Gets Funding for Large Turboprop Single
Merritt Island, Fla.-based Comp Air this
week announced that it received $150 million in funding from
MercMed, a California-based investment company headed by
former Mercury Air Group chairman Dr. Philip J.
Fagan. Comp Air believes this injection of funding is
sufficient to develop, certify and start production of an
all-composite, pressurized turboprop single called the Comp
Now that the necessary funding has been secured, CEO Ron
Lueck said a new manufacturing facility will be built in
Melbourne, Fla. and the company has started taking
refundable $100,000 customer deposits on the $2.95 million,
Honeywell TPE331-14GR-powered airplane.
Comp Air said it has deposits in hand for about two dozen
airplanes and plans to make the move to Melbourne by January
1. Comp Air has accumulated approximately 200 hours on the
prototype that has been flying since last year.
However, the production model will undergo significant
changes, including a 42-inch fuselage stretch and a
four-inches-larger fuselage diameter. Additionally, the
cruciform tail on the prototype will be dropped in favor of
a conventional design, and the main door might also be
Comp Air plans to fly the larger Model 12 by next July, with
FAA certification following by the end of 2010.