LCI, Elroy Air sign agreement for 40 VTOL Aircraft

LCI will initially buy 20 aircraft under the terms of the deposit-backed deal, with an option for a total of up to 40 planes. Elroy Air's plant in South San Francisco, California, is actively developing the VTOL aircraft.

"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," said David Merrill, CEO and Co-Founder, Elroy Air

The Chaparral is the world's first fully autonomous VTOL cargo transportation system. It is intended for airborne delivery of up to 500 pounds of cargo over a 300-nautical-mile range.

Jaspal Jandu, CEO, LCI said, "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."

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