{"id":125967,"date":"2021-05-21T22:19:43","date_gmt":"2021-05-21T22:19:43","guid":{"rendered":"https:\/\/precoinnews.com\/?p=125967"},"modified":"2021-05-21T22:19:43","modified_gmt":"2021-05-21T22:19:43","slug":"aerion-supersonic-shuts-down-ending-plans-to-build-silent-high-speed-business-jets","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/aerion-supersonic-shuts-down-ending-plans-to-build-silent-high-speed-business-jets\/","title":{"rendered":"Aerion Supersonic shuts down, ending plans to build silent high speed business jets"},"content":{"rendered":"<ul>\n<li>Aerion Supersonic is shutting down, the company confirmed to CNBC.<\/li>\n<li>The Nevada-based company had planned to build business jets capable of silently flying nearly twice as fast as commercial aircraft.<\/li>\n<li>&quot;In the current financial environment, it has proven hugely challenging to close on the scheduled and necessary large new capital requirements&quot; to begin production of its AS2 supersonic jet, the company said in a statement.<\/li>\n<\/ul>\n<p>Aerion Supersonic, the Nevada-based company that planned to build business jets capable of silently flying nearly twice as fast as commercial aircraft, is shutting down, the company confirmed to CNBC on Friday.<\/p>\n<p>&quot;In the current financial environment, it has proven hugely challenging to close on the scheduled and necessary large new capital requirements&quot; to begin production of its AS2 supersonic jet, the company said in a statement.<\/p>\n<p>&quot;Aerion Corporation is now taking the appropriate steps in consideration of this ongoing financial environment,&quot; the company said.<\/p>\n<p>Florida Today first reported the company&#x27;s abrupt closure.<\/p>\n<p>Aerion aimed to fly its first AS2 jet by 2024, with the goal of beginning commercial services by 2026. The company developed a patented technology it calls &quot;boomless cruise,&quot; which it said would allow AS2 to fly without creating a sonic boom \u2013 an issue that plagued the supersonic Concorde jets of the past.<\/p>\n<p>The AS2 was priced at $120 million per jet. Aerion CEO Tom Vice said at a UBS conference in January 2020 that he expected it would cost the company about $4 billion to develop AS2, with $1 billion having been spent at the time to develop an engine.<\/p>\n<p>The company had accrued multiple partnerships along the way \u2013 including with Boeing, General Electric, and Berkshire Hathaway-owned NetJets \u2013 and boasted an $11.2 billion sales backlog for its AS2 jets. Earlier this year Aerion, in press conference with Florida governor Ron DeSantis, unveiled it would build a $375 million manufacturing facility at the Orlando Melbourne International Airport.<\/p>\n<p>An Aerion spokesperson did not respond to requests for comment on what will happen to Aerion&#x27;s assets.<\/p>\n<p><em>Become a smarter investor with\u00a0<\/em><em><strong>CNBC Pro<\/strong><\/em><em>.<\/em><br \/><em>Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.\u00a0<\/em><br \/><em>Sign up to start a\u00a0<\/em><em><strong>free trial today<\/strong><\/em><em><strong>.<\/strong><\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/05\/21\/aerion-supersonic-shuts-down-ending-plans-for-silent-business-jets.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aerion Supersonic is shutting down, the company<\/p>\n","protected":false},"author":3,"featured_media":125966,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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