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Despite keeping a low public profile this summer, ATG has been diligently working behind the scenes to secure funding to sustain the Javelin development program through FAA certification. Earlier this year, we formally engaged with Citigroup, one of the largest and most respected investment banking organizations in the world, to help secure private equity financing requirements.
Over the past several months, ATG’s management team has met with numerous prospective institutional investors and continues to generate considerable investor interest. We plan to certify the Javelin 36 months after the Wall Street—driven funding event closes, which is expected within the next few months.
While awaiting full funding, the staff at ATG has been far from idle. Here are highlights of recent accomplishments:
• As a startup, ATG is developing a company as well as a jet. All departments have now documented their infrastructure by creating formal policies, processes, and procedures that describe what they do and how they do it.
• Appearances at the Australian Air Show, EBACE (Geneva), and EAA AirVenture (Oshkosh) have helped Javelin sales soar to 153. Distributor sales account for 45 of the total while 11 are for fleet sales. In addition, the purchase price of the Javelin increased to $2.995 million.
• Successfully collaborating with the FAA, ATG’s Certification group has achieved FAA approval of over a third of their system certification plans. They are also nearing closure of issue papers with the FAA, the result of which will define the certification basis for the Javelin.
• Nearly all material and process specifications for the Javelin’s carbon-composite structure are complete and ready for FAA approval.
• Flight Sciences engineers successfully completed a series of low-speed wind tunnel tests at the University of Washington Aeronautical Laboratory (UWAL) Kirsten Wind Tunnel to verify the performance of a recent wing flap modification. Data confirmed that the new flap configuration meets the 90-knot stall speed design goal and is deemed FAA certifiable.
• Engineers and Manufacturing collaborated to finalize the Javelin’s bill of materials—the airplane product structure that Manufacturing will use to build the first five Javelin test aircraft.
• Engineering is nearing completion of its Digital Mockup (DMU)—a 3D representation of the Javelin that is assembled from individual system models. This important tool helps engineers evaluate system location and integration.
• The documentation of an aircraft requirements baseline, which serves as a compilation of must-haves for the Javelin, is nearly complete. Requirements stem from Engineering and ATG’s Customer-Focused Aircraft Design group—a collaborative effort among several disciplines that focuses on the needs of the Javelin customer.
As planned and agreed to during his hiring process, Charlie Johnson recently stepped down as ATG’s president to pursue retirement. He provided 3 years of invaluable service and continues to be a strong and vital supporter of the Javelin program, retaining a role as advisor. Currently, the role of ATG’s President and CEO is capably administered by the Executive Committee of ATG’s Board of Directors.
Original Release
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