Electra aircraft backlog hits $8B

Manassas-based aviation startup Electra.aero has surpassed 2,000 orders for the electric short takeoff and landing (eSTOL) aircraft it’s developing, totaling an $8 billion backlog, the company announced Tuesday.

Electra signed a letter of intent in December 2023 to deliver its blown-lift, fixed-wing eSTOL aircraft to Finnish regional private air carrier startup Lygg, followed by similar agreements in January with New York helicopter tour company Charm Aviation and New Delhi-based charter jet and helicopter service JetSetGo Aviation Services Private.

The deal with JetSetGo — reached at Wings India 2024, a four-day advanced air mobility aviation conference held this month in Hyderabad, India — brought Electra’s pre-order sales for its aircraft over the 2,000 mark, with an $8 billion backlog, up from around 1,700 pre-ordered aircraft and a $6 billion backlog in November 2023.

Electra completed the first successful test flight of its prototype electric hybrid eSTOL aircraft in November 2023. Electra’s EL-2 Goldfinch took off from Manassas Regional Airport and flew 23 minutes, reaching an altitude of 3,200 feet and covering about 30 miles.

JetSetGo made the deal as part of a commitment with Electra and two other aircraft manufacturers to obtain a total of 150 aircraft for a combined $780 million, according to the Indian private air carrier. Contract options could bring the aircraft order to 280 aircraft at a total value of $1.3 billion. Lygg has disclosed that its agreement calls for Electra to deliver 150 planes beginning in 2028, with options to order an additional 150 aircraft, at a combined total value of €1 billion (or about $1.08 billion) for the 300 aircraft, according to a December 2023 news release. The privately held Electra has not disclosed the cost of its aircraft or the amounts of its pre-order contracts with private clients.

“Having followed Electra for a long time, we are convinced that they will be one of the leaders in this market. We, in turn, can offer a direct path to commercial business for their planes through our corporate customer network and operators,” Lygg CEO Roope Kekäläinen said in a statement.

In a Jan. 23 news release, Electra said it is collaborating with JetSetGo to identify relevant markets and new routes in India that can be served by the eSTOL aircraft, establishing regional transportation hubs and increased connectivity between major cities and communities underserved by flight services.

“Electra is committed to partnering with JetSetGo for the long term to grow regional transportation markets and help bring jobs and vital economic growth to communities in India,” Electra Chief Product Officer Marc Ausman said in a statement.

JetSetGo’s chief operating officer and co-founder, Kanika Tekriwal, said in a news release, “India’s geography and demographics make it an ideal launch market for advanced air mobility. We want to lead the transformation of urban and regional connectivity and believe Electra is the right partner with the technology to make this vision a reality.”

In January 2023, Electra received an $85 million award from the Air Force to accelerate prototype development, testing and evaluation. And in November 2023, Electra announced that Bristow Group, a Texas-based company that provides helicopter offshore energy transportation and search and rescue services, made a deposit for five of Electra’s future aircraft. Bristow signed a memorandum of understanding with Electra in 2021, preordering up to 50 aircraft.

Electra was founded by CEO and Chairman John Langford in 2020; the company has 40 employees and contractors. Langford previously co-founded Aurora Flight Services, a subsidiary of Arlington County-based Boeing. Langford also participates in the Virginia Innovation Partnership Corp.’s Advanced Air Mobility Alliance, and the company in 2023 received a VIPC Commonwealth Commercialization Fund grant as well as an investment from VIPC’s Virginia Venture Partners.