Gyroplane developer Groen Brothers Aviation (GBA) has signed a memorandum of understanding with the state government of Aragon, Spain to form a joint venture to complete certification and set up production of the Hawk 5 rotorcraft.
President and chief executive David Groen says GBA has been talking to Aragon for seven years, and a deal has not yet been agreed. He expects the state to present its formal offer by the end of January.
Plans call for the joint venture, using a combination of Spanish state, federal and private investment, to acquire the rights to the Hawk 5 and its derivatives. GBA would then be funded to complete US Federal Aviation Administration certification of the five-seat, single-turbine gyroplane, work on which was suspended when US investor funds dried up after 9/11.
"We have been close a couple of times, but we could not get an agreement acceptable to our shareholders," says Groen. "I have pretty high expectations that we can form a joint venture in Spain." There is also interest from Russia and South Korea that has "real potential", adds Groen.
Salt Lake City, Utah-based GBA expects to receive a combination of cash and shares from the joint venture in return for the Hawk 5 technology, manufacturing and marketing rights. It had signed up 10 dealers and taken cash deposits on 140 aircraft when it suspended certification work, says Groen, and the deal would allow the sales network to be re-established.
GBA is still flying its two prototype gyroplanes, and is converting the original piston-engined Hawk 4 to a Rolls-Royce 250 turbine-powered Hawk 5. Improvements include a composite tail.
GBA is converting the piston-engined Hawk 4 to a turbine-powered Hawk 5
Source: Flight International
