As industries begin to shift away from fossil fuels, Ampaire is banking on its line of hybrid-electric airplanes to revolutionize air travel. The company recently announced its historic first flight of an existing airline route in Hawaii.
Kevin Noertker, Ampaire CEO, said not only would the environment reap the biggest benefits from a reduction of emissions, but the airline industry could also soar to new heights.
"For the airlines, the biggest impact is reduced cost of operation. Airlines care about the total cost of ownership and operation for their planes. By switching to a hybrid plane, you could reduce that fuel burn by up to 50 percent," Noertker told Cheddar.
The CEO also noted that a fully electric plane would reduce emissions by more than 90 percent.
After launching in 2016 and constructing an aircraft for the last two years, paid flights for the company are on the horizon. "We're looking at about a three-year timeline before we get certification to deploy these planes in that commercial operation," Noertker said.
While the company gears up for commercial flights, it has already been conducting demonstrations under the FAA's experimental market survey, which allows passengers and potential Ampaire customers to fly.
Last month, the company became the first to ever demonstrate a hybrid-electric flight in Maui, which went from Kahului to Hana in about 20 minutes. Like other industries, Ampaire's ability to continue developing and moving forward with test flights, particularly in Hawaii, was impacted by pandemic-related restrictions.
The hybrid-electric planes, according to Noertker, while capable of long-distance flights, are optimal for relatively short-distances. Over the next five to 10 years, however, there are plans to produce an aircraft that can hold up to 20 passengers and will fly "routes between 50 and 500 miles."
"The reality is most routes that airlines like to fly are about 100 miles," Noertker said.
The CEO at Activision Blizzard Bobby Kotick apologized to employees after the company had been rocked by the public airing of sexual harassment claims that went unchecked. Kotick also asked that his compensation of more than $150 million be slashed to just over $62,000.
Cheddar's Ken Buffa took the Pixel 6 Pro for a test drive, highlighting some of the new features. The latest Google smartphone comes with an upgraded camera visor that holds three cameras in place as well as Gorilla Glass Victus covering the front and back protecting against drops and scratches. The device also contains Google's first homemade processor chip called Tensor and retails for about $899.
Overstock CEO Jonathan Johnson joined Cheddar's "Opening Bell" to talk about the company's Q3 earnings beat. While supply chain issues have plagued businesses across industries, Johnson noted that the company largely avoided constraints by not pressuring suppliers to fill Overstock's own distribution centers, encouraging them to use their own. "We have a higher in-stock percentage today than we did a year ago. Not quite as high as we did pre-pandemic but better than it was last year at this time," he said.
Google notified a number of small and medium-sized customers that potential antitrust bills could have negative impacts on their own businesses. The warning appears to be an effort to drum up enough opposition to give pause to lawmakers before enacting any such legislation.
Anthony Bartolacci, VP of financials of data Sensor Tower, joined Cheddar to talk about Robinhood's massive earnings miss. He attributed part of it to the platform's exposure to cryptocurrency and its lackluster performance in Q3 following volatility. Bartolacci also noted some headwinds from a drop in engagement on the platform due to people returning to work and having less time to day trade contributing to the miss.
Pharmaceutical company Merck has announced that it will share the formula of its COVID-19 pill with poor countries free of charge. The company still intends to charge wealthier nations leaving the end cost at more than $700 per five-day treatment course.
Dems race for a deal on President Biden's economic agenda ahead of his big foreign trip. What to make of the latest threat assessment in Afghanistan. Plus, the meme cryptocurrency of the moment that's now worth more than many Fortune 500 companies.