Otto Aviation Announces New Manufacturing Facility and Headquarters in Jacksonville, Florida
Florida Governor Ron DeSantis announced the project today at the Paris Air Show
PARIS, June 16, 2025 (GLOBE NEWSWIRE) -- Otto Aviation, a pioneering force in sustainable aviation, has announced plans to establish an advanced manufacturing and production facility at Cecil Airport in Jacksonville, Florida. This strategic expansion represents a significant milestone in the development of Otto's next-generation business jet, the Phantom 3500.
The Jacksonville Aviation Authority (JAA) has approved a $34.9 million incentive package to support Otto Aviation's investment in the region and the City of Jacksonville has approved up to $20 million in a Revenue Enhancement Value grant. Additionally, the State of Florida has approved over $430 million in Corporate Income Tax Credits (CITC) and High Impact Performance Incentive (HIPI) grants to facilitate the establishment of the manufacturing plant and long term operations, which will occupy 80 to 100 acres of land at Cecil Airport.
Florida Governor Ron DeSantis formally announced the project today during remarks at the Paris Air Show: "I'm pleased to welcome Otto Aviation to Jacksonville. This is a win for Florida and a testament to the kind of innovation we're attracting. Our infrastructure and talent are primed for the next generation of aerospace manufacturing, and this project is another indicator that Florida will be home to the future of flight.""This new facility will become more than a manufacturing site — it's the launchpad for the future of sustainable aviation," said Paul Touw, CEO of Otto Aviation. "Jacksonville stood out as a city that shares our long-term vision: pushing boundaries in aerospace innovation while creating high-quality jobs and meaningful impact. We're excited to become a part of this dynamic community."
Otto Aviation's Phantom 3500 is a revolutionary twin-engine business jet designed to deliver exceptional fuel efficiency, extended range, and reduced emissions. The aircraft features a full laminar flow design that cuts drag by 35% compared to traditional jets, enabling it to travel farther on less fuel. With a range of 3,500 nautical miles and a cruise altitude of 51,000 feet, the Phantom 3500 is poised to redefine the standards of business aviation.
The Jacksonville facility will serve as the primary site for the final assembly of the Phantom 3500, with production of its flight test vehicles slated to commence in 2026. The project is expected to create hundreds of manufacturing and engineering jobs, contributing to the local economy and reinforcing Jacksonville's position as a hub for aerospace innovation.
Otto plans to begin operations in Hangar 825, originally built by the U.S. Navy for aircraft fleet operations, and will subsequently develop a dedicated manufacturing plant to produce the Phantom 3500. The company's headquarters will also relocate to Jacksonville, further solidifying its presence in the region. The company plans to begin flight tests by early 2027, and aims to achieve certification and entry into service in 2030.
About OttoOtto Aviation is an advanced aerospace company committed to transforming private and regional aviation through innovative aircraft design. Headquartered in Fort Worth, Texas, Otto is developing the Phantom 3500, a new, clean-sheet design aircraft that establishes – and leads – a new category in highly efficient, affordable, and sustainable business jet aviation. Learn more at ottoaviation.com.
