Regent raises $ 9 million for flying ferries with a top speed of 180 mph

Regent, a Boston start-up, wants to make flying ferries the best way to travel between coastal cities.

The start-up is developing an ‘electric sea glider’ that can sail out of a harbor on a hydrofoil, take off at low speed using the water as a runway, and then fly over the waves at a top speed of 180 miles per hour to transport passengers to their destination. according to co-founders CEO Billy Thalheimer and CTO Michael Klinker.

The duo previously worked for a Boeing company, Aurora Flight Sciences, and both are private pilots with an FAA license. Thalheimer told CNBC that Regent wants to make travel between coastal cities fast, safe, affordable and reliable with the smallest possible carbon footprint. (The company’s name is short for Regional Electric Ground Effect Naval Transport.)

The seagliders that Regent designed technically fall into the Wing category in Ground Effect craft or WIGS. They have not been historically regulated by the Federal Aviation Administration, but instead by the United States Coast Guard.

Importantly, Regent develops its sea gliders to work with the existing port infrastructure, says the CEO. He notes that in ports, charging is still required for the mainstream acceptance of electric vehicles there, be it electric air taxis, boats or ground vehicles.

The company will seek to establish passenger routes between major hubs such as Boston and New York, Los Angeles and San Francisco, or shorter routes such as New York City to the Hamptons or routes connecting the islands of Hawaii.

But for now, with $ 9 million in fresh start-up capital in hand, the start-up is focusing on a prototype.

“We will be flying with a prototype on a quarter scale at the end of this year,” said Thalheimer. “The prototype will have a wingspan of about 15 feet and weigh about 400 pounds. We need to make sure it works in representative operational environments, such as in waves and other weather.”

The company expects to make its maiden flight in the Boston area, but is looking for somewhere else to run tests during the harsh New England winters.

Unlike previous generations of technology, Thalheimer says, it’s easier than ever to work on a start-up that trades in atoms, not just bits and bytes. Regent follows the success of robotics and electric car companies such as Kiva Robotics, Tesla, DJI and others.

Investors were enthusiastic about this. And we hear from many cities say: come here, and we will help you, ”Thalheimer said. “We think the Boston culture is helping us today. We’re in the MIT, Harvard ecosystem. And we have great connections and the robotics and space scene here.” (Boston is home to companies like Raytheon and Draper Laboratory, among others.)

Investors in Regent’s flying ferry business include Caffeinated Capital, an early financier of the supersonic jet startup Boom, Mark Cuban, Peter Thiel’s Founders Fund, Y Combinator, and others.

Raymond Tonsing, the founder of Caffeinated Capital, said he sees Regent epitomizing the future of electric planes, with super-fast ferry services that could one day even compete with cars.

“In fact, we are in a transition from using fossil fuels to get from A to B even if you don’t touch the ground. And you know? This is a huge market, and I think Regent has a really good plan. to become passengers over a period of approximately 4 years. “

The relatively quick go-to-market plan exists not least because the company expects to deal with the rules and regulations that apply to ocean-going vessels, not airplanes, Tonsing explained.

It takes longer to get a new jet approved to fly passengers. Although safety is still paramount, a WIG flies in a lower airspace, over waves. It is not intended to fly over cities, houses and roads.

Investor Mark Cuban also said in an email to CNBC, “Time is the most valuable asset we don’t own. Regent makes so many difficult journeys easy and fast. Its impact will be significant and global.”

While there is no competition for the development of passenger electric sea gliders like Regent is, there are some electric and hybrid electric watercraft that could compete for similar contracts or funding in the future.

These companies include other WIG developers Flying Ship Company and RDC Aqualines, along with electric vehicle manufacturers such as Pure Watercraft in Seattle, Switzerland-based Candela, and the Wellington Electric Boat Building Company in New Zealand.