Berkshire Hathaway’s (BRKa.N) private jet company NetJets said on Monday it had temporarily suspended plans to add supersonic jets to its fleet after learning that Aerion, backed by Boeing Co (BA .N), was unable to raise funds for the production.
NetJets, the world’s largest private jet company, said in March it had secured the rights to purchase 20 of Aerion’s AS2 jets. But plans for the first supersonic business jet stumbled over funding issues.
“In the current financial environment, it has proven extremely difficult to come to a conclusion on the new capital requirements planned and necessary to complete the transition from AS2 to production,” Aerion said in a statement.
After Aerion’s announcement, NetJets said its supersonic fleet plans were on hold.
“However, we remain interested in the future of supersonic aircraft and will investigate other companies,” he said in a statement to Reuters.
Boeing, which made a strategic investment in Aerion in 2019, said: “While we are disappointed that Aerion was unable to secure additional funding to continue its work, we remain committed to working with innovative and creative partners. who, like Aerion, continue to push the boundaries. revolutionary technology. “
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