LuftCar announces it has received term sheet offer for $100 Million from a well known investment group, which, if accepted by LuftCar, will be used towards vehicle commercialisation.
LuftCar LLC, a US based hydrogen powered eVTOL aircraft developer announced that they have received a term sheet offer for $100 M investment from a well known Europe based private equity group. Once LuftCar accepted the offer, which it has not yet, the funds will be available after a public listing. LuftCar will control the amount and timing of fund drawdowns under this agreement, with the PE 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. If secured, the funds from the PE are likely be used to scale up commercialization efforts and will be treated as Series A investment’ says Santh Sathya, Founder, Chairman and CEO of LuftCar.
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 clearly visible for Series A, LuftCar is aiming to close its seed round and is inviting seed stage investors to invest.’ The risk for early stage /seed investors is minimized due the availability of later stage funding agreement with the PE. Early stage investors will see a 10X ROI within six to 12 months’, added Santh Sathya. Investors are requested to email: email@example.com or contact Ph: +1 408 905 0036
About LuftCar: 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:
LuftCar receives H2 Hub Offtake and Vehicle Concept Letter of Support from the Kenworth Truck CompanyRead Now
LuftCar Corp is delighted to announce it received a letter of support from the Kenworth Truck Company, and its parent company, PACCAR, to be part of the LuftCar/LuftPad operations in the Hydrogen Hub Infrastructure projects.
The statement from Kenworth says ‘we are proud to support the efforts of companies such as LuftCar, that are working to transform the transportation industry. The Collaborative H2 Eco System plan will provide a number of transit, port drayage, and freight transportation operators with a reliable supply of green hydrogen, allowing the transportation industry to move more quickly to zero emissions operations.’
Kenworth further adds – “The LuftCar project will provide a supply of clean, reliable, and affordable hydrogen to support the growth of hydrogen-powered mobility, as well as a breakthrough in transportation technology involving Vertical Take Off vehicles. This initiative will result in a robust hydrogen supply network along the eastern United States and encourage fleet operators to shift to zero emission vehicles.”
The goals and objectives of the LuftCar vehicle/infrastructure concept achieves the mission of the Department of Energy's Hydrogen Hubs Program: advancing the hydrogen economy, improving the reliability of hydrogen supply, improving the lives of American citizens, and reducing the cost of decarbonization. Kenworth Truck Company believes LuftCar has developed a plan that will help our industry move toward a sustainable and robust hydrogen economy. Kenworth Truck Company highly recommends this project for U.S. Department of Energy support.
Hydrogen’s unique ability to match industry performance demands and comply with emissions regulation, make it a promising fuel for the future of transportation. Kenworth has been active in the research and development of hydrogen fuel cell vehicles and is excited to continue that work in support of the Hydrogen Hub program.
About Kenworth: Kenworth Truck Company, founded in 1923, is the manufacturer of The World’s Best® heavy and medium duty trucks. Throughout 2023, Kenworth is celebrating its historic 100th anniversary. To learn more about the 100th anniversary celebration visit www.Kenworth100.com. Kenworth is “Driving the Next 100 Years.” Kenworth’s Internet home page is at www.kenworth.com. Kenworth is a PACCAR company.
About LuftCar Corp: LuftCar is a Delaware registered startup developing a novel Hydrogen powered eVTOL air and road vehicle concept, with special focus on door-to-door cargo delivery and defense. LuftCar is also developing H2 corridors with partners, including setting up of H2 refueling infrastructure for air/road/maritime and utility back up. www.luftcar.com. To invest in LuftCar through StartEngine, click here: https://www.startengine.com/offering/luftcar
The LuftCar team is proud to announce that Tiffany Nesbit - Vice President of Engineering at Elbit Systems of America has joined its advisory board as Technology Advisor. Tiffany's experience in Elbit Systems and Honeywell and her expertise in avionics and sensory system will help LuftCar develop effective AI strategies as the company is building its prototypes.
