Aviation finance company Avolon and Air New Zealand have formalised a partnership to advance the commercialisation of electric aircraft and other emerging propulsion technologies, including battery hybrid and hydrogen systems. This collaboration follows the signing of a memorandum of understanding (MoU) aimed at supporting the development of clean tech aviation.
In addition, the two parties have signed a letter of intent (LOI) for the sale and leaseback of a BETA Alia CX300 electric cargo aircraft. The Alia CX300, designed for conventional take-off and landing (CTOL), will have a cargo capacity of up to 560 kg per flight. Scheduled for delivery in 2026, the aircraft will be utilised by Air New Zealand to transport cargo between Wellington and Blenheim, in collaboration with New Zealand Post.
This partnership is part of a broader initiative by Avolon and Air New Zealand to lead the transition to sustainable aviation technologies, in line with the aviation industry’s commitment to achieving net-zero emissions by 2050.
Andy Cronin, CEO, Avolon commented: “Lessors have an important role to play in supporting the commercialisation of clean tech aircraft to help the aviation sector achieve its net zero ambitions. This partnership with Air New Zealand reflects Avolon’s commitment to supporting innovation, building on our investment in Vertical Aerospace and our involvement with Airbus’ ZEROe Project.”
Richard Thomson, Chief Financial Officer, Air New Zealand commented: “Introducing new technology into the aviation sector is not something any one organisation can do alone. It will require engagement across the board including regulators, maintenance and supply chain, day of operations and financing. With regard to the latter, this partnership with Avolon is another important step in our Next Generation Aircraft programme of work. While only a small trial, it will allow us to understand what the financing of this programme could look like in the future so we’re incredibly grateful for Avolon leaning in and supporting us on our journey.”
As part of its Mission Next Gen Aircraft initiative, the airline sought input from 30 organisations, ultimately selecting four partners to support its goal of launching commercial flights using next-generation aircraft in 2026. The BETA Alia is the first commercial aircraft order under this programme. Initially, the aircraft will operate exclusively for cargo transport between Wellington and Blenheim.
Avolon is making strategic investments in next-generation aircraft. In 2021, the company invested in Vertical Aerospace, a manufacturer of electric vertical takeoff and landing (eVTOL) aircraft. Additionally, Avolon placed an order for up to 500 VX4 eVTOL aircraft, with customers including JAL, Air Asia, and Gözen Holdings.
In July 2024, Avolon partnered with Airbus on the development of hydrogen-powered commercial aircraft through the Airbus ZEROe Project. This collaboration focuses on exploring financing and commercialisation models for hydrogen-powered aircraft, which could be supported by leasing services.
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