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.
Tensions from the Russia-Ukraine war have spilled into space. The head of Russia's space agency has threatened to pull the country out of the International Space Station if sanctions aren't lifted on the country — but that doesn't seem to be happening any time soon. What would it mean if Russia really did leave the ISS, who would it harm the most, and what would the consequences be both for the other ISS partners, and private space travel? Casey Dreier, Chief Advocate & Senior Space Policy Adviser at The Planetary Society, joins Closing Bell to discuss.
If you've purchased groceries or ordered at a restaurant, you know that prices are going up across the board. You've probably made the switch to cheaper versions of the same products you'd normally buy in an effort to save a few dollars — but did you know that a consumer shift away from brand loyalty is closely followed by grocery chains and big brands? Both need to know where consumers are looking so they can stock shelves, lower prices, and market their products. Brian Mandelbaum, CEO of Klover, joins Closing Bell to discuss how inflation seems to be making brand loyalty disappear, why consumers aren't inclined to be loyal to certain brands or products, how this pattern impacts stores, and more.
Stocks closed near session lows Tuesday as investors digest potentially aggressive rate hikes, and a potential recession.
Both consumers and big banks are starting to think similarly on one topic: both groups think a recession is on the horizon. What does this mean for an American economy still struggling to gain its footing, and for the Federal Reserve which is just starting to implement rate hikes in an attempt to cool inflation? Sam Stovall, Chief Investment Strategist at CFRA, joined Closing Bell to discuss today's close, earnings season, whether a recession is on the horizon, and more.
Mattel’s Hot Wheels 2022 Legend Tour will be coming to New York City after a tour of 14 countries and five continents. The company is also launching Hot Wheels into the NFT space with the Hot Wheels Garage allowing users to customize digital cars. Richard Dickson, president and COO of Mattel, joined Cheddar News to talk about the tour and the efforts the iconic brand is taking to stay relevant in the digital age. "I think as you look at what's successful brands and toy brands in particular in this particular chapter are going to be about nostalgic brands that have longevity," he said. "We're generational in the context of our portfolio."
Ghost Financial emerged from stealth to raise $2.5M from investors to provide financial tools to the growing ghost kitchens space. CEO and founder John Meyer joined Cheddar News to discuss the company's future plans as well as potentially getting former Uber CEO Travis Kalanick on board. "The one thing I can say about my time spent with Travis Kalanick is that he definitely believes in the future of Ghost kitchens, given that, he's gone all-in on Cloud Kitchens as a company," Meyer said. "So he's not an investor in us yet. We welcome it, and I'll probably reach out to him today and ask."
The pandemic has seen a historic shift in brand loyalty.
Since the beginning of COVID-19, more than 75% of shoppers have changed their buying habits, and 39% have switched brands or retailers entirely, as inflation and supply shortages have forced them to rethink their purchases, according to McKinsey. Barbara Connors, VP of Commercial Insights at 84.51°, breaks down this shift in brand loyalty and how brands are adapting to it.
Despite headwinds from COVID-19, Omni Hotels and Resorts has been able to stay on track, with many new properties in the works. The hotel and resorts chain has also seen a 50% uptick in revenue across all of its locations compared to its levels in 2019. Peter Strebel, President & CEO of Omni Hotels & Resorts, joined Cheddar to talk about how Omni was able to emerge from the pandemic stronger than ever, and give insight into the expected summer travel surge.
Keri Miller, HOA Treasurer at Mallard Creek, and Mike Hunter, Attorney at Offit Kurman, discuss how residents feel about the rise in corporate rentals and what is being done to curtail the short-term rentals trend.