In her time with ElbitAmerica, Tiffany led organic development and advanced technologies capabilities, bringing advanced sensing, algorithm development and machine learning, and Cybersecurity into new and existing products. Prior to joining ElbitAmerica, Tiffany worked for more than 15 years at Honeywell in different engineering leadership roles. While with Honeywell she spent 4 years in Shanghai, China, as part of the efforts on the C919 aircraft program and formulation of the HonFei Joint Venture.
Tiffany has an MS in Aerospace Engineering from Georgia Tech and a BS in Aeronautics and Astronautics from MIT.
The LuftCar team welcomes Tiffany.
Hartford, Connecticut, USA
LuftCar Corp, a Delaware registered corporation, has announced that it has signed a memorandum of understanding with PowerTap Hydrogen Fuel Incorporation, which is a wholly owned subsidiary of PowerTap Hydrogen Capital Corp on May 12th, 2023. The strategic partnership between the two companies aim to promote hydrogen infrastructure for air, road transportation and utility backup, advancing Connecticut’s commitment to sustainable transportation and clean energy solutions.
Santh Sathya, Chairman and CEO of LuftCar Corp said ‘the collaboration between PowerTap and LuftCar aims to establish a network of hydrogen refueling stations called LuftPadsTM as part of H2 corridors across Connecticut to support the fueling needs of eVTOLs, road vehicles, and utility backup systems. PowerTap will enable H2 availability in LuftPads, while LuftCar will be responsible for the operations of LuftPads’. It is to be noted that LuftCar Corp is originally an eVTOL vehicle developer and has communicated plans to build the vehicles in the Northeast USA.
"We are excited to join forces with LuftCar to promote hydrogen fuel cell technology in Connecticut," said Salim Rahemtulla, CEO of PowerTap Hydrogen Fueling Corp. "Our on-site hydrogen fueling stations, coupled with LuftCar's cutting-edge eVTOLs, will provide a comprehensive solution for clean and efficient transportation and cargo distribution in the state, paving the way for a greener and more sustainable future."
The collaboration between PowerTap and LuftCar is expected to have a significant impact on Connecticut's efforts to achieve its clean energy goals and reduce greenhouse gas emissions. By providing access to hydrogen refueling infrastructure for air, road, and utility backup refueling, this partnership aims to accelerate the adoption of hydrogen fuel cell technology and contribute to a greener, more sustainable transportation and last mile cargo delivery ecosystem in the state.
"We are thrilled to collaborate with PowerTap to establish hydrogen refueling stations in Connecticut," said Santh Sathya. "Our eVTOLs powered by hydrogen fuel cells have the potential to revolutionize air transportation, and with PowerTap's expertise and unique intellectual property in hydrogen fueling infrastructure, we can provide a complete solution for our customers, making hydrogen fuel readily available for air, road, and utility applications."
The joint efforts of PowerTap and LuftCar in establishing hydrogen refueling stations in states like Connecticut, New Jersey, and Massachusetts are expected to drive innovation, create hundreds of green jobs, and contribute to clean energy leadership. Both companies are committed to working closely with local stakeholders, regulators, and communities to ensure the safe and responsible deployment of hydrogen fuel cell technology for a sustainable future.
LuftCar Corp 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:
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 is Connecticut, New Jersey, Florida, Ohio and California and is expanding.
PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap”), is focused on installing hydrogen production and dispensing fueling infrastructure in the United States. PowerTap’s patented solution has been developed over 20 years. PowerTap is now commercializing its third-generation blue hydrogen product that will focus on the refueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure.
LuftCar announces plans to develop HYDROB, a hydrogen fuel cell - battery hybrid propulsion system for the Advanced Air Mobility market.Read Now
LuftCar today announced their plans to develop HYDROB, a hydrogen fuel cell - battery hybrid propulsion system for the eVTOL market. HYDROB will serve to give enough vertical thrust to lift vehicles up to 8500 lb. GVW. and cover distances up to 500 miles.
LuftCar, partnered with Bosch Aviation and a few other automotive fuel cell companies, will act as a systems integrator in developing the propulsion system. The technology will be developed in an undisclosed location in the United States. The type of fuel cell and the battery chemistry are not revealed at this moment. The fuel cell will have high energy densities and the battery will have high power densities.
