Leasing group Monte is to offer financing options for operators of Regent’s wing-in-ground-effect electric-powered sea gliders under an agreement announced by the companies this week. Monte has committed to adding both the 12-passenger Viceroy and the planned 100-passenger Monarch to its portfolio, without specifying how many of each type it will buy in a deal with a reported value of $300 million.
In March, UK-based Monte launched a new maritime division to build on its offering in the regional aviation sector by specializing in new electric sea vessels. Regent is the first manufacturer to agree on terms with the new business unit in a partnership arrangement sealed during this week’s CoMotion Miami event.
According to Rhode Island-based Regent, it now holds sales agreements for more than 600 of its sea gliders, which are expected to have a range of up to around 180 miles on a single charge. The company is planning to start operational tests with a full-scale prototype of the Viceroy before the end of 2024 as it works to achieve certification under maritime rules in 2025.
Monte’s aviation leasing business has already made commitments to buy several electric and hybrid-electric aircraft. It has signed agreements with Eviation for its nine-passenger Alice model, as well as with ZeroAvia, which is converting regional airliners to use hydrogen-electric propulsion, and Ampaire, which is converting the Cessna Caravan aircraft.
The leasing group said it plans to arrange finances and leases for the infrastructure that will be needed to support sea glider operations, including port upgrades, electric charging networks, and battery storage. “We will provide a full turnkey solution, through vessel and infrastructure financing for operators looking for zero-emissions travel,” said Monte’s chief operating officer, Timothy Eyre. “Working together to offer an easy-to-operate, full-package electric transport solution will help to accelerate the much-needed decarbonization of the regional maritime industry.”
Regent’s financial backers include Lockheed Martin, Japan Airlines, 8090 Industries, and Founders Fund, with total fundraising to date of more than $90 million. The company said that prospective orders signed to date have a combined value of $9 billion.