For media inquiries, please contact:Scott Wordenscott.worden@llyc.global+1-248-825-9343
Or
Onsite at the Paris Air Show:Josh Skalniakjosh.skalniak@llyc.global+1-480-352-2050
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/398ca996-ae78-4d44-a993-6d98c8d2d886Sign in to access your portfolio
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
36 minutes ago
- Yahoo
LXP Industrial Trust Announces Quarterly Common Share Dividend
WEST PALM BEACH, Fla., June 16, 2025 (GLOBE NEWSWIRE) -- LXP Industrial Trust ('LXP') (NYSE: LXP), a real estate investment trust (REIT) focused on Class A warehouse and distribution investments, today announced that it declared a regular common share dividend for the quarter ending June 30, 2025 of $0.135 per common share payable on or about July 15, 2025 to common shareholders of record as of June 30, 2025. LXP also declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock for the quarter ending June 30, 2025, which is payable on or about August 15, 2025, to shareholders of record as of July 31, 2025. ABOUT LXP INDUSTRIAL TRUST LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on Class A warehouse and distribution investments in 12 target markets across the Sunbelt and Midwest. LXP seeks to expand its portfolio through acquisitions, development projects, and build-to-suit and sale/leaseback transactions. For more information or to follow LXP on social media, visit This release contains certain forward-looking statements which involve known and unknown risks, uncertainties and other factors not under LXP's control which may cause actual results, performance or achievements of LXP to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, (1) the discretion of LXP's Board of Trustees with respect to the authorization of future dividend declarations and (2) those factors and risks detailed in LXP's periodic filings with the Securities and Exchange Commission. Except as required by law, LXP undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Contact:Investor or Media Inquiries for LXP Industrial Trust:Heather Gentry, Executive Vice President of Investor RelationsLXP Industrial Trust Phone: (212) 692-7200 E-mail: hgentry@
Yahoo
41 minutes ago
- Yahoo
Freehold Royalties Declares Dividend for June 2025
CALGARY, Alberta, June 16, 2025 (GLOBE NEWSWIRE) -- Freehold Royalties Ltd. (Freehold) (TSX: FRU) announces that its Board of Directors has declared a dividend of Cdn. $0.09 per common share to be paid on July 15, 2025 to shareholders of record on June 30, 2025. These dividends are designated as 'eligible dividends' for Canadian income tax purposes. Freehold is uniquely positioned as a leading North American energy royalty company with approximately 6.1 million gross acres in Canada and approximately 1.2 million gross drilling acres in the United States. Freehold's common shares trade on the Toronto Stock Exchange in Canada under the symbol FRU. Freehold Royalties Ltd. Todd McBride, CPA, CMAInvestor Relationst. 403.221.0833e. tmcbride@ Nick Thomson, CFAInvestor Relationst. 403.221.0874e. nthomson@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
42 minutes ago
- Yahoo
WTW makes senior appointments to further expand its Insurance Consulting and Technology business
NEW YORK, June 12, 2025 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW), a global advisory, broking and solutions company, today announced the appointments of Scott Van Slyck as Senior Director of Technology Sales and Kate Gingras, JD, as Director of Strategy Execution to its Insurance Consulting and Technology (ICT) business. Van Slyck joins WTW from software company Semsee. With more than 20 years of leadership experience in enterprise software and Insurtech sales, he has successfully led high-performing teams at companies including SunGard, Bolttech, Majesco and InsurePay. Based in Raleigh, North Carolina, Van Slyck will be a member of the ICT Americas leadership team and report jointly to Giovanni Smyth, Americas Regional Leader for the ICT business, and Charlie Samolczyk, Global Technology Sales Leader. In his new role, he will lead the Americas Technology Sales team with a focus on client outreach, expanding WTW's technology footprint and accelerating growth across the flagship products of the ICT business. Giovanni Smyth, Americas Regional Leader for the ICT business, WTW, said: 'With a deep understanding and strong track record within the insurance technology space, Scott has consistently delivered successful programs and revenue growth. He is well placed to further build on our technology sales ambitions and we are excited for him to begin working with our PC and Life teams to bring our innovative solutions to market.' Gingras brings over 20 years of experience in driving growth and operational performance for enterprise software companies and insurance markets around the globe. She has worked with insurers as a consultant and innovation partner, bringing new technology products to market for both legacy and startup organizations. Based in Boston, Massachusetts, Gingras joins the ICT Americas Leadership Team and reports to Smyth. In her new role, she will work closely with Americas consulting and technology leaders and team members as well as WTW global partners to align strategy, business and operations to further the growth of the ICT business. Smyth said: 'Kate has worked with major insurers worldwide and successfully directed go-to-market strategies for leading technology firms, and we are delighted that she has joined our team. Kate's significant industry experience and expertise will bring invaluable strategic insight to our business, playing a pivotal role in helping to deliver meaningful results and exceptional value to our clients.' About Insurance Consulting and TechnologyWTW's Insurance Consulting and Technology business serves the insurance industry with a powerful combination of advisory services and leading-edge technology. Our mission is to innovate and transform insurance, and we deliver solutions that help clients better select, finance, and manage risk and capital. We work with clients of all sizes globally, including most of the world's leading insurance groups. Over 1,000 client companies use our specialist insurance software on six continents. With over 1,700 colleagues in 35 markets, we continually strive to be a partner and employer of choice to the insurance industry. About WTWAt WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at Media ContactAndrew Collis: +44 7932 725 267 | Arnelle Sullivan +1 (718) 208-0474 | in to access your portfolio
