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.
Guinness Ambassador and Pro Football Hall of Famer Joe Montana and Diageo CEO Nuno Teles got to ring the closing bell at the New York Stock Exchange to celebrate the St. Patrick’s Day holiday for the first time in two years. "We're just happy to be out here celebrating today. not only St. Patrick's Day, but the ability for all of us to get together again, right, and be able to celebrate St. Patrick's Day," said Montana. And with March 17th being the biggest day of the year for the Guinness brand, it comes amid supply chain woes. "Well, there's a high demand and with high demand, we need to really go and be more creative in the way we manage the supply," Teles said. "So we have been able to allocate product, making sure that everyone has what they need to go through this important period of the year, which is St. Patrick's."
Bioscience and genetic engineering company, Colossal, raised $60 million in a Series A funding round. Colossal is focused on developing new technologies and genetic tools to restore extinct species, and protect critically endangered species. One of the startup's long-term goals is to resurrect the woolly mammoth, and return it back to the arctic. Colossal also says it is developing technology that expands beyond animals, and has the potential to advance human health. Ben Lamm, co-founder and CEO of Colossal, joins Cheddar News' Closing Bell to discuss.
Analysts are puzzled by AMC Theaters' purchase of a 22 percent stake in a Nevada-based gold and silver mine this week. Cheddar's Alex Vuocolo investigates.
Amazon has closed its $8.5 billion acquisition of Hollywood studio MGM, two days after European regulators said the deal “would not significantly reduce competition” in European markets.
Markets opened lower as the Federal Reserve announces plans to hike interest rates by a quarter point, while signaling six additional rate hikes later this year. Gary Schlossberg, Global Strategist, Wells Fargo Investment Institute, joined Cheddar's Opening Bell to discuss.
Ahmed Riesgo, Chief Investment Officer for Insigneo, discusses the importance of the Fed's comments on future rate hikes and what lower-than-expected Retail Sales data means for consumer spending in the near term.
Jordan Mauriello, CEO of MoreYellow, talks about the evolving landscape of female gamers and why brands see Influencers as more valuable than their male counterparts.
