Tag: Surefly
Workhorse Group Acquires $35 Million to Fund Electric Vehicle Orders
Workhorse Group has secured funding from Marathon Asset Management, which will provide funds in two separate tranches. A $10 million lump sum will be paid out and used principally to satisfy repayment of the July 2018 senior secured notes. The remaining $25 million will function as a revolving credit facility from which Workhorse may draw down as necessary to meet existing...

Workhorse Group Acquires $35 Million to Fund Electric Vehicle Orders

Workhorse Group has secured funding from Marathon Asset Management, which will provide funds in two separate tranches. A $10 million lump sum will be paid out and used principally to satisfy repayment of the July 2018 senior secured notes. The remaining $25 million will function as a revolving credit facility from which Workhorse may draw down as necessary to meet existing and future purchase orders of their electric vehicles, whether it be trucks from the line of delivery vehicles or the Surefly octocopter.

In June of 2018, UPS had placed record-breaking order for 950 Workhorse electric delivery trucks, which jumpstarted the electric vehicle startup.
Marathon Asset Management is a global investment advisor based in New York, NY with approximately $15 billion of capital under management, according to a release. “The firm pursues credit through a broad spectrum of investments in global corporate credit, distressed and special situational credit, structured credit, emerging markets and leveraged loans. A perfect fit for Workhorse’s needs, Marathon is uniquely positioned to quickly create innovative financing solutions that fit within Workhorse’s existing capital structure and its business objectives.”

Visit The Hangar to read more about the Workhorse Surefly’s technical specifications.
Workhorse CEO Steve Burns remarked:
“Marathon is the right strategic partner for Workhorse’s current capital needs, and we plan to leverage their experience, size and resources to further support our growth as a company. This agreement provides meaningful, near-term funding that will go directly toward building and delivering vehicles to customers in 2019. Additionally, we have repaid, in full, our previous debt obligations from July, which will remove all covenants associated with that arrangement, including the obligation to sell our eVTOL aircraft, SureFly. Going forward, our primary goal for both current and future capital initiatives is to leverage the best available financing solutions that will provide liquidity and favorable economics.”
Further, Duane Hughes, Workhorse President and COO, added:
“Completing these financial transactions and developing these strategic relationships are additional key steps in our long-term capital strategy. We plan to implement these measures and other near-term initiatives in the coming months to help drive continued growth in both sales and profitability.”
Why it’s important: As Workhorse competes for market share with other electric truck and delivery vehicle companies, this additional funding enables continued company growth and order fulfillment. Furthermore, immediate access to additional capital satisfies existing obligations to debt repayment and widens opportunities for sale of the Surefly eVTOL octocopter.
2019 Detroit Auto Show to Host Workhorse Group’s Surefly Octocopter Exhibition
The 2019 Detroit Auto Show, also known as the North American International Auto Show, provides a global stage for companies on the cutting edge of industry-shaping technology to debut brand-defining vehicles. It is one of the largest auto shows in the United States. The Workhorse Group tweeted on Tuesday December 18 to “get ready, Michigan because we’re bringing the #SureFly...

2019 Detroit Auto Show to Host Workhorse Group’s Surefly Octocopter Exhibition

The 2019 Detroit Auto Show, also known as the North American International Auto Show, provides a global stage for companies on the cutting edge of industry-shaping technology to debut brand-defining vehicles. It is one of the largest auto shows in the United States.
The Workhorse Group tweeted on Tuesday December 18 to “get ready, Michigan because we’re bringing the #SureFly to @NAIASDetroit January 14th-17th!” On those dates, the Automobili-D show will gather over 200 companies showcasing innovations on topics such as urban mobility, smart cities, building a mobility workforce, and autonomous technologies. From the NAIAS website, “Detroit is where future mobility innovations meet the pavement” – or in Surefly’s case, the skies.

Surefly’s 4 arms and 8 contra rotating props allow maximum airflow and lift, achieving a top speed of 80 miles per hour.
Workhorse articulates the Ohio-based technology company to be “focused on changing the way the world works by providing sustainable and cost-effective transportation solutions. As an original equipment manufacturer, Workhorse designs and builds high performance battery-electric vehicles, including trucks, aircraft and drones.”
Given the Group’s strong rising presence in the automotive industry with the N-GEN and E-100 Vans, and W-15 Pickup, it is no surprise to see the team exhibiting their technology at the Detroit Auto Show in January of 2019. The Workhorse Group’s two-seat hybrid eVTOL octocopter is designed to be capable of passenger and cargo transit, as well as other applications such as first/emergency responders, military, agriculture, and more.

Safety is a top priority for Workhorse. Surefly is designed with a fully redundant system, a battery backup system that allows for 10 minutes of extended flight time, and a ballistic parachute located in the center of the arms for emergency landings.
To learn more about the specifications and features of the Workhorse Surefly, have a look at our Surefly Vehicle Page.
Why it’s important: This is an opportunity for Workhorse to showcase the Surefly’s technology and capability on a global stage. There is great potential to raise public awareness of the Urban Aviation industry and even increase consumer reservations for the Surefly.
Urban VTOL Carrier Quantum XYZ Orders Surefly Octocopters
Los Angeles based urban air taxi carrier Quantum XYZ has placed a pre-order for Workhorse SureFly hybrid-electric octocopters. Quantum XYZ plans to use the aircraft to be the first urban air VTOL service to market. Zeeshan Moha, Vice President and Chief Route Architect of Quantum XYZ told prnewswire.com, “We invite a future where safe, on-demand air travel is as ubiquitous as car...

Urban VTOL Carrier Quantum XYZ Orders Surefly Octocopters

Los Angeles based urban air taxi carrier Quantum XYZ has placed a pre-order for Workhorse SureFly hybrid-electric octocopters. Quantum XYZ plans to use the aircraft to be the first urban air VTOL service to market. Zeeshan Moha, Vice President and Chief Route Architect of Quantum XYZ told prnewswire.com, “We invite a future where safe, on-demand air travel is as ubiquitous as car service, a future in which aircrafts consume half the energy but generate twice the fun.” Quantum XYZ is currently pursuing FAA certification that will enable them to operate in the Los Angeles air space.
The Surefly octocopter is a futuristic design, featuring eight independent motors that drive eight carbon fiber propellers. With a hybrid-electric propulsion system, the aircraft has gas powered piston engines that provide power for its electric motors. It can carry two people, one pilot and one passenger, for a flight distance of about 70 miles or one hour. In case of emergency, the aircraft carries a backup battery power system and even a ballistic parachute for safe landing. This emphasis on safety will help with FAA certification of the aircraft, which the designer/manufacturer Workhorse is currently pursuing.
Surefly is one of many eVTOL multicopters that are eager to enter the air taxi market. Others, like Volocopter, are progressing rapidly towards certification, undergoing tests to demonstrate feasibility of operation. While the technology is reaching a mature point, certification of operation remains uncertain. There is no doubt that the future is exciting in this market.
Why it’s important: eVTOL air taxi service carrier Quantum XYZ has reached a point in their path to market entry where they are comfortable pre-ordering an aircraft for operation. The aircraft chosen was Workhorses Surefly, a hybrid-electric octocopter with exciting reliability that may lead to rapid certification.
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