Latest news with #EAC
Yahoo
7 hours ago
- Business
- Yahoo
AIR lands $23M to bring its eVTOLs to the US
The combined forces of escalating geopolitical tensions and rising defense budgets are spurring many electric vertical takeoff and landing (eVTOL) makers to take a two-pronged approach to building their aircraft: crewed vehicles for personal or commercial taxi use, and uncrewed vehicles meant for logistics and defense purposes. AIR, an Israel-based startup developing eVTOLs, thought it prudent to adopt a similar approach from the get-go, designing both its uncrewed and piloted aircraft with the same airframe and core systems so it could develop for both use cases at once. The company currently offers a piloted eVTOL craft, dubbed AIR ONE, for personal use, and an uncrewed eVTOL designed for cargo transport, contested logistics, and defense applications. Since its first cargo eVTOL delivery in late 2023, the company has secured over 2,500 preorders for its piloted personal aircraft, AIR ONE, and plans to ship 15 cargo eVTOLs this year. To build on that momentum, AIR recently raised $23 million in a Series A funding round led by Entrée Capital, with participation from existing backer Dr. Shmuel Harlap, an early investor in Mobileye. The new capital will be used to scale its production facility in Israel, hire additional employees, and support the company's expansion to the U.S., CEO and co-founder Rani Plaut told TechCrunch in an interview. The Series A funding comes in the wake of a recent U.S. executive order promoting domestic drone and eVTOL development, as well as an update to the FAA's MOSAIC rule that expands certification pathways. The company's cargo aircraft currently in operation do not require full Type certification and are flown under Experimental Airworthiness Certificates (EAC) for logistics and dual-use missions, according to Plaut. EACs are issued to aircraft that are in development, testing, or for research purposes. They allow the aircraft to fly under strict conditions and limitations. 'Our launch customer is flying under an Experimental Airworthiness Certificate, which will convert to a 'Type' certificate once the uncrewed eVTOL completes the certification process,' he said. Type certification means an aircraft meets all applicable safety and regulatory standards, and can be produced and operated commercially. EACs don't 'convert' automatically to Type certificates; AIR likely will use its EAC to test its prototype while working through the Type certification process. Meanwhile, AIR expects the two-seated, piloted AIR ONE to qualify for Light Sport Aircraft (LSA) certification under the new MOSAIC rules. Aircraft certified as LSA are limited to flying outside densely populated areas and away from controlled airspace. 'We designed the AIR ONE from day one to align with the MOSAIC LSA criteria, anticipating a more streamlined certification pathway,' Plaut added. 'Now that the rule is finalized, we're on track to become the first piloted eVTOL certified under LSA to reach private customers. Our goal is to begin deliveries as soon as the rule becomes enforceable in 2026.' The U.S. is a great market for eVTOL companies today, given the opportunity to land enterprise and government contracts, especially as the Trump administration adopts an increasingly hawkish defense stance. But AIR will face intense competition: Joby Aviation and Archer Aviation already have partnerships with airlines to bring their air taxi services to life, and, along with Beta Technologies, they already have military contracts for testing their aircrafts' recon and logistics abilities. On top of that, AIR isn't manufacturing its eVTOLs in the U.S. yet, which is table stakes for winning government contracts. Still, AIR says its design architecture and cost control give it an edge against the incumbents. It hopes its current funding round will help it with its planned U.S.-based manufacturing hub for high-volume production. 'What sets AIR apart is the shared design DNA between both aircraft variants,' Plaut said. This unified architecture allows for cross-platform upgrades, meaning advancements in one model can be applied to the other, streamlining development, manufacturing, and scalability, he explained. 'The size and folding-wing mechanism solve a major infrastructure hurdle,' Plaut explained. 'They don't require airports or complex handling — just a flat surface — and can park in most garages or driveways.' AIR's uncrewed model also follows simplified SOPs (standard operating procedures), which, the CEO says, allows even minimally trained ground crews to operate it. 'And we're closing the cost gap by applying automotive-grade manufacturing principles for scalable production,' he added. 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
Cision Canada
15 hours ago
- Business
- Cision Canada
VVT Med Inc. Announces Commencement of Trading on TSX Venture Exchange
