Centennial company gets millions in funding
April 8, 2017 by Lisa
Boom Technology, based at the Centennial Airport, has won $33m in financing to help it built its XB-1 supersonic jet.
The jet is designed to carry 40 passengers, and will fly between London and New York in under four hours. If all goes well, the jet, which has a top speed of 1,451 mph or Mach 2.2, will have its first test flight some time in 2017.
So many people wanted to invest that Boom attracted more money than it expected, and now has what it needs to build the plane, according to Blake Scholl, Boom co-founder and CEO.
The attraction of the new jet is not just its speed, but also the fact a round trip will cost about $5,000, which is less than many current first-class fares. Investors—and there are many interested parties, including major airlines—are attracted by more factors than these, though. Boyd Group International, an Evergreen aviation consulting firm run by Michael Boyd, says knowledgeable people see this aircraft as being a game-changer, adding Boom is not simply pursuing a dream of advanced aviation, but looking at the project from the standpoint of the impact it could have on the market.
Boom hired Boyd Group, which is not an investor, to study whether or not supersonic flights were viable. Boyd estimated Boom could sell as many as 1,300 of the jets, with customers that include Sir Richard Branson’s company Virgin Galactic, which is a partner.
Companies like this can benefit by creating detailed brochures that show and describe the new product.