Post Year: 2023

– Taps into US$1.6 trillion sustainable finance market –

9^th November, 2023:  LCI, a leading aviation company, and Sumitomo Mitsui Finance and Leasing Co., Ltd. (SMFL) have announced the development of the world’s first Social Loan Framework for helicopter leasing, finance and operations.  

LCI and SMFL’s Social Loan Framework has received the highest rating of “Social 1(F)” from the Japan Credit Rating Agency.

The framework has been established initially for LCI’s joint venture leasing operation with SMFL, and in accordance with the internationally agreed Social Loan Principles developed in 2023 by the Loan Syndications and Trading Association (LSTA) ⁽¹⁾.  It will require funds to be used for eligible and verified Social Projects, which in LCI’s case will include search and rescue and emergency medical services.

Alan O’Rourke, CFO of LCI, says: “This innovative Social Loan Framework builds upon our proven track record of financial innovation and will make a meaningful difference to our customers and the communities they serve.

“It will require our Social Loans to adhere to a number of core principles including fund usage, calibration, characterisation, reporting and verification, all of which will support our drive to attract new and efficient forms of capital to the helicopter sector which have a positive social impact.”

The sustainable finance market grew to reach US$1.6 trillion globally in 2021, of which ~US$600bn was driven by the sustainability-linked loan (SLL) market according to Refinitiv data⁽²⁾.

The framework is an integral part of LCI’s Environmental, Social, and Governance (ESG) programme, and reflects SMFL’s long term commitment to the UN’s Sustainable Development Goals as part of the company policy ‘The SMFL Way’.

LCI is also a signatory of Aircraft Leasing Ireland’s (ALI) Sustainability Charter, with a commitment to driving forward and achieving ESG related goals, centred around 10 priority sustainability principles, including a commitment to achieving net zero by 2050.

– Ends –

Notes to editors

(1) Social Loan Principles (SLP), Loan Syndications and Trading Association (LSTA)https://www.lsta.org/content/social-loan-principles-slp/

(2) Financing sustainable growth: An emerging opportunity. Sarah Strang Director, Debt & Capital Advisory, PwC United Kingdom. 

Imagery

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About LCI

LCI is a leading aviation company that is uniquely positioned across the commercial fixed-wing, helicopter and advanced air mobility sectors. Since its inception in 2004, LCI has undertaken approximately US$10 billion of aviation transactions and provides leasing services to operators, Governments and end-users.

LCI is owned by Libra Group (www.libra.com), a privately-owned international business group whose subsidiaries own and operate assets in nearly 60 countries and Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL) (www.smfl.co.jp). For more information, visit www.lciaviation.com

For more information, please contact: 

Charlie Hampton / Faye Clarke

LCI

Tel: +44 (0)7884 187297 

E-Mail: lci@pembrokeandrye.com

1^st November, 2023 – LCI, a leading aviation company, announces that Michael (Mike) Platt will be stepping down and retiring as Vice Chairman at the end of 2023. He will thereafter serve as a senior advisor to the company, working on a number of business innovation projects for LCI.

Mike joined LCI as Chief Executive Officer in 2009, and has served as its Vice Chairman since 2021.  He has played an integral leadership role in LCI’s successful expansion and its unique position across the commercial fixed-wing, helicopter and advanced air mobility sectors.  He developed a team of world class professionals and played a key role in bringing in strategic investors to the company.

After graduating from the University of Virginia School of Law, Mike began his career as a private corporate finance lawyer before joining the legal department at McDonnell Douglas Finance Corporation in 1987 where he received his first exposure to aircraft finance. In 1992, Mike joined ILFC as Corporate Counsel, eventually rising to Senior Vice President.  While at ILFC, Mike was involved in the leasing and trading of hundreds of aircraft around the world, as well as the evaluation and purchase of new aircraft.

Mike joined Aircastle as Chief Investment Officer in 2007, before moving to LCI in 2009.

Mike served for many years on the ISTAT Board of Directors and served as ISTAT’s President from 2007-2009. Following his term as President, Mike served as a Trustee of the ISTAT Foundation Board where he was instrumental in helping create AirLink and the ISTAT University Programs.