TORONTO, /CNW/ - VVT Med Inc. (TSXV: VVTM) (the " Company") is pleased to announce that the Company's common shares will commence trading on the TSX Venture Exchange (the " TSXV") at the opening of market on July 31, 2025 under the symbol "VVTM". The Company's listing on the TSXV follows the previously announced reverse-takeover transaction with V.V.T. Med Ltd. and Exiteam Acquisition Corp. pursuant to the terms of a definitive agreement dated September 30, 2024 (the " Transaction"). For more information about the Transaction, please see the Company's press release dated July 22, 2025 and Filing Statement dated May 15, 2025, which are available under the Company's SEDAR+ profile at The Transaction As consideration, each ordinary share of VVT (" VVT Share") was exchanged for common shares of the Company (the " Company Shares") on the basis of the exchange ratio for the VVT Shares set out in the Definitive Agreement. Each common share of EAC (" EAC Share") was exchanged for one Company Share. Any outstanding warrants or other exchangeable or convertible securities of EAC and VVT were exchanged, on an equivalent basis, for securities of the Company. Pursuant to the Transaction: (i) 2,053,571 Company Shares were issued to creditors of the Company in settlement of $1,150,000 of debt, at a deemed price of $0.56 per Company Share, pursuant to certain debt settlement agreements dated June 30, 2025; (ii) 14,068,876 Company Shares were issued in exchange for the outstanding EAC Shares (including 6,955,498 Company Shares issued to holders of EAC subscription receipts); and (iii) 47,915,074 Company Shares were issued to holders of the VVT Shares (including those issued upon conversion of the outstanding VVT convertible debentures). Additionally, the Company has the following convertible securities issued and outstanding following the closing of the Transaction: (i) 1,553,651 stock options to purchase Company Shares; (ii) 23,199,131 common share purchase warrants to purchase Company Shares; and (iii) 299,915 broker warrants to purchase Company Shares. Following the Transaction, there are 66,640,102 Company Shares issued and outstanding. For further details regarding the capitalization of the Company, please see the Filing Statement. Escrowed Shares In connection with the Transaction, certain shareholders of the Company have entered into a Tier 2 Value Escrow Agreement with the Company and Computershare Trust Company, as escrow agent, in respect of 5,299,717 Company Shares (the " Value Escrow Agreement"). Under the terms of the Value Escrow Agreement, 10% of such escrowed securities were released upon the issuance of the final bulletin of the TSXV (the " Final Bulletin") with subsequent 15% releases occurring on each of the 6, 12, 18, 24, 30 and 36 months following the Final Bulletin, respectively. Certain shareholders of the Company are subject to seed share resale restrictions (" SSRRs") covering 9,320,988 Company Shares. These restrictions provide for an initial release of 20% on the date of the Final Bulletin, followed by additional 20% releases at 3, 6, and 9 months thereafter, with the final 20% released 12 months from the date of the Final Bulletin. About VVT Med Inc. VVT Med Inc. develops, manufactures, and commercializes minimally invasive, non-thermal, and non-tumescent solutions for the treatment of varicose veins. VVT Med Inc.'s products offer several key competitive advantages over traditional alternatives, including faster treatment times, reduced pain without the need for anesthesia, and quicker recovery and results. Cautionary Note Regarding Forward-Looking Statements This news release contains statements that constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this document include, among others, statements relating to expectations regarding the effects of closing the Transaction, information relating to the business plans of the Company, the timing for the commencement of trading of the Company Shares on the TSXV and other statements that are not historical facts. Such statements and information reflect the current view of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. The forward-looking information in this news release is based on certain assumptions and expectations about future events, including: the ability of the Company to continue as going concerns, ongoing approval of the Company's activities by relevant governmental and regulatory authorities, and its ability to maintain the listing requirements of the TSXV. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: (a) the risk that the business plans of the Company may not be successfully executed or that unforeseen operational challenges may arise; (b) the risk that the market conditions or external factors may impact the ability of the Company to maintain the listing requirements of the TSXV; (c) the risk of changes in applicable laws, regulations, or government policies that could negatively impact or the future operations of the Company, (d) following completion of the Transaction, the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; (e) the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company's securities, regardless of its operating performance. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Zawya
