Rex Airlines announced last week that it had bought into Australian electric powerplant developer Dovetail Electric Aviation, which is pioneering the conversion of turbine-powered aircraft to electric propulsion.
Rex now owns 20% of Dovetail and will have one seat on the Dovetail board of directors.
The equity participation agreement formalises the strategic partnership between Rex and Dovetail that was unveiled in a Memorandum of Understanding between the two companies in July last year.
"This partnership with Rex not only validates Dovetail’s innovative technology, but also provides a strong foundation for the company’s continued growth and development," a Dovetail statement reads. "Rex’s appointment of one of its Board members to sit on the Board of Dovetail further solidifies the collaboration between the two companies.
Dovetail Electric Aviation is a Sydney-based joint venture created by Dante International and Sydney Aviation Holdings.
The company recently received a $3 million grant from the Federal Government’s Cooperative Research Centres Projects program, which will be used to develop electric propulsion systems for aircraft used on regional routes.
Dovetail also recently announced the successful completion of initial ground tests involving a small-scale Electric Propulsion System (EPS) to spin a three blade propeller for the first time.
"Dovetail is excited to continue working closely with Rex and other partners to bring its cutting-edge technology to the forefront of the aviation industry," Dovetail said.
"As the world moves towards a greener future, Dovetail is proud to be at the forefront of innovation in electric aviation."