Workhorse Group names B. Riley to manage formal process to sell SureFly eVTOL

Workhorse Group Inc. (NASDAQ: WKHS) has announced it has engaged investment bank B. Riley FBR to manage the process of selling its SureFly operating unit, which is developing a vertical take-off and landing (eVTOL) aircraft, the company said.

In recent years, the global interest in the VTOL market has rapidly increased. The Workhorse team has been working closely with the Federal Aviation Administration (FAA) throughout the development process and is currently carrying out manned test flights under FAA Experimental Certification.

The SureFly is a two-person hybrid-electric VTOL multi-copter aircraft developed by Workhorse. It is designed to accommodate a pilot and passenger or a pilot and cargo, up to 550 pounds at a speed of about 70 miles per hour, for up to two hours, day or night. The aircraft utilizes a fly-by-wire flight control system designed to maintain the flight envelope of the aircraft.

In June 2018, the Federal Aviation Administration (FAA) accepted Workhorse´s application for Type Certification, an important step forward, as the SureFly design appears to be the first hybrid-electric VTOL multi-copter to reach this important milestone with the FAA.

Workhorse Group Inc. is an American technology company focused on changing the way the world works by providing sustainable and cost-effective transportation solutions. As an original equipment manufacturer, Workhorse designs and builds high performance battery-electric vehicles, including trucks, aircraft and drones.