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Irish Airline ASL Aviation And US-British Business Zeroavia To Develop Hydrogen Electric Engines For Aircraft; Irish Aircraft Leasing Company Aercap Records Profits For Q3 2021

Published on Nov 12 2021 11:45 AM in General Industry tagged: Trending Posts / ASL Aviation / ASL / Zeroavia

Irish Airline ASL Aviation And US-British Business Zeroavia To Develop Hydrogen Electric Engines For Aircraft; Irish Aircraft Leasing Company Aercap Records Profits For Q3 2021

Irish airline ASL Aviation is teaming up with US-British business Zeroavia to develop hydrogen electric engines for aircraft.

As reported by The Irish Times, Swords-based ASL, which operates freight and passenger airlines in Europe, Africa and Asia, and and Zeroavia have agreed to work jointly on developing zero emission engines for its ATR cargo aircraft powered by an electric motor and hydrogen fuel cell.

Under the deal, ASL will reportedly provide Zeroavia with a retired ATR72 plane for the project that Zeroavia will reportedly use to demonstrate the technology.

A statement reportedly said that ASL will then convert a number of its own freight aircraft to the engine, potentially launching zero-emission planes from 2026 onwards.

ASL Aviation Holdings chief executive Dave Andrew reportedly said that Zeroavia will support the Irish company in providing cargo services and "vital connectivity" in a sustainable way without waiting for new aircraft types, and reportedly added, "Zeroavia's early flight test successes are promising, and we are also excited by the extensive research and development they have put into the green hydrogen production and the refueling ecosystem needed to support air operations."

Zeroavia chief executive and founder Val Miftakhov reportedly noted that ASL is prioritising zero-emissions technology, and, given the company's success in demonstrating the technology, and its research and development, reportedly said that Zeroavia is "confident that this partnership will lead to some of the earliest commercial freight operations using hydrogen-electric propulsion".

His company is reportedly focussing on developing hydrogen-electric engines for several markets, reportedly beginning with 500-mile range in nine- to 19-seat aircraft used for freight, passengers and other purposes.

Based in the UK and US, Zeroavia has reportedly secured experimental certificates for two prototype aircraft from British and American regulators.

The company reportedly said that it has passed significant flight test milestones, and is on track to begin commercial operations in 2024.

Irish Aircraft Leasing Company Aercap Records Profits For Q3 2021

In other Irish aviation news, as also reported by The Irish Times, Irish aircraft leasing company Aercap earned profits of $434 million (€378 million) during the three month period that ended on September 30, according to new figures released by the company.

Dublin-headquartered Aercap reportedly completed a €25 billion takeover of GE Capital Aviation Services (GECAS) last week, reportedly making it the world’s biggest player in its industry.

Results for the three month period that ended on September 30 reportedly show that net income for the period was $434 million. Excluding costs associated with the GECAS deal, the figure was reportedly $522 million.

Aercap reportedly said that total revenues increased by 42% over the same period last year to $1.4 billion.

The results reportedly do not include the impact of the GECAS takeover as the transaction only completed last week.

On September 30, Aercap reportedly owned, managed or had on order a total of 1,304 aircraft.

Chief Executive Aengus Kelly reportedly noted that the quarter was an important one for the company, and reportedly said, "Our business continues to recover from the effects of the COVID-19 pandemic, with leasing demand and cash collections remaining strong."

Kelly reportedly added that the GECAS deal added well-priced assets and a team of experienced people that will further boost Aercap's position.

© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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