A $145 million finance deal has been secured by Ocean Flyer, a sustainable maritime transport pioneer, to acquire all-electric seagliders for New Zealand.

Ocean Flyer and global asset manager MONTE have signed an agreement to finance the acquisition of seagliders from REGENT, marking a significant step towards enhancing connectivity across New Zealand.

This deal is part of Ocean Flyer's larger $700 million agreement with US-based manufacturer REGENT to bring 25 seagliders to the country.

Shah Aslam, CEO of Ocean Flyer, highlighted the importance of this initiative.

"This initiative marks a significant step in Ocean Flyer’s mission to enhance prosperity and economic development in the regions, through efficient and affordable connectivity," he said.

The seagliders, developed by a team of MIT graduates and former Boeing engineers, are designed to float, foil, and then fly 10 meters above the water at high speeds.

These high-speed, zero-emission vessels promise to reduce travel time between Whangārei and Auckland to just 35 minutes.

Ocean Flyer CEO Shah Aslam (right) with MONTE COO Timothy Eyre (left).

MONTE, a UK-based investor, has a long history of arranging financing for transportation assets, amounting to more than NZ$42 billion over the past 30 years.

The financing agreement with MONTE paves the way for the deployment of the first seagliders, which are backed by prominent investors such as Peter Thiel and Mark Cuban.

REGENT’s order book now stands at NZ$15 billion, supported by major airlines like Japan Airlines and Hawaiian Airlines, as well as US defense primes.

The high cost and reliability issues of domestic travel in New Zealand have been major concerns recently.

Ocean Flyer's seagliders are expected to address these issues by providing an affordable and sustainable transport option.

Ocean Flyer's mission is to revolutionise public transport in New Zealand, offering a new mode of travel that is not only cost-effective but also environmentally friendly.

This achievement comes after a series of strategic Memorandums of Understanding (MOUs) signed by Ocean Flyer throughout the year.

These MOUs include agreements with Northport and Northland Inc to develop infrastructure for the launch of seaglider services.

Additionally, partnerships with MetService and MetOcean will enhance Ocean Flyer's operational capabilities in New Zealand waters by leveraging historical and current weather data.

In April 2022, Ocean Flyer signed a historic $700 million agreement with REGENT to bring 25 seagliders to New Zealand.

Ocean Flyer is the world's first seaglider-only company, committed to providing a sustainable, fully electric, fast, and affordable mode of mass public transport.

Ocean Flyer is dedicated to connecting communities across New Zealand, addressing climate change, and building a more resilient and affordable transport network for everyone.

The introduction of seagliders represents a major milestone in New Zealand’s transport sector, promising to transform regional connectivity and support economic growth.