17 hours ago
- Business
- Zawya
Ruto, Museveni deplore trade barriers in East Africa
Trade restrictions among East African Community partner states are hurting economic progress in the region, Kenyan President William Ruto and Uganda's Yoweri Museveni have warned. At a joint press statement on Wednesday at the State House Nairobi, the two leaders expressed concern over reluctance by partners to open up markets. The two leaders met in Nairobi to discuss various issues, including trade, security, and overall regional peace. The meeting came amid a rise of non-tariff barriers in a region where intra-trade is low. The leaders discussed 'persistent non-tariff barriers that hinder the flow of goods and frustrate the objectives of regional integration under the EAC framework.'They did not name the culprits, but the meeting came as Tanzania roiled the regional Common Market by banning foreigners from engaging in 'small businesses.'In a Special Supplement on July 28, Dodoma argued it was shielding locals from unfair competition from foreigners. The private sector condemned the move. According to the EAC Secretariat, intra-EAC trade has been rising steadily, albeit struggling with NTBs. In 2024, the EAC's total trade with the rest of the world grew by 14.17 percent to $124.9 billion, from $109.4 billion. Intra-trade increased by 9.35 percent, reaching $15.2 billion, or 12.17 percent of the total trade volume. Yet experts at the East African Business Council say this could be as high as 60 percent were member states intent on implementing decisions they make around the common external tariff and non-tariff barriers. The EAC Council of Ministers says that addressing common external tariff (CET) challenges and eliminating NTBs would unlock $63.4 billion in regional trade. According to President Ruto is the chair of the EAC Heads of State Summit. He said that a Joint Monitoring Committee (JMC) will hold its mid-term review in October, which will be crucial on the matters which affects trade across the borders. JMC is the formal joint technical committee meant to respond to issues affecting the two sides. Ruto and Museveni signed agreement on eight areas: trade, energy, mining, tourism, agriculture and animal industry, fisheries and aquaculture, investment promotion and transport. Both reiterated the need for regional peace and stability.'We reaffirmed our position that security is essential to sustainable development and commended ongoing regional peace-building initiatives. We further agreed to collaborate closely in conflict resolution efforts, advocating inclusive approaches, supported by both regional and international frameworks,' their joint communique said.
Time of India
a day ago
- Politics
- Time of India
Renewed concerns over procedural violations
SLUG- Twin Tunnel Project Kozhikode: Just three days before the first anniversary of Mundakkai-Chooralmala landslide that killed 298 people and destroyed two villages, PWD minister PAM Riyas announced the start of the Anakkampoyil-Kalladi-Meppadi twin tunnel road project. Tired of too many ads? go ad free now The 8.2km road will cut through a high-risk landslide zone in Wayanad, an area hit by several landslides. He called it an Onam gift for Kerala. The irony was inescapable on Wednesday when ministers paid floral tributes at the mass grave of landslide victims in Puthumala, a village which is just 0.85km away from the tunnel road site. Puthumala itself saw a deadly landslide in 2019 that killed 17 people. Even as state govt moves ahead with the controversial Rs 2,134-cr tunnel road project, the plan is facing fresh scrutiny. It has now come to light that the approval process involved several procedural lapses—especially in how the environmental impact assessment (EIA) was handled by an agency linked to the state govt. There are also allegations that the project proponent withheld key information while seeking Stage-1 forest clearance. Questions have been raised about whether state level environment impact assessment authority (SEIAA) had the proper jurisdiction to assess the project. Despite warnings in the report that the tunnel route passes through landslide-prone terrain where major landslides occurred in 2019 and 2024, state-level expert appraisal committee granted environmental clearance (EC) in March. MoEFCC's expert appraisal committee (EAC) granted the final EC in May laying down 60 conditions—despite acknowledging that the tunnel would pass through vulnerable and landslide-prone terrain, reportedly relying on SEIAA's appraisal. Tired of too many ads? go ad free now Earlier, Wayanad Prakrithi Samrakshana Samiti had raised concerns with the Centre, arguing that the project falls within eco-sensitive area (ESA) villages and should have been treated as a Category-A project. According to EIA notification, any Category-B project located within 5km of an ESA must be treated as Category-