Mike intends to remain involved part time in the aircraft finance industry through consulting assignments and other interesting opportunities.

LCI is grateful to Mike and is delighted that he will still be part of the LCI family as an advisor.

– Ends –

Notes to editors

To download an image of Mike Platt, click here

About LCI

LCI is a leading aviation company that is uniquely positioned across the commercial fixed-wing, helicopter and advanced air mobility sectors. Since its inception in 2004, LCI has undertaken approximately US$10 billion of aviation transactions and provides leasing services to operators, Governments and end-users.

LCI is owned by Libra Group (www.libra.com), a privately-owned international business group whose subsidiaries own and operate assets in nearly 60 countries and Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL) (www.smfl.co.jp). For more information, visit www.lciaviation.com

For more information, please contact: 

Charlie Hampton / Faye Clarke

LCI

Tel: +44 (0)7884 187297 

E-Mail: lci@pembrokeandrye.com

11 July, 2023: LCI, a leading aviation company, has delivered three Leonardo AW169 helicopters on long-term lease to the Italian operator, Alidaunia S.r.L. (Alidaunia).

The aircraft were all delivered new from Leonardo and are valued at over US$30 million.  They form part of the LCI and SMFL joint venture (JV) fleet, which now totals 57 aircraft valued at approximately US$600 million.

The AW169s have entered service with Alidaunia over the past twelve months and are being flown on mission critical and socially responsible emergency medical services (EMS) operations in Italy.

Two of the AW169s support Alidaunia’s EMS contract with the Italian region of Campania, operating 365 days a year from two bases at Naples and Salerno, the former 24 hours a day.  The third AW169 is also based in southern Italy, providing back-up support to the Alidaunia AW169 fleet – mostly in Campania and Puglia. 

The helicopters are fitted with state-of-the-art equipment, including recovery winches, enabling Alidaunia’s highly specialised crews to provide EMS cover in the most inaccessible areas, both by day and by night.  In addition, they will soon be equipped with the ability to transmit vital medical telemetry to hospitals and doctors in advance of the patient’s arrival.

Nigel Leishman, Chief Commercial Officer of LCI, says: “Supporting mission critical EMS operations is an integral part of our ethos, and we are thrilled to be underpinning Alidaunia’s vital work in southern Italy with these proven, new helicopters. The initial ‘golden hour’ is vital in critical conditions, and helicopters have the unique combination of speed, range and access to meet this demanding medical requirement.”

Roberto Pucillo, Founder of Alidaunia, says: “Since our foundation in 1976, Alidaunia has built a reputation for safe and efficient helicopter operations.  It is therefore natural to partner with LCI given their proven track record in supporting EMS operations.  The AW169s we are operating save lives every day and allow us to offer an enhanced level of critical care to the citizens of Campania and Puglia.”

The new aircraft are the latest additions to the JV between LCI and SMFL. They deliver mission critical support to local communities and align with the UN Sustainable Development Goals (SDGs).

The units add to the more than 50 new helicopters delivered directly from Leonardo which help LCI maintain a growing, sustainable, and future-focused fleet of young, modern aviation assets, leased to major operators and end-users around the world.

– Ends –

About LCI

LCI is a leading aviation company that is uniquely positioned across the commercial fixed-wing, helicopter and advanced air mobility sectors. Since its inception in 2004, LCI has undertaken approximately US$10 billion of aviation transactions and provides leasing services to operators, Governments and end-users.

LCI is owned by Libra Group (www.libra.com), a privately-owned international business group whose subsidiaries own and operate assets in nearly 60 countries and Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL – www.smfl.co.jp). For more information, visit www.lciaviation.com

For more information, please contact: 

Charlie Hampton / Zahida Wiffen

LCI

Tel: +44 (0)7884 187297 

E-Mail: lci@pembrokeandrye.com

– Leases two AW169 helicopters to HeliService USA, supporting offshore wind operations in Rhode Island and Massachusetts –

27^th June, 2023: LCI, a leading aviation company, has begun to deliver the first dedicated offshore wind helicopters in the United States of America.  They will be leased under long-term arrangements to HeliService USA LLC (HeliService USA) and support a new era of sustainable energy supply in the country.

