US-based Bye Aerospace chairman and CEO George Bye (left) with Aerospace9 chairman Seunghyuk Cha, shake hands after signing agreement

Bye Aerospace, Inc the developer of the eFlyer and Envoy family of all-electric aircraft, has entered into agreements with Aerospace9, a new South Korean company headquartered in Seoul, under which Aerospace9 has agreed to an investment in Bye Aerospace. Led by Seunghyuk Cha, a renowned IT leader in Korea, Aerospace9 has also made a large commitment to developing the Asian market opportunity by signing purchase deposit agreements for 300 Bye Aerospace aircraft.

George, CEO of Bye Aerospace, said: “Bye Aerospace is on a rigorous path to achieve FAA certification on our eFlyer 2 aeroplane, and once that approval is obtained, to begin production on our expanding backlog of orders.”

The number of future purchase agreements for the company’s aircraft is now 711 units, comprised of two-seater eFlyer 2 primary trainers, four-seater eFlyer 4s and the soon-to-be announced twin-motor nine-seater Envoy. Aerospace9’s purchase deposits include 150 eFlyer 2s, 148 eFlyer 4s and two Envoys with an option to acquire an additional 100 aircraft.

Mr Cha said: “This investment is not just a purchase contract, it is a very meaningful contract that creates an amazing opportunity for Asia. Our company has a very important responsibility in the aviation industry as a new strategic partner of Bye Aerospace.”

All of Bye Aerospace’s current and future families of aircraft feature engineering, research, and electric aircraft solutions designed to answer compelling market needs. Benefits include five-fold lower operating costs, zero CO² emissions, and decreased noise. The eFlyer will eliminate the release of millions of metric tons of CO² each year for flight training alone.