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ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ:XTIA), a small-cap aerospace company with a market value of $27.32 million, announced Thursday a technology collaboration with MagLev Aero Inc. to evaluate innovative powertrain solutions for unmanned aircraft vehicles serving military and civilian markets. According to InvestingPro data, the company has demonstrated impressive revenue growth of over 1,400% in the last twelve months, despite operating in a challenging market environment.
The companies signed a memorandum of understanding to jointly assess the integration of MagLev’s proprietary MagLev HyperDrive propulsion technology into XTI’s future hybrid-electric aircraft architectures. The non-binding agreement includes a preliminary order for up to 100 MagLev HyperDrive propulsion systems, contingent upon meeting technical milestones and finalizing commercial terms. While XTI maintains a healthy balance sheet with more cash than debt, InvestingPro analysis indicates the company is rapidly burning through its cash reserves, a critical factor for investors monitoring the company’s development progress.
"Part of our product road map includes a piloted, hybrid-electric version of the TriFan as well as unmanned aerial vehicles," said Scott Pomeroy, Chairman and CEO of XTI. "We believe the MagLev innovations can enable us to produce drones that are significantly more efficient than existing market offerings."
The MagLev HyperDrive uses a tip-driven ducted fan system with magnetic levitation to eliminate rim drive friction, aiming to increase system efficiency. The technology is designed to enable quieter, higher-speed propulsion across various aircraft sizes and mission profiles.
"Magnetic levitation has not been used in operational aircraft propulsion before," said Ian Randall, Co-Founder, President and CEO of MagLev. "Our MagLev HyperDrive was developed to unlock new capabilities for electric flight."
XTI Aerospace is developing the TriFan 600, a fixed-wing business aircraft designed with vertical takeoff and landing capability, targeting cruising speeds over 300 mph and a range of 1,000 miles.
This announcement was based on a press release statement from XTI Aerospace.
In other recent news, XTI Aerospace has completed a significant milestone in its certification process for the TriFan 600 aircraft by holding a structures technical familiarization meeting with the Federal Aviation Administration (FAA). This meeting is a crucial step towards obtaining type certification for the aircraft. Additionally, XTI has completed over 1,500 computational fluid dynamics calculations to optimize the TriFan 600’s aerodynamics, using the Frontier supercomputer to enhance performance and safety. The FAA has also selected its Certification Branch Office in Ft. Worth, Texas, to oversee the type certification process for the TriFan 600, following the acceptance of XTI’s formal application.
Furthermore, XTI Aerospace has expanded its Corporate Advisory Board by appointing Stephen Griessel, former CEO of Paramount Group, and Hanna Tomory, a senior executive from Palantir Technologies. Griessel’s extensive experience in aerospace and defense is expected to support XTI’s strategic initiatives, while Tomory’s expertise in AI and digital transformation is anticipated to guide the company’s development of adaptive systems for the TriFan 600. Both appointments align with XTI’s vision to integrate advanced technologies into its aircraft. The company continues to progress in its certification and development efforts, aiming to establish the TriFan 600 as a pioneering xVTOL aircraft.
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