Bristow Secures Early Delivery Positions with Deposit for Five Electra eSTOL Aircraft

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Bristow Group Inc. (NYSE: VTOL) secures early delivery positions for five of Electra.aero, Inc.'s eSTOL production aircraft after successful first flights. Bristow also has a pre-order of up to 50 aircraft and aims to expand its portfolio of specialized passenger services. Electra's eSTOL aircraft has unique capabilities and is expected to be certified and enter service in 2028.

MANASSAS, Va. and HOUSTON, Nov. 29, 2023 /PRNewswire/ -- Following the successful first flights of Electra.aero, Inc.'s (Electra) eSTOL technology demonstrator aircraft, Bristow Group Inc. (NYSE: VTOL), the leading global provider of innovative and sustainable vertical flight solutions, secured early delivery positions for five of Electra's hybrid-electric short takeoff and landing (eSTOL) production aircraft by executing a deposit agreement. Bristow signed a Memorandum of Understanding (MOU) with Electra in 2021 to be the principal launch operational customer for the eSTOL aircraft, with a pre-order of up to 50 aircraft.

"This cash deposit is a real show of confidence in our eSTOL aircraft and a validation of our development roadmap."

Bristow will use Electra's aircraft to expand and diversify its portfolio of specialized passenger services to offer sustainable regional air transport on routes of 50 to 500 miles. The piloted Electra eSTOL aircraft has the unique capability to take off and land in locations as small as 300x100ft, making it ideal for reaching a broader range of remote or underutilized airports as well as alternative landing areas.

"With this early delivery position, Bristow looks forward to being among the first Advanced Air Mobility (AAM) companies to add the Electra eSTOL aircraft to our fleet and offer our customers the advantages of this new class of aircraft," said Bristow Executive Vice President, Chief Transformation Officer Dave Stepanek. "Bristow provides safe, efficient, sustainable, and accessible air travel solutions to our customers, and Electra's eSTOL aircraft aligns perfectly with our vision, while enabling new markets at substantially lower operating costs."

Electra's proprietary blown lift technology uses eight motors to provide additional wing lift and enable ultra-short takeoffs and landings at slow speed, and hybrid-electric power that provides internal recharging capabilities for aircraft batteries and a greatly increased range. Compared to vertical takeoff alternatives, the aircraft can deliver over twice the payload over much longer distances, and at much lower operating costs. Electra has designed the eSTOL aircraft so that hydrogen or battery-electric propulsion systems can be used in the future when those technologies are commercially viable. Certification and entry into service under FAA Part 23 regulations is expected in 2028.

"We deeply value our partnership with Bristow Group and the 75+ years of experience they bring to our development program as our principal launch operational customer," said John S. Langford, Chair and Chief Executive Officer of Electra. "This cash deposit is a real show of confidence in our eSTOL aircraft and a validation of our development roadmap. Bristow is a true AAM leader, and we look forward with anticipation to the future delivery of our aircraft to Bristow's fleet."

Forward-Looking Statements Disclosure
This press release contains "forward-looking statements." Forward-looking statements represent Bristow Group Inc.'s (the "Company") current expectations or forecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project," or "continue," or other similar words. These statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, reflect management's current views with respect to future events and therefore are subject to significant risks and uncertainties, both known and unknown. Without limiting the generality of the foregoing, such forward-looking statements include statements regarding the capabilities, development, certification, marketing, and future operations of Electra's aircraft, the Company's purchase of aircraft from Electra, and the anticipated benefits of the collaboration between the Company and Electra. The Company's actual results may vary materially from those anticipated in forward-looking statements. The Company cautions investors not to place undue reliance on any forward-looking statements.

Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based that occur after the date hereof. You should not place undue reliance on our forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control. Our forward-looking statements are based on the information currently available to us and speak only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for us to predict these matters or how they may affect us. We have included important factors in the section entitled "Risk Factors" in the Company's Transition Report on Form 10-KT for the year ended December 31, 2022 (the "Transition Report") which we believe over time, could cause our actual results, performance, or achievements to differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements. You should consider all risks and uncertainties disclosed in the Transition Report and in our filings with the United States Securities and Exchange Commission (the "SEC"), all of which are accessible on the SEC's website at www.sec.gov.

About Bristow Group
Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of offshore energy companies and government entities. The Company's aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed-wing transportation, unmanned systems and ad hoc helicopter services. Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the United Kingdom and the United States. To learn more, visit our website at www.bristowgroup.com.

About Electra
Electra.aero, Inc. is a next-gen aerospace company leading the way in sustainable urban and regional mobility. The company is building clean, hybrid-electric, short takeoff and landing (eSTOL) airplanes that fly people and cargo quieter, further, and more affordably. Electra's technology delivers 2.5x the payload and 10X longer range with 70% lower operating costs than vertical takeoff alternatives with far less certification risk. Electra's team includes some of the most respected and successful entrepreneurs and engineers in novel aircraft design, with over 40 prior aircraft successfully developed and/or certified. Its technology development is supported by the U.S. Government, the Virginia Innovation Partnership Corporation (VIPC), and private investors.

Electra Contacts
Investors
Diana Siegel
investors@electra.aero

Media 
Barbara Zadina 
Zadina.barbara@electra.aero

Bristow Contacts
Investors
Jennifer Whalen
InvestorRelations@bristowgroup.com

Media
Adam Morgan
adam.morgan@bristowgroup.com

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SOURCE Electra.aero

FAQ

What is the significance of Bristow Group Inc. securing early delivery positions for Electra.aero, Inc.'s eSTOL production aircraft?

Bristow Group Inc. has shown confidence in Electra's eSTOL aircraft by securing early delivery positions, signaling a strong partnership and commitment to expanding its aircraft fleet.

What are the unique capabilities of Electra's eSTOL aircraft?

Electra's eSTOL aircraft has the unique capability to take off and land in locations as small as 300x100ft, making it ideal for reaching remote or underutilized airports and alternative landing areas.

When is the expected certification and entry into service for Electra's eSTOL aircraft?

Certification and entry into service under FAA Part 23 regulations is expected in 2028 for Electra's eSTOL aircraft.

What is the significance of Bristow's partnership with Electra?

Bristow's partnership with Electra demonstrates a strong commitment to the future of Advanced Air Mobility (AAM) and confidence in Electra's development roadmap, as evidenced by the cash deposit for early delivery positions.

What are the future propulsion systems that Electra has considered for the eSTOL aircraft?

Electra has designed the eSTOL aircraft so that hydrogen or battery-electric propulsion systems can be used in the future when those technologies are commercially viable.