Sky Harbour Group, the rapidly growing developer of a network of upscale hangars for business aircraft, completed its second equity closing, issuing nearly 4 million shares of Class A common stock and raising $37.6 million. The aggregate proceeds from both equity raises have reached some $75.2 million, the company said.

Sky Harbour plans to issue another $150 million in private activity debt financing in the first half of 2025 and bring its proceeds to nearly $240 million as it works to build a nationwide network of hangars. The funding will support projects at six to seven new airport campuses, representing some 800,000 sq ft of rentable space in addition to the 1 million sq ft it has already funded.

In all, Sky Harbour plans to add seven ground leases by the end of next year, extending its reach to 23 airports.

Participants in the latest funding round included affiliates of Altai Capital and Raga Partners, Boulderado, and the family office of Sky Harbour Group board member Alex Rozek, along with new long-term investors.

The funding round comes as Sky Harbour recently received approval for uplisting on the New York Stock Exchange (NYSE) from the NYSE American. Its common stock and warrants will cease trading on the NYSE American after market close on January 24 and begin trading on the NYSE on January 27.

German eVTOL aircraft developer Volocopter has begun insolvency proceedings with a court-appointed administrator now overseeing efforts to secure new investment. The company announced the move on December 30 in a statement explaining that it had filed for insolvency with the court in Karlsruhe on December 26.

On December 27, the court appointed Tobias Wahl, an attorney with the law firm Anchor Rechtsanwältegesellschaft, as Volocopter’s administrator. Volocopter said it had been forced to take the action after recent fundraising efforts had failed “to find a viable solution to maintain regular operations outside of insolvency proceedings.”

The company can continue to operate during the provisional insolvency process. Its administrator has met with employees to explain the situation, while also starting fresh efforts to find new sources of financial backing.

“The company needs financing to take the final steps towards market entry [with its two-seat VoloCity aircraft],” Wahl commented. “We will endeavor to develop a restructuring concept by the end of February and implement it with investors.”

According to Volocopter, it can still complete EASA type certification with the VoloCity during 2025. “We are ahead of our industry peers in our technological, flight test, and certification process,” said Volocopter CEO Dirk Hoke, who is set to leave the company in February. “That makes us an attractive company to invest in while we organize ourselves with internal restructuring.”

On December 24, another German eVTOL pioneer, Lilium, announced a provisional agreement for new investors Mobile Lift Corporation to acquire its assets. The deal could result in its plans to develop the six-seat Lilium Jet being restarted in January. On December 20, all of Lilium's employees were laid off under the terms of German insolvency law.

An FAA-sponsored virtual public meeting is scheduled on March 6 to solicit input on the agency’s plan for modernizing FAR Part 141 pilot school regulations. This will be the first in a series of public meetings on the topic before any regulatory proposals are published. The meeting is scheduled from 10 a.m. to 2 p.m. EST. Written comments are requested no later than March 21, 2025.

“Modernizing Part 141 would address challenges pertaining to certification, certification management, examining authority, and evolving technology and learning methods,” said the FAA. Through a Part 141 flight school, a student may obtain equivalent levels of aeronautical experience in fewer hours than required by the alternative training requirements under Part 61.

The agency noted that the process of certifying pilot schools in the U.S. is approaching 100 years of existence. Although the FAA has revised certain regulatory requirements pertaining to pilot schools during this time, Part 141 still has many foundational ties to Civil Air Regulations (CAR) Part 50 implemented in the 1940s. An overhaul of pilot school regulations would further “improve safety, reduce aircraft accidents, and embrace changes such as advances in technology and the need for data collection and analysis.”

While it might seem that avionics design had reached a plateau with few significant advances, this year has seen some interesting developments from new integrated touchscreen flight decks to the practical application of artificial intelligence and the proliferation of autothrottles in smaller airplanes.

Garmin announced its latest integrated flight deck—G3000 Prime—just before this year’s NBAA-BACE in October. For many years, Garmin has employed touchscreens as avionics controllers and more recently has offered touchscreen main displays with its TXi avionics. Now, the G3000 Prime flight deck is bringing touchscreens to integrated flight decks with 14-inch edge-to-edge touch displays in the primary and multifunction display positions.

