Eclipse Aviation, ETIRC Aviation Gain Financing for Russian Production

The Russian State Bank Vnesheconombank (VEB) Supervisory Board, chaired by Russian Prime Minister Vladimir Putin, approved the construction of a factory in Ulyanovsk, Russia to assemble the Eclipse 500 Jet. The announcement comes a week after devastating Congressional hearings into the certification of the first very light jet. Related Story
VEB announced that it expects to finance the project in full, with a total value of $205 million. VEB and the Ulyanovsk region administration will be among the shareholders.
“VEB’s decision to support the Eclipse 500 at this level, illustrates the strength of the global demand for this amazing jet,” said Eclipse Aviation CEO Roel Pieper, who also chairs European Technology and Investment Research Center (ETIRC) Aviation, which rescued Eclipse earlier this year. “Obtaining this approval and financing is an enormous step forward in our efforts to globalize the Eclipse 500 and create a highly-competitive worldwide business model for Eclipse Aviation.”
Eclipse Aviation already confirmed that export of the Eclipse 500 Jet components to Russia complies with United States and Canadian export regulations.
Production in the factory located at the Ulyanovsk-Vostochny International Airport is expected to begin in 2010. The factory’s ultimate capacity is projected to be 800 jets a year. Production at Eclipse’s headquarters in Albuquerque will continue in full prior to and following the start of the Russian facility’s operations.
European Technology and Investment Research Center (ETIRC) Aviation is the exclusive provider of sales, customer service, maintenance support and flight training for the Eclipse 500 in the countries of Western and Eastern Europe, the Russian Federation, the Commonwealth of Independent States and the Republic of Turkey. A key element of the partnership between Eclipse and ETIRC Aviation grants ETIRC Aviation the right to establish local assembly of the Eclipse 500 within its region. The increased production capability will allow Eclipse and ETIRC Aviation to meet the growing demand for the Eclipse 500 in Europe, Russia and Turkey.