ICON Secures $25 Million of Financing
June 30, 2011 – ICON Aircraft announced this week securing a $25 million round of equity funding that will fund the company through the completion of its ongoing engineering development program, manufacturing setup, and the beginning of production of its A5 amphibious light-sport aircraft. Financing was led by U.S. and UK venture investors Satyen Patel and Bart Becht, with other participating investors Eric Schmidt, chairman of Google; Phil Condit, former chairman/CEO of Boeing; and undisclosed Silicon Valley venture capitalists. ICON will receive $15 million initially, with an option for an additional $10 million, the company reported.
“That we were able to successfully raise funds in this time of economic uncertainty demonstrates ICON’s unique and compelling market appeal,” stated Kirk Hawkins, ICON CEO and founder. He notes that ICON has an $85 million order backlog of nearly 500 aircraft.
Meanwhile, A5 flight testing continues at an aggressive pace with a focus on finalizing the company’s newly designed spin-resistant wing, as well as refining directional stability. The company plans to complete flight testing “in the coming months,” according to a press release, and has moved its production start date from the third quarter of 2011 to the fourth quarter of 2012. “The unprecedented disruptions in the capital markets during the past two years have challenged every aircraft company out there, and ICON is no exception,” Hawkins said. “While these difficulties have delayed our production start, we’re excited that those challenges are behind us now and that we’re funded through production.”
ICON also announced this week it would announce a short list of potential sites for final production before Oshkosh. The new site will incorporate sales, corporate, engineering, manufacturing, and training into one facility. To learn more about ICON, click here.