They will be operated by HeliService USA in support of Ørsted and General Electric contracts based in Quonset, RI, and Martha’s Vineyard, MA, and enable safe and efficient crew changes and wind turbine maintenance.

The state-of-the-art Leonardo AW169 helicopters, one of which will be a factory-built new machine, are valued at over US$20 million and are designed to perform a wide range of mission-critical operations.  They are equipped with hoisting systems to airlift technicians to and from wind turbines and can operate across a variety of sea states.  

Jaspal Jandu, CEO of LCI, says: “LCI is honoured to be enabling the USA’s first offshore wind helicopter operations, which are mission critical and socially responsible. Modern helicopters emit up to five times less CO2 per passenger compared with offshore crew transfer vessels, and they will underpin the growth of this exciting new energy future.

“We are delighted to be growing our partnership with HeliService USA. Their ability to leverage an unrivalled track record makes them a natural and trusted operator for the nascent offshore wind sector in the USA.”

The White House has a commitment to a new clean energy industry with a goal of deploying 30 gigawatts (GW) of offshore wind energy by 2030, and 110GW by 2050*.  Meeting the 2030 target will trigger more than US$12 billion per year in capital investment and create 77,000 direct and indirect jobs. It will also generate enough power to meet the demand of more than 10 million American homes for a year and avoid 78 million metric tons of CO2 emissions**.

Michael Tosi, Managing Director of HeliService USA, says: “Helicopters are vital to efficient offshore wind operations, and we are excited to be bringing proven procedures and strong safety culture to this new clean energy industry. Working in partnership with LCI, and leveraging the experience of the world`s largest offshore wind helicopter operator (HeliService in Europe), we look forward to supporting our customer’s offshore wind operations using these state-of-the art assets.”

LCI maintains a growing, sustainable, and future-focused fleet of young, modern aviation assets, which are leased to major operators and end-users around the world. Many are deployed on mission critical and socially responsible sectors such as emergency medical services (EMS), search and rescue (SAR) and offshore wind energy. It comprehends the need to take action now in order to prepare for the future and, in October 2022, it signed the Aircraft Leasing Ireland’s Sustainability Charter committing to Net Zero by 2050.

– Ends –

Notes to Editors

(*) FACT SHEET: Biden-Harris Administration Continues to Advance American Offshore Wind Opportunities

https://www.whitehouse.gov/briefing-room/statements-releases/2023/03/29/fact-sheet-biden-harris-administration-continues-to-advance-american-offshore-wind-opportunities/

(**) FACT SHEET: Biden Administration Jumpstarts Offshore Wind Energy Projects to Create Jobs

https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/29/fact-sheet-biden-administration-jumpstarts-offshore-wind-energy-projects-to-create-jobs/

About LCI

LCI is a leading aviation company that is uniquely positioned across the commercial fixed-wing, helicopter and advanced air mobility sectors. Since its inception in 2004, LCI has undertaken in excess of US$10 billion of aviation transactions, and provides leasing services to airlines, helicopter operators, Governments and end-users.

LCI is owned by Libra Group (www.libra.com), a privately-owned international business group whose subsidiaries own and operate assets in nearly 60 countries, and Sumitomo Mitsui Finance and Leasing Co., Ltd. (SMFL) (www.smfl.co.jp).

For more information, visit www.lciaviation.com 

For more information, please contact: 

Charlie Hampton / Zahida Wiffen

LCI

Tel: +44 (0)7884 187297 

E-Mail: lci@pembrokeandrye.com

15^th June, 2023: LCI, a leading aviation company, has today announced the strengthening of its team with the appointment of Eric Kataoka as Chief Investment Officer (CIO), and the promotion of Nigel Leishman to Chief Commercial Officer (CCO). This follows the recent investment in LCI by Sumitomo Mitsui Finance and Leasing Co., Ltd. (SMFL).

Kataoka was previously SMFL’s General Manager of Aviation Business Development. He has over 20 years’ experience in aviation, with major roles including Head of Aviation Business Development at Sumitomo Corporation. He will now be responsible for overseeing LCI’s investment activities, capital deployment and portfolio management.

Nigel Leishman was previously LCI’s Executive Vice President and Global Head of Marketing. Based in Singapore, he has been a part of the LCI team since 2008 and has more than 35 years’ experience in aviation. He will lead the company’s marketing and commercial teams, and develop a range of innovative leasing solutions designed for a new era of aviation.

Jaspal Jandu, CEO of LCI, said: “I am delighted with both of these announcements. Eric and Nigel bring extensive strength and depth to LCI’s senior executive team, and will play pivotal roles in the next chapter of our company’s development. I am confident that their proven leadership skills and respected industry relationships will add enormous value to our company, customers and partners.”

Eric Kataoka, CIO of LCI, said: “I look forward to working closely with the LCI team and our shareholders as we develop the business. My focus will be on developing an investment strategy and strengthening our processes, both of which will underpin innovative and sustainable growth.” 

Nigel Leishman, CCO of LCI, said: “We are entering a new era in aviation with rapid technological advances paving the way towards a more sustainable future. LCI has an integral role to play in this journey, and we will deliver the commercial and financial innovation to make this possible.”

SMFL and Libra Group plan to grow LCI’s business by US$1.5 billion over the coming years with significant capital investment by shareholders.

– Ends –

About LCI

LCI is a leading aviation company that is uniquely positioned across the commercial fixed-wing, helicopter and advanced air mobility sectors. Since its inception in 2004, LCI has undertaken approximately US$10 billion of aviation transactions and provides leasing services to operators, Governments and end-users.

LCI is owned by Libra Group (www.libra.com), a privately-owned international business group whose subsidiaries own and operate assets in nearly 60 countries and Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL – www.smfl.co.jp). For more information, visit www.lciaviation.com

For more information, please contact: 

Charlie Hampton / Zahida Wiffen
LCI
Tel: +44 (0)7884 187297 
E-Mail: lci@pembrokeandrye.com

26^th April, 2023: LCI, a leading aviation company, has launched a pioneering Joint Venture (“JV”) with a US Public Pension (“UPP”), and plans to build an aviation and helicopter portfolio valued in excess of US$300 million.  

The JV is the world’s first direct-to-pension fund investment partnership in the rotary market.  Its inaugural transaction is the acquisition of a portfolio of seven modern helicopters, manufactured by Airbus, Leonardo, and Sikorsky valued at over US$70 million.  The aircraft will predominantly operate in utility roles in Europe, the Americas and Africa. The UPP and LCI are co-investors in the vehicle, with LCI also acting as manager.

The UPP manages over US$10 billion of funds and the new partnership with LCI will connect operators and end-users with the expertise, resources and capital of both organisations.

Jaspal Jandu, CEO of LCI, says: “We are delighted to be forging this new partnership with UPP.  Real assets, including helicopters, have long been recognised as a valuable and stable investment class, and investing requires specialised knowledge and extensive resources.  This new JV will accelerate our strategy of bringing innovative financial solutions to our customers by providing them with access to alternative, unlevered and patient capital.”

The UPP’s Chief Investment Officer says: “We are thrilled to announce this pioneering partnership with LCI. Real assets offer tremendous potential in today’s environment and through our combined expertise, we aim to create a new investment model that will deliver robust returns and diversification benefits to our long-standing members.  Having confidence in the experience, track record and capabilities of LCI, we look forward to the long-term partnership.”

The partnership will focus on identifying and acquiring real asset opportunities, initially in the helicopter market, utilising a disciplined and strategic approach to portfolio management. 

The new JV is the latest in a series of innovative partnerships that LCI has curated over recent years, all of which support LCI’s long-term strategy of providing the market with access to significant volumes of efficient capital, expertise, and structuring capabilities.

– Ends –

About LCI

LCI is a leading aviation company that is uniquely positioned across the commercial fixed-wing, helicopter and advanced air mobility sectors. Since its inception in 2004, LCI has undertaken in excess of US$10 billion of aviation transactions, and provides leasing services to airlines, helicopter operators, Governments and end-users.

LCI is owned by Libra Group (www.libra.com), a privately-owned international business group whose subsidiaries own and operate assets in nearly 60 countries, and Sumitomo Mitsui Finance and Leasing Co., Ltd. (“SMFL”) (www.smfl.co.jp).

For more information, visit www.lciaviation.com

For more information, please contact: 

Charlie Hampton / Zahida Wiffen

Tel: +44 (0)7884 187297 

E-Mail: lci@pembrokeandrye.com 

March 29, 2023, New York, NY – Libra Group, a privately owned international business group whose subsidiaries own and operate assets in nearly 60 countries, announced today that Sumitomo Mitsui Finance and Leasing Co., Ltd. (SMFL) has agreed to acquire a 35% stake in its aviation subsidiary, LCI. Additionally, SMFL and Libra Group plan to grow LCI’s business by US$1.5 billion over the coming years with significant capital investment by shareholders.

“We are honored to partner with SMFL, a visionary global organization with a rich and profound history. Every person at SMFL we have dealt with has shown the highest level of professionality, moral and ethical character, as well as a deep commitment to sustainability and social impact. It is these shared values that will create an enduring partnership,” said Libra Group Executive Chairman George M. Logothetis. “We expect to progressively grow and deepen our relationship with SMFL over the years, our long-term outlook and belief system are strikingly similar. The possibilities for collaboration are endless, from aviation, to maritime, to renewable energy, to all that lies in between. We look forward to working together over many years and across many industries to meet tomorrow’s challenges.”

LCI’s first partnership with SMFL began in 2020 with the launch of a US$230 million helicopter leasing joint venture (JV) of 19 next-generation helicopters. Since that time, the JV has expanded and now has a portfolio of over 50 aircraft valued at over US$550 million.

In addition to this transaction, senior representatives of both Libra Group and SMFL have signed a framework agreement that will serve to further cement the close business relationship that exists between the two groups. Libra and SMFL intend to expand their collaboration across additional Libra Group industries and business verticals.

Masaki Tachibana, President of SMFL, said: “We relish this opportunity to make a significant equity investment into LCI and to deepen our relationship with Libra Group, a business partner that has already won our respect and admiration. The investment by SMFL into LCI is the next step in what we hope will be a series of strategic collaborations across the helicopter and relevant industries, which enables both of us to further strengthen LCI’s business. Libra Group shares our values and commitment to UN Sustainable Development Goals (SDGs), and we see many exciting opportunities ahead for partnership, innovation, and impact to societies.”

Libra Group invests in innovation at scale across its six sectors: maritime, aviation, renewable energy, hospitality, real estate, and diversified investments.

LCI’s modern, sustainable aviation technology orders reflect this commitment to innovation. Recent examples include an agreement signed in January 2023 with Elroy Air, a developer of advanced autonomous cargo aircraft systems, to acquire up to 40 of the company’s Chaparral vertical take-off and landing (VTOL) aircraft. In April 2022, LCI signed a deal with BETA Technologies to acquire up to 125 state-of-the-art electric vertical take-off and landing (eVTOL) aircraft.

Upon the delivery of all its new orders, LCI will have a fleet of close to 350 aircraft that will be leased across the world.

Jaspal Jandu, Chief Executive Officer of LCI, said: “LCI is delighted to expand and solidify its relationship with SMFL through this transaction. Given our shared values and culture, they represent an ideal partner as we embark on the next chapter in our development. Together we intend to reinforce LCI’s position as a leading provider of leasing, financing, and investing solutions in the aviation industry.”

Since Libra created LCI in 2004, LCI has undertaken over US$10 billion of transactions in the aviation market. LCI has built a track record of successfully navigating market cycles and anticipating future customer needs. Some examples include a landmark US$1 billion sale of 21 aircraft in 2007, followed by a US$400 million order for a fleet of Leonardo helicopters in 2012 that remain in service today.

LCI provides leasing services to operators, Governments, and end-users worldwide. Through partnerships with industry leaders, LCI maintains a future-focused fleet of young, modern aviation assets. Many are deployed in mission-critical and socially responsible sectors such as Emergency Medical Services (EMS), Search and Rescue (SAR), and offshore wind energy.

About Libra Group

Libra Group is a privately owned, global business group that encompasses 30 operating entities: 20 businesses predominately focused on aviation, renewable energy, maritime, real estate, hospitality, and diversified investments, as well as 10 independently-run social initiatives. With assets and operations in nearly 60 countries, the Group applies the strength of its global network and capabilities to deliver cross-sector insights and growth at scale. Libra’s social responsibility programs, housed under Libra Philanthropies, include 10 social initiatives created to address unmet needs and grantmaking that helps people worldwide. For more information, visit www.libra.com.

About SMFL

Sumitomo Mitsui Finance and Leasing has been a leading Japanese leasing company for over 50 years. SMFL is owned by Sumitomo Mitsui Financial Group, one of the biggest banking groups, while Sumitomo Corporation is a top-tier trading company. SMFL provides aircraft and engine leases to the global aviation industry and other asset-based finance, such as real estate and energy facilities, in addition to other types of finances like financial leases, debt and equity investments, and various financial products. For more information, visit: https://www.smfl.co.jp/english/

About LCI

LCI is a leading aviation company that is uniquely positioned across the commercial fixed-wing, helicopter and advanced air mobility sectors. Since its inception in 2004, LCI has undertaken approximately US$10 billion of aviation transactions and provides leasing services to operators, Governments and end-users. For more information, visit: www.lciaviation.com

For more information, please contact: 

Charlie Hampton / Zahida Wiffen

Pembroke and Rye 

Tel: +44 (0)7884 187297 / +44 (0)7570 662708

E-Mail: lci@pembrokeandrye.com

3 March, 2023: LCI, a leading aviation company and a subsidiary of Libra Group, is set to deliver two new Leonardo AW139 helicopters on long-term lease to Babcock Australasia (Babcock) in Australia in early 2024.

The aircraft, which are valued at over US$40 million, will be deployed by Babcock on mission critical and socially responsible Emergency Medical Services (EMS) operations.

The Leonardo AW139 combines flexibility, high performance, proven technologies, and exceptional safety features, and is the best-selling twin-engine helicopter in its class with more than 1,000 units in service worldwide. 

Boasting superior performance, advanced safety design features, and state-of-the-art avionics, the AW139 can carry up to 15 passengers in a spacious cabin, all with the best power reserve of any helicopter in its class.

LCI is a longstanding leasing partner for Babcock, providing helicopters for a wide variety of operational roles in markets across Australia and internationally.

Australia is a major and important market for LCI, with 16 of its AW139 helicopters already on lease operating EMS and offshore support roles.

Jaspal Jandu, CEO of LCI, says: “The latest Leonardo AW139 is an innovative and versatile next generation helicopter, well proven across many mission types including emergency medical services. The aircraft type has one of the largest installed fleets in the world and LCI has invested significantly in the programme. 

“Many of our AW139s are placed on lease within the Babcock Group and so naturally we are pleased with this incremental business with a long-standing partner.”

Peter Newington, Managing Director Aviation & Critical Services of Babcock Australasia, says: “LCI is a longstanding, flexible and proven partner which has supported our burgeoning helicopter operations across the globe for a decade. We’re confident they will help us deliver and expanded, outstanding level of EMS provision in Australia.”

LCI’s fleet currently includes 80 Leonardo helicopters in operation in 22 countries across the globe. Many are deployed on mission critical and socially responsible sectors such as EMS, Search and Rescue and offshore wind energy.

– Ends –

About LCI

LCI is a privately owned aircraft lessor that is uniquely positioned across the commercial fixed-wing, helicopter and advanced air mobility sectors. Since its inception in 2004, LCI has undertaken in excess of US$8 billion of aviation transactions, and provides leasing services to airlines, helicopter operators, Governments and end-users.

LCI is the aviation subsidiary of Libra Group (www.libra.com), a private international business group whose subsidiaries own and operate assets in nearly 60 countries. The Group is active predominantly in aviation, energy, hospitality, real estate, maritime, and diversified investments.

For more information, visit www.lciaviation.com

For more information, please contact: 

Charlie Hampton / Zahida Wiffen

Tel: +44 (0)7884 187297 

E-Mail: lci@pembrokeandrye.com

1^st March, 2023: LCI, a leading aviation company and a subsidiary of Libra Group, has appointed Alan O’Rourke to the position of Chief Financial Officer (CFO).

O’Rourke was previously LCI’s Senior Vice President, Finance, based in the lessor’s London office and was responsible for developing relationships with LCI’s financial partners to source and originate capital for the organisation.

Prior to becoming SVP Finance, O’Rourke worked for five years with the accounting team at LCI’s Dublin headquarters where he was responsible for management reporting, transaction accounting and system implementations. 

In his new role as CFO, he will be responsible for LCI’s financial strategy, treasury management, and regulatory standards.  He will also oversee the finance, tax and accounting divisions and utilise the latest suite of digital tools for on-going reporting and governance.

 Effective April, O’Rourke will replace Praveen Vetrivel, who has been appointed CFO of LCI’s parent company, Libra Group.

 Jaspal Jandu, CEO of LCI, says: “Alan O’Rourke’s wealth of experience, deep knowledge of our business, and strong relationships with the financial community, make him a natural choice in this important role. I have no doubt he will be a valuable addition to LCI’s senior management team, and will ensure a robust, far-sighted and modern approach to our financial strategy.”

 “I am personally grateful to Praveen for the invaluable role he has played in growing our business, and wish him well in his new role at Libra Group.”

Alan O’Rourke, CFO of LCI, says: “LCI is a dynamic, fast-growing aviation lessor, and I’m delighted to be taking this important role at a key stage of its growth. The company’s finance function is vital to underpinning that growth, and I look forward to leading a team of skilled finance professionals to deliver that.”

 Alan holds a BA in Accounting and Human Resource Management and is a qualified Certified Chartered Accountant. He previously worked for Capita, AIB and Deloitte, and holds a Diploma in Aviation Leasing and Finance from The Law Society of Ireland. 

– Ends –

About LCI

LCI is a privately owned aircraft lessor that is uniquely positioned across the commercial fixed-wing, helicopter and advanced air mobility sectors. Since its inception in 2004, LCI has undertaken in excess of US$8 billion of aviation transactions, and provides leasing services to airlines, helicopter operators, Governments and end-users. 

LCI is the aviation subsidiary of Libra Group (www.libra.com), a private international business group whose subsidiaries own and operate assets in nearly 60 countries. The Group is active predominantly in aviation, energy, hospitality, real estate, maritime, and diversified investments.

For more information, visit www.lciaviation.com

For more information, please contact: 

Charlie Hampton / Zahida Wiffen

Tel: +44 (0)7884 187297 

E-Mail: lci@pembrokeandrye.com

LCI a leading aviation company and a subsidiary of Libra Group, has signed an agreement with Elroy Air, developer of advanced autonomous cargo aircraft systems, to acquire up to 40 of the company’s Chaparral vertical take-off and landing (VTOL) aircraft. 

LCI’s investment in Elroy Air’s system underpins the Company’s long-term commitment to sustainable growth and innovation. Under the terms of the deposit-backed agreement, LCI will initially acquire 20 aircraft with an option for a total of up to 40 units. The VTOL aircraft are currently under development at Elroy Air’s facility in South San Francisco, California.

The Chaparral is the first end-to-end autonomous VTOL cargo delivery system.  It is designed for aerial transport of up to 500 lbs (225 kgs) of goods over a 300 nautical mile range.  This is enabled initially by a turbine-based hybrid-electric powertrain with distributed electrical propulsion, and specially designed aerodynamic modular cargo pods. 

Its applications include safe, efficient and cost-effective aerial cargo transport for commercial logistics, disaster relief, firefighting and humanitarian operations without risk to pilots or the need for airport infrastructure.

Jaspal Jandu, CEO of LCI, says: “This commitment for the pioneering Chaparral system will enable us to efficiently support mission critical, remote logistical work and socially responsible humanitarian efforts around the world.  It will do so in complement with the wide-ranging capabilities of our existing aviation fleet.”

“We have been impressed with Elroy Air’s vision and approach and look forward to working closely with the team on a wide range of opportunities.  This forms part of our wider advanced air mobility strategy and will strengthen LCI’s position as a leading provider of leasing, financing and investing solutions for this new and exciting market.”

David Merrill, CEO and Co-Founder of Elroy Air, says: “We’re experiencing an enthusiastic response to the Chaparral and its capabilities to serve as a key part of a safe, efficient, and capable fleet of aircraft to respond in emergency situations, protect pilots, and enable rapid logistics in a new and sustainable way.

“Through our agreement with LCI, the Chaparral will be available for financing – enabling much broader access to the aircraft. We are proud that the Chaparral will now be part of LCI’s aviation fleet and look forward to providing aerial cargo transport globally.”

The new VTOL aircraft will complement LCI’s existing fleet of modern helicopters and fixed wing aircraft. In addition, LCI and its parent company, Libra Group, whose subsidiaries own and operate assets in approximately 60 countries, plan to share commercial, financial and end-user expertise with Elroy Air through well-established industry networks.

George Logothetis, Executive Chairman of Libra Group, stated, “We are proud of LCI’s partnership with Elroy Air, which further accelerates the Chaparral’s entry into the global market. Bridging the present with the future requires novel partnerships such as these where established industry leaders join with innovators to make paradigm-shifting technologies a reality. 

“Our Group is committed to leveraging our global platform to catalyse the uptake of sustainable innovations across our six sectors, and we look forward to sharing many future-focused partnerships to come.”

LCI maintains a growing, sustainable, and future-focused fleet of young, modern aviation assets, which are leased to major operators and end-users around the world. Many are deployed on mission critical and socially responsible sectors such as Emergency Medical Services (EMS), Search and Rescue (SAR) and offshore wind energy.

– Ends –

About LCI

LCI is a privately owned aircraft lessor that is uniquely positioned across the commercial fixed-wing, helicopter and advanced air mobility sectors. Since its inception in 2004, LCI has undertaken in excess of US$8 billion of aviation transactions, and provides leasing services to airlines, helicopter operators, Governments and end-users. LCI is the aviation subsidiary of Libra Group (www.libra.com), a private international business group whose subsidiaries own and operate assets in nearly 60 countries. The Group is active predominantly in aviation, energy, hospitality, real estate, maritime, and diversified investments.

For more information, visit www.lciaviation.com

About Elroy Air

Elroy Air is developing industry-first autonomous aircraft systems and software to expand the reach of express shipping to every person on the planet. Building on the powertrain and perception technology enabling the hybrid-electric / autonomous vehicle revolution, its vertical-takeoff-and-landing (VTOL) aerial logistics systems can operate outside of airport infrastructure and evolve the possible in commercial air cargo. The company’s solutions will expand delivery locations and reduce timeframes, provide immediate aid and relief in disaster and fire fighting situations, as well as rapid autonomous resupply for troops in the field. The company’s headquarters is in South San Francisco, California and it is financed by world-class venture capital firms including Catapult Ventures, Marlinspike Capital and Shield Capital, strategic investors including Lockheed Martin Ventures and Prosperity7, and pioneering angel investors including early Uber executives.

For more information, visit http://elroyair.com

For more information, please contact: 

Charlie Hampton / Zahida Wiffen

LCI

Tel: +44 (0)7884 187297 

E-Mail: lci@pembrokeandrye.com

Casey Sousa

Elroy Air

E-Mail: media@elroyair.com

Website: Elroyair.com