Eclipse Aviation has raised $65 million in a second round of private equity investment, which the company says validates the progress it is making in development of the Eclipse 500, six-seat personal jet.
Most of the individuals who provided the initial $60 million in private financing, plus several new investors, participated in the second round, says Eclipse chief executive Vern Raburn. "This shows the investor base is happy with our progress."
Certification is expected to cost more than $300 million. The $125 million raised so far "puts some real distance between us and the competition", Raburn says, referring to other companies' efforts to raise funding to develop similar aircraft.
Raburn says powerplant development of the $837,500 Eclipse, being performed under contract by engine maker Williams International, is "on schedule, under budget, and right on the button when it comes to earned value".
First flight is set for the third quarter of 2002, with US certification and first deliveries in 2003.
Source: Flight International