Honeywell’s new Anthem avionics suite made significant progress this year, including logging hundreds of flight hours in the company’s Pilatus PC-12 testbed. Designed for general aviation, commercial, and military aircraft, Anthem is a platform that could introduce new pilots flying training aircraft to Anthem’s operating philosophy. They might then graduate to different types or larger aircraft equipped with the familiar Anthem interface.

Recognition of the safety and operational benefits of autothrottles is growing, and airframers are adding these to smaller airplanes. The most recent addition was Honda Aircraft’s HondaJet Elite II. Meanwhile, Eclipse Aerospace has begun test-flying Daedalean AI’s visual awareness system in an Eclipse 550 twinjet, testing the system’s artificial intelligence-based capabilities for detect-and-avoid traffic deconfliction.

Energy control solutions manufacturer Woodward has entered into an agreement with Safran Electronics & Defense to acquire its electromechanical actuation business, including operations in the U.S., Mexico, and Canada. The transaction is subject to customary terms and regulatory approval, with closing expected by mid-2025. Financial details of the acquisition were not disclosed.

The acquisition will add products to Woodward’s portfolio, including horizontal stabilizer trim actuation (HSTA) systems, which are integral to aircraft stabilization and used in models such as the Airbus A350. According to the companies, the HSTA systems represent some of the most advanced electromechanical control technology in aviation, and the acquisition will also include other electromechanical products and electronic control units for commercial airliners and business aircraft.

“The acquisition of Safran’s electromechanical actuation business aligns perfectly to Woodward’s growth and innovation value drivers,” said Woodward chairman and CEO Chip Blankenship. "Overall, this acquisition is an excellent fit for Woodward’s complementary activities.”

“We are confident that this important business will continue to thrive under Woodward’s leadership and commitment to innovation,” said Safran Electronics & Defense CEO Franck Saudo. “We look forward to supporting a smooth and efficient transition for our customers.”

This acquisition is part of Woodward’s strategy to grow its aerospace and industrial product lines. It adds significant value to the company’s aerospace offerings, which are expected to support future growth and technological advancements, Blankenship added.

The Million Air FBO at Albany International Airport (KALB) in New York is the latest location to join the Avfuel branded dealer network.

A gateway to New York’s capital city as well as the western New England region, Million Air is the lone FBO on the field. The facility features a 24,000-sq-ft, two-story terminal with passenger and pilot lounges, a golf simulator, Mercedes-Benz crew cars, 54,000 sq ft of hangar space that can shelter up to a Gulfstream G550, and ramp space capable of accommodating any size aircraft.

“Avfuel’s reputation for reliability and exceptional customer care aligns perfectly with our mission and vision for the future, providing the Albany community and its visitors with top-tier fuel and service, and an enhanced travel experience,” said Brian King, the FBO’s general manager.

As part of the Avfuel network of nearly 700 branded FBOs, Million Air Albany will now participate in the Avtrip customer loyalty program and offer Avfuel contract fuel.

“This partnership offers a fantastic opportunity for both Avfuel and Million Air Albany to improve services for the aviation community in central New York,” explained Joel Hirst, the Michigan-based fuel provider’s senior v-p of sales. “By joining forces, we are delivering premium services to our customers while strengthening our network within the aviation sector.”

Advanced air mobility (AAM) is where the space race meets the gold rush, with a dwindling group of start-ups scrambling for the elusive “finish line” marked by type certification and service entry for new eVTOL aircraft.

For these companies and their doubtless impatient investors, 2024 is drawing to a close with some important questions answered, but plenty of remaining doubts as to when the hype will be replaced by a sustainable flow of commercial returns from the billions of dollars that have already been plowed into the sector.

What does seem clearer is that the race is tightening, with just a handful of companies now visibly in contention for what might be seen as the first wave of eVTOL air services. Some contenders that might have seemed viable even a couple of years ago are barely on the radar anymore.

Others, in a group that includes the likes of Hyundai subsidiary Supernal, Embraer spinoff Eve Air Mobility, Boeing subsidiary Wisk Aero, Airbus, and Textron, have consciously opted out of the race to be first to market. For them, the horizon seems to lie more in the 2030s than the 2020s. They appear to have deep enough pockets—and management teams that are taking the long view—not to get drawn into the froth around what will or won’t happen in 2025.