After capturing the imagination of the public with its TriFan 600 vertical takeoff airplane, XTI Aircraft Company (XTI) is accelerating its development program and redoubling efforts to translate excitement about the aircraft into USD3 million in actual investments, the company said.
The USD3 million milestone is essential to fund important next steps in an accelerated development program that includes flying a 65 percent subscale piloted technology demonstrator of the TriFan 600 within two years.
An operational propulsion jet stand that will house the engine, drive train system, fans and flight controls is also planned for the short term, contingent on funding. XTI´s equity crowdfunding initiative has garnered more than USD20 million in expressed interest and more than 700 individuals have converted that amount into USD1 million so far, with investments ranging from USD350 to USD50,000 each.
All current and future shareholders will have the ability to buy and sell XTI shares, valued at USD1 per share in the current offering, on a public market. This ongoing investment opportunity is not only open to those who had signed up and expressed interest in investing in XTI previously, but to all investors around the globe.
By applying existing technologies in a revolutionary new configuration, the TriFan 600 airplane combines the speed, range and comfort of a business jet with the ability to take off and land like a helicopter.
XTI Aircraft is a privately owned aviation business based in Denver.