seagliders for cargo transport, search and rescue operations, offshore logistics, and security and defense services. Regent has secured orders for more than 500 seagliders, representing approximately $8 billion in future revenue. The startup’s seagliders are seen as a means to reduce greenhouse gas emissions from short-haul flights and maritime transportation while supporting the decarbonization efforts in various industries, including offshore energy development and maintenance. Regent is also developing a larger 100-seat seaglider called the Monarch, with the expectation that the 12-seat Viceroy will be in production and service within two to three years. The Monarch seagliders are expected to be in service by 2030.
Regent, a startup developing electric seagliders for transporting people and cargo, has secured $60 million in venture funding and formed a partnership with Japan Airlines. The series A funding round was co-led by venture fund 8090 Industries and Peter Thiel’s Founders Fund, with participation from the Japan Airlines Innovation Fund and Point72 Ventures, among others. This round brings Regent’s total capital raised to $90 million.
Regent has achieved significant milestones, including building a quarter-scale prototype and conducting test runs in Rhode Island’s Narragansett Bay to demonstrate the functionality of its seagliders, which are technically known as wing-in-ground-effect craft (WIGs). The commercial version, called the Viceroy, will be a battery-powered 12-seater flying at speeds of up to 180 mph with a range of approximately 180 miles.
Regent has also developed a full-scale mockup of the Viceroy and a “sim room” for virtual flying experiences. The company aims to revolutionize coastal and island travel by allowing travelers to board seagliders at docks like regular ferries or water taxis. Besides passenger transport, Regent plans to sell seagliders for cargo transport, search and rescue operations, offshore logistics, security, and defense services.
Several airlines and ferry operators have already ordered Regent’s seagliders, representing over 500 units and $8 billion in future revenue. The company will use the new funding for hiring, building and testing full-scale prototypes, and developing safety systems. Regent expects its Viceroy seagliders to be in production and in service within two to three years, with larger Monarch seagliders in service by 2030.
8090 Industries sees Regent’s seagliders as a way to reduce greenhouse gas emissions from short-haul flights and maritime transportation, contributing to the decarbonization efforts across various industries. The seagliders could also play a role in offshore energy development and maintenance projects.
Regent’s innovative electric seagliders aim to provide sustainable transportation solutions for coastal and island regions while addressing environmental concerns.
For full original article on CNBC, please click here: https://www.cnbc.com/2023/10/05/regent-aims-to-fly-its-electric-seagliders-over-the-waterways-of-japan.html