LuftCar leadership has decades of experience building fuel cell systems and aircraft frames. Santh Sathya, Founder and CEO of LuftCar, who has in a previous career played a critical technical role in building 300 hydrogen fuel cell cars for Ford Motor Company, says that LuftCar is innovating a systems solution to convert automotive fuel cell powertrain into aviation grade system. HYDROB is expected to be light weight and compact and can be packaged in airframes. The propulsion system also can work with liquid or gaseous hydrogen on board.
LuftCar plans to develop and sell HYDROB to other advanced air mobility or eVTOL OEMs. HYDROB will create demand for hydrogen and will accelerate the adoption of hydrogen as a major fuel carrier for the growing regional air mobility industry.
LuftCar also has proposals to build hydrogen refueling infrastructure to create an ecosystem for LuftCars to operate from city to city. To quote Santh Sathya. “We are delighted that the $7M hydrogen hub grants are official now. As part of our contribution to the hydrogen economy, in addition to building the LuftCars and the HYDROBs, we aim to build hydrogen refueling vertiports called LuftPads as technology demonstrators. These LuftPads will also serve road transport and utility level storage in addition to air mobility.
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LuftCar and Bosch sign memorandum of understanding to develop hydrogen fuel cell BoP components for the air and road eVTOL vehicleRead Now
LuftCar LLC is delighted to announce the signing of a memorandum of understanding with Bosch Aviation in the effort to develop vehicle prototypes. Bosch will develop BoP (balance of Plant) fuel cell components for proof-of-concept, with the aim to support LuftCar commercialization.
The CEO of LuftCar, Santh Sathya says ‘we look forward to leveraging Bosch’s vast expertise in the fuel cell BOP systems and components as we create our proprietary fuel cell powertrain, which will be a game changer in electric aviation. Hopefully, we will be able to forge a long term relationship with Bosch as we build our prototypes’.
The General Manager of Bosch Aviation Technology LLC, Anthony Jager Angelo states that the combination of using fuel cell and electric propulsion resonates with the position of Bosch to support solutions for CO2 neutral means of mobility.
LuftCar, based out of Orlando FL, is developing a hydrogen powered autonomous air and road eVTOL, which will be most likely commercialized by 2025 – 2026. Bosch Aviation Technology LLC is headquartered in Novi, Michigan.
Orlando FL based LuftCar’s CEO Santh Sathya announced yesterday that the company has signed MOUs with two airports in Germany. The names of the airports will not be revealed due to strategic reasons and will be referred to as Airport A and Airport B.
LuftCar will develop a prototype for the hydrogen powered air and road eVTOL vehicle at Airport A, targeting European market. A production facility to serve European markets could also be located near the vicinity of Airport A. LuftCar has been steadily building a supply chain in Germany.
LuftCar will demonstrate use cases for last mile cargo delivery, regional transportation, hydrogen refueling and cohabitation with commercial airlines in Airport B. The US based startup will also help Airport B demonstrate a regional transportation hub for LuftCar.
Santh Sathya released LuftCar’s vertiport concept, which is called LuftPad (TM). Speaking at the Vertical Flight Society’s H2-Aero Symposium at Long Beach CA on March 28th, 2022, Santh stated that ‘LuftPads are vertiports with hydrogen refueling capability for electric aircrafts, which can also support road transportation and utility power. We will leverage existing infrastructure to build LuftPads every 50 miles radius. Our hydrogen powered multi modal vehicle makes it unnecessary to build too many vertiports within the urban environment’.
LuftCar is looking forward to enhancing its presence in Germany.
Santh Sathya LUFTCAR Founder & CEO Invited By International Investors, Attending Dubai Airshow After Receiving Best In Presentation At The Miami AirshowRead Now
DUBAI, United Arab Emirates-- Sunday, November 14, 2021-- Mr. Santh Sathya, Founder and CEO, of LuftCar, LLC is in the Middle East meeting with investors during his second air show this month. LuftCar is a hydrogen powered, autonomous vehicle, vertical lift, land and air transportation start-up. The Company will produce a true flying car, with combined road and air capability. Sathya said he is now looking forward to building opportunities with global customers in personal mobility, shared car, disaster relief, defense and last mile delivery.