Elroy Air, the market leader in middle-mile aerial autonomous logistics, announced Dr. Andrew Clare as the new Chief Executive Officer to lead the company in its next phase of scaling the company’s hybrid-electric, vertical takeoff and landing (hVTOL) aircraft, Chaparral. Elroy Air achieved a historic milestone with the first flight of its C1 aircraft with turboshaft-hybrid-electric powertrain in 2023, marking a first in aviation technology. The company continued to push boundaries throughout 2024 with autonomous flight testing and rigorous flight envelope expansion.
Building on this momentum, the company has completed the first close of additional funding to accelerate the productization of its Chaparral aircraft, designed to carry 300 pounds over a range of 300 miles, redefining the future of autonomous logistics. The round was led by Marlinspike Partners, with participation from investors and industry giants including Shield Capital, Snowpoint Ventures, Lockheed Martin Ventures, Milano Investment Partners, DiamondStream Partners and Levitate Capital.
“The moment is right to grow a business in autonomous aircraft – the core technical challenges can be solved, the supply chain is maturing, defense and commercial customer demand is growing, and the regulatory frameworks are coming into place to integrate Unmanned Aerial Systems (UAS) into the airspace safely,” said Clare. “Elroy Air has differentiated technology, a world-class team, and passionate customers hungry for this product. The recent capital infusion by our investors is a sign of their confidence in the emphatic market demand for this product and our pathway forward. I am excited for what’s ahead and honored to be part of this extraordinary team.”
The company’s founding CEO, David Merrill, will become Executive Chairman, focused on strategic initiatives for Elroy Air.
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“We are truly delighted to welcome Andrew to Elroy Air. He brings a deep technical background in autonomy and aerospace, and experience scaling world-class vehicle programs to Elroy Air. We look forward to Andrew’s leadership as we scale the business, productize the Chaparral and deepen our customer base in Defense and beyond,” said Merrill.
“Marlinspike is excited to lead this financing round for Elroy Air and we are thrilled to welcome Andrew to the team,” said Mislav Tolusic, Managing Partner at Marlinspike. “Under Andrew’s leadership, Elroy Air has an incredible opportunity to deploy the hybrid-electric VTOL Chaparral UAS as the autonomous logistics workhorse for the U.S. and allied forces—saving lives, time, and money. Their groundbreaking advancements in hybrid-electric technology and autonomous systems set them apart, and we see immense potential driven by strong customer demand. We are excited to accelerate their journey toward transformative deployments.”
The company recently flew the Chaparral aircraft at the U.S. Army’s Yuma Proving Ground as part of the Marine Corps MARV-EL program, showcasing the Chaparral’s ability to operate in demanding environmental conditions and serving the U.S. Military for contested logistics use cases. With extended middle-mile range capabilities and differentiated, patent-pending IP in power management, Elroy Air was the first to fly a turbogenerator hybrid-electric aircraft in November 2023.
SOURCE: Businesswire