LuftCar LLC, a US based hydrogen powered aircraft developer, has announced it has received a “term sheet” for USD100 million investment from GEM Global Yield LLC SCS (“GEM”), a Luxembourg-based private equity group. “The funds will be available after a public listing,” said a press release. “LuftCar will control the amount and timing of fund drawdowns under this agreement, with GEM LLC being offered up to 10% equity.”
“With the prototype demonstration of LuftCar’s innovative airframe design, which involves a LuftCar IP of five point docking mechanism and a self aligning catch tongue, we are confident that we will make a big market impact in air cargo, defense and regional transportation segments,” said Santh Sathya, Founder, Chairman and CEO of LuftCar. “The funds from GEM LLC will be used to scale up commercialisation efforts and will be treated as Series A investment.”
LuftCar is currently developing a two seater prototype with seed funding. A five seater commercial version will be developed after the proof of concept. With the funding pipeline visible for Series A, LuftCar is aiming to close its seed round and is inviting seed stage investors to invest.
According to the company LuftCar LLC is a USA based OEM, developing a hydrogen fuel cell powered autonomous electric Vertical Takeoff and Landing (eVTOL) air/road vehicle or ‘Flying Forklift’, designed to carry road vehicles. The LuftCar vehicle will serve: air cargo markets by providing affordable last mile, door to door delivery for distant communities; emergency medical services and disaster relief by airlifting ambulances and rescue vehicles; defence and national security by providing ship to ship, ship to shore and shore to outpost mission capable flying forklift platforms; and regional transportation by connecting distant communities with major cities, democratizing travel with faster and low-cost operations, says the company.
“LuftCar Corp is also designing and developing a hydrogen fuel cell/battery hybrid propulsion system, which will be plugged into the LuftCar and other eVTOL platforms, creating demand for green hydrogen and accelerating the adoption of hydrogen in air mobility. LuftCar has operations in Florida, Connecticut, New Jersey, California, Germany and Dubai.”
For more information
www.luftcar.com
