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.
Stocks closed slightly higher Wednesday as the Nasdaq closed flat after a failed attempt to close higher. Investors are keeping an eye on earnings, which so far have been shaky for big tech giants and companies that typically drive the market. Garrett Phillips, Managing Partner at 3Summit Investment Management, joins Closing Bell to discuss today's close, our current volatile environment, where to invest in the current environment, and more.
Ron Carson, CEO and Founder of Carson Wealth, sits down with Cheddar's Hena Doba to share how he achieved 'work-life harmony' by investing time and money into businesses he's passionate about.
Jan Lee, co-founder of Neighbors United Below Canal, joins Cheddar News to discuss how the new mega jail in NYC's Chinatown will negatively impact the community.
Melissa Eamer, founder and CEO of aging wellness brand Modern Age, joins Cheddar News to discuss the recent launch of its digital experience and flagship in New York City.
Danny Trejo is teaming up with Tostitos the once again for Cinco de Mayo. The actor and restaurateur is starring in the tortilla chip brand's commercial with Sofia Reyes to inspire others on how to celebrate the holiday. The "Machete" star joined Cheddar News to talk about the campaign. "I only do things I like, and I like Tostitos," he said. "You know, I love their Scoops. They don't break in the guacamole."
With National Infertility Awareness Week underway, the fertility and family-building benefits provider for employers, Kindbody, is looking to make a full suite of treatments and care accessible — including for LGBTQ+ patients. Founder and chairwoman Gina Bartasi joined Cheddar's Opening Bell to talk about the importance of infertility awareness, what role employers play in offering benefits, and how to remove the stigma around the fertility conversation. "We have to talk about the patient holistically, not just fertility services, but what can we do from a mental health standpoint to support patients," she said. "Most patients talk about fertility being more stressful than divorce, infertility being more prevalent than cancer or diabetes. So it is our mission, remains our mission, to elevate awareness around infertility, not just [during] National Infertility Awareness Week."
With a constrained supply of housing in the most desirable markets, home prices have risen nearly 20 percent year-over-year in February. David O’Reilly, CEO of Howard Hughes Corporation, joined Cheddar News to talk about where people are migrating to, and away from, leading to red hot real estate. "We see clearly the most demand is going into those states that I would define as warmer and less expensive, those secondary cities like Houston, Phoenix, and Las Vegas, where individuals are trading in higher traffic and lower quality of life for more affordability," he said. O'Reilly pointed to urban centers in the Northeast and West Coast as seeing the most losses in residents.
Social media giants including Twitter, Meta, Alphabet, and Pinterest all report earnings this week, and there's plenty to keep an eye on. One big earnings report to watch will be Twitter's, after the company today accepted Tesla CEO Elon Musk's $44 billion bid to take the company private. Investors will also be keeping an eye on ad revenue, user numbers, and more when it comes to Meta's social media networks like Facebook and Instagram. Ted Mortonson, technology strategist at Baird, joins Closing Bell to discuss Musk's Twitter takeover, how Apple's iOS privacy change could continue to impact ad revenue, and more.
Brian Moody, Executive Editor at Autotrader, joined Closing Bell's Ken Buffa to look ahead at what to expect from legacy automakers GM and Ford, as the auto industry attempts to navigate a combination of issues, including supply chain constraints and rising interest rates.
U.S. stocks fell sharply to close Tuesday's session, with the Nasdaq dropping 3.95% and hitting a new one-year low. Frances Newton Stacy, Director of Strategy for Optimal Capital, joins Cheddar News to discuss her reaction to how markets closed the session, and to break down Q3 2022 earnings from Microsoft. "Netflix was sort of the big warning, and I think Big Tech was down today in anticipation of these earnings," she says.
