$145m NZ seaglider deal

Ocean Flyer and United Kingdom-based global asset manager Monte have signed a NZ$145 million deal to finance the acquisition of Regent’s electric seagliders to operate in New Zealand.

Monte will finance the first $145 million of Ocean Flyer’s $700m agreement signed in April 2022 with US-based manufacturer Regent to bring 25 seagliders to New Zealand.

Ocean Flyer says its mission is to revolutionise travel in New Zealand by connecting communities across the country in what is believed to be the country’s largest ever private investment in transport.

“This initiative marks a significant step in Ocean Flyer’s mission to enhance prosperity and economic development in the regions, through efficient and affordable connectivity,” says Ocean Flyer chief executive Shah Aslam.

Monte chief operating officer Timothy Eyre says the company is excited to work with the Ocean Flyer team to bring sustainable seaglider operations to New Zealand and the wider market.

The UK-based investor has arranged financing for more than NZ$42 billion of transportation assets during the last 30 years.

The deal paves the way for the first seagliders – zero-emission, high-speed electric wing-in-ground effect vessels developed by a team of MIT graduates and ex-Boeing engineers.

Regent is backed by high-profile, innovative investors Peter Thiel and Mark Cuban, as well as airlines such as Japan Airlines (JAL) and Hawaiian, and defence primes in the US, Regent’s order book now at NZ$15 billion.

Aslam says the deal has been a culmination of more than a year’s worth of work.

“We met Monte last year in Rhode Island during the full-scale mock-up launch of the Viceroy at Regent headquarters.

“We quickly discovered that our visions for the next generation of transport mobility aligned.”

Aslam says Ocean Flyer will fundamentally change public transport in a way which will not only be affordable, but also fully sustainable.

The deal caps off a banner year for Ocean Flyer, highlighted by memorandums of understanding (MOUs) with Northport and Northland Inc to spearhead the design and development of infrastructure for launching services.

Additionally, agreements with MetService and MetOcean enhance Ocean Flyer’s operational capabilities in New Zealand waters, leveraging both historical and current weather data to optimise performance, says Aslam.