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 saga surrounding Elon Musk's bid to buy Twitter has made its way to Washington, DC. A group of 18 House Republicans are calling on the social media platform's board to preserve all records and documents related to the company's response to the offer from the Tesla CEO. Caleb Silver, editor in chief of Investopedia, joined Closing Bell to discuss. "This is a long term play, but it's just a shot across the bow by congressional Republicans, who probably will end up taking the House, that they're going to be tough on Big Tech and they're going use Musk's bid for twitter to take it private, so that he can get the platform to be open source and remove its censorship."
Florida Gov. Ron DeSantis has signed a bill dissolving Walt Disney World’s private government after the entertainment giant criticized a measure that critics have dubbed the “Don’t Say Gay” law.
Removing carbon from our atmosphere has become a goal for scientists and entrepreneurs around the world, and while many have begun to develop promising technology solutions, a few big names in tech, including Stripe, Alphabet, Shopify, Meta and McKinsey, are committing nearly $1 billion dollars to fund carbon removal technology through 2030 through a new initiative called Frontier, an advanced market commitment to incentive following through on development. Hannah Bebbington, the head of strategy for Frontier, joined Cheddar News to discuss. "What Frontier aims to do is help get this market on track by sending that strong demand signal such that we can scale up capacity really significantly in the next couple of years," she said.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Jonah Goldman, the managing director at Bill Gates-founded Breakthrough Energy, joined Cheddar News to talk about the promising growth in the climate change-conscious investments the organization has made over the years. ”I mean when we're looking at some of the hard to abate technologies and cement and steel and aviation fuel, all of those have promising pathways that weren't there again just a few years ago," he said. "We invest across all of the technology areas that are driving emissions, greenhouse gas emissions and there really are exciting products and technologies coming out in almost every one of those sectors.”
The Golden State Warriors a new affiliate company called Golden State Entertainment to create sports-related original content, documentaries, and musical collaborations. David Kelly, chief business officer, joined Cheddar News to discuss “We think it's a great time to step off into this area. I think the better question maybe is why this hasn’t been formed previously?” he said. "There's a lot of synergies between sports, music, and film, and so we think that the timing is right to bring those worlds together into this venture." He noted that projects aren't limited to Warriors-only content, pointing to the documentary "38 at the Garden," about former New York Knicks player Jeremy Lin.
