Workhorse looking to sell SureFly
Workhorse has begun the formal process to sell its VTOL brand Surefly.
The Texas company has struck a deal with investment bank B.Riley FBR to manage the process and source buyers for SureFly. This decision comes well into the SureFly VTOL’s production and certification process.
The SureFly was the first aircraft project that Workhorse developed. The company’s CEO Stephen Burns said that selling the brand to a suitable partner will allow Workhorse to focus on its core electric truck business.
Stephen Burns, CEO of Workhorse said: "Now that SureFly is doing hover test flights and has entered into the Type Certification Process with the FAA, we believe it is the ideal time to find a suitable partner or buyer that wishes to lead the eVTOL race.
"Finding a suitable partner for SureFly will enable Workhorse to continue focusing on its N-GEN electric delivery truck platform as well as our W-15 Electric Pickup Truck."
The two-seater hybrid-electric VTOL will retail for $200,000 and is designed to accommodate a pilot and passenger or a pilot and cargo. The aircraft weighs in at 550 pounds and has a top speed of around 70mph.
The aircraft entered the type-certification process in June this year and is the first VTOL multicopter to start the process.
The race to the market
Since Workhorse announced it was undergoing FAA experimental certification in June, it has become clear that it would be one of, if not the first of, the new-wave of VTOLs to hit the market.
Whilst other VTOL projects took test flights before the SureFly, Workhorse became the first new passenger VTOL to be sent off to the production line and to start working with the FAA on certification.
Workhorse expects SureFly to be fully certified and for sale by 2019. Whether the sale of the SureFly brand will delay the process is unknown.