Aviation Trek

‘Spirit of Innovation’ stakes claim to be the world’s fastest all-electric vehicle

The ‘Spirit of Innovation’ is part of the ACCEL or ‘Accelerating the Electrification of Flight’ project. Half of the project’s funding is provided by the Aerospace Technology Institute (ATI), in partnership with the Department for Business, Energy & Industrial Strategy and Innovate UK.

During its record-breaking runs, the aircraft clocked up a maximum speed of 623 km/h (387.4 mph) which RR believe makes the ‘Spirit of Innovation’ the world’s fastest all-electric vehicle.

The aircraft was propelled on its record breaking runs by a 400kW (500+hp) electric powertrain and the most power-dense propulsion battery pack ever assembled in aerospace. We worked in partnership with aviation energy storage specialist Electroflight and automotive powertrain supplier YASA. As well as a stunning technical achievement, the project and world record runs provided important data for our future electric power and propulsion systems for all-electric urban air mobility and hybrid-electric commuter aircraft. The characteristics that ‘air-taxis’ require from batteries, for instance, are very similar to what was developed for the ‘Spirit of Innovation’.

Stjohn Youngman, Managing Director, Electroflight. “We are delighted to have played an integral role in this landmark project. Its success is a fitting tribute to the dedication and innovation of the Electroflight team and our suppliers. Developing the propulsion and battery system, in collaboration with experienced program partners, has resulted in a world class engineering capability that will lead the way towards the decarbonisation of air travel. Our next step is to adapt this pioneering technology so it can be applied across the wider aerospace industry to deliver a more sustainable way to fly.”

Rolls-Royce has an incredible history of flying speed record attempts and breaking records, dating back to the Schneider Trophies of the early 1930s. The speed achieved by test pilot and Rolls-Royce Director of Flight Operations Phill O’Dell in the ‘Spirit of Innovation’ was more than 213.04 km/h (132 mph) faster than the previous record set by the Siemens eAircraft powered Extra 330 LE Aerobatic aircraft in 2017. Never in the history of the FAI record attempts has there been such a significant increase in speed over such a short time, highlighting the rapid pace at which electrification of aerospace is advancing.

Airlines

Alaska Airlines Acquisition of Hawaiian Airlines Reshapes the Air Travel Landscape

Alaska Air Group, Inc. (NYSE: ALK) and Hawaiian Holdings, Inc. (NASDAQ: HA) jointly announced today the execution of a definitive agreement, signifying Alaska Airlines’ acquisition of Hawaiian Airlines at a cash price of $18.00 per share. The total transaction value stands at approximately $1.9 billion, encompassing Hawaiian Airlines’ net debt of $0.9 billion.

The combination of complementary domestic, international, and cargo networks

This strategic union is poised to open up an array of additional destinations, providing consumers with increased choices in crucial air service options across the Pacific region, Continental United States, and globally.

The transaction is anticipated to establish a robust platform for growth and competition in the U.S., offering enduring employment opportunities, ongoing community investments, and a commitment to environmental stewardship.

Key Points:

Acquisition Overview:
- Alaska Air Group to acquire Hawaiian Holdings for $18.00 per share in an all-cash transaction, totaling approximately $1.9 billion.
- Combined company aims to maintain the strong, high-quality brands of Alaska Airlines and Hawaiian Airlines.
Fleet Expansion and Network Reach:
- Creates the fifth-largest U.S. airline with a fleet of 365 narrow and wide-body airplanes.
- Enables access to 138 destinations through combined networks and over 1,200 destinations via the oneworld Alliance.
Hub Development and Connectivity:
- Honolulu to become a key hub for the combined airline, offering expanded services to the Continental U.S., Asia, and the Pacific.
- Tripling the number of destinations from Hawai‘i to North America, while maintaining robust Neighbor Island service.
Commitment to Hawai‘i:
- Strong commitment to Hawai‘i, ensuring robust Neighbor Island air service.
- Aiming for a more competitive platform supporting growth, job opportunities, community investment, and environmental stewardship.
Employee and Union Commitment:
- Commitment to maintaining and growing the union-represented workforce in Hawai‘i.
- Immediate value creation with at least $235 million of expected run-rate synergies.
Investor Call and Timeline:
- Investor conference call scheduled for today at 5:00 p.m. ET / 2:00 p.m. PT / 12:00 p.m. HT.
- Anticipated closing of the transaction within 12-18 months.
Strategic and Financial Rationale:
- Complementary networks to enhance competition and provide greater choice for consumers.
- Preservation of both Alaska and Hawaiian Airlines’ brands on a single operating platform.
- Expected to deliver high single-digit earnings accretion for Alaska Airlines within the first two years.
Community and Sustainability Commitment:
- Focus on growth in union-represented jobs and strong operational presence in Hawai‘i.
- Commitment to environmental stewardship, aligning with Alaska Airlines’ five-part path to net zero by 2040.
Synergies and Accretion:
- Expected run-rate synergies of at least $235 million.
- Transaction multiple of 0.7 times revenue, approximately one third the average of recent airline transactions.
Conditions to Close:

Approval by regulatory authorities and Hawaiian Holdings, Inc. shareholders.
Expected to close in 12-18 months, with the combined organization based in Seattle under the leadership of Alaska Airlines CEO Ben Minicucci.