AeroCourier Aircraft is to step up efforts to secure funding for its AeroCourier 10-seat single- engined turboprop concept. The Wichita, Kansas-based company is in need of an initial tranche of $1 million to complete the aircraft pre-design and a detailed cost analysis for investors.
John Guernsey, co-founder of AeroCourier and vice president of engineering and certification, says: "The pre-design will give us a rough idea of how much the aircraft will cost to develop, certificate and manufacture and what the unit price might be."
AeroCourier's six original founders planned in early 2001 to built and certificate the proposed high-wing aircraft in Indonesia through a bilateral agreement between Indonesia and the US Federal Aviation Administration, says Guernsey.
"But we later found out that the bilateral was dormant and in order to make the aircraft marketable in the USA following 11 September, we knew it would have to be built and certificated in the USA."
Three founders dropped out of the programme last year and a decision was made to develop the aircraft in Wichita. Guernsey adds: "We estimate that $70 million should fund the programme through to certification and first deliveries."
AeroCourier is also targeting a unit price of under $1 million. He says: "It is extremely difficult to get funding due to the failures of so many start-ups. Investors want a quick return on their money so long-term finance is hard to find."
The company's business plan is built around the growing passenger and express delivery markets. Atlanta, USA-based charter company Airshares Elite placed a launch order for 20 aircraft "which still stands", Guernsey says.
Source: Flight International
