Aerion Supersonic Jets To Close Operations

Aerion Supersonic set to close operations after struggling to acquire further funding to produce its AS2 supersonic business jet.

Aerion Supersonic is reportedly set to close operations after failing to secure the considerable capital required to produce its AS2 business jet at its future $300 million planned facilities at Aerion Park, Florida.

Founded in 2004 with backing from Texan billionaire Robert Bass, Aerion Supersonic started as a solution to the 2003 retired Concorde and gained backing and support from organizations like Boeing, Airbus, Lockheed Martin, and NASA’s Langley Research Center.

Yet despite raising $11.2 billion in pre-sales, Aerion has struggled to gain the capital needed to bring it to market.

“The AS2 supersonic business jet program meets all market, technical, regulatory and sustainability requirements, and the market for a new supersonic segment of general aviation has been validated with $11.2 billion in sales backlog for the AS2,” reads the company statement, as stated by Florida Today.

“However, in the current financial environment, it has proven hugely challenging to close on the scheduled and necessary large new capital requirements to finalize the transition of the AS2 into production. Given these conditions, the Aerion Corporation is now taking the appropriate steps in consideration of this ongoing financial environment.”

As reported by CNBC in early 2020, Aerion Supersonic revealed it would need around $4 billion to continue developing the AS2 after already spending $1 billion on engine development.

Initially, Aerion Supersonic had intended to launch the 1,000-miles-per-hour jet by 2024 and begin commercial activities by 2026, producing 300 AS2 jets during the first decade of production.

Unless 11th-hour funding is secured, the future of Aerion Supersonic is set to remain indefinitely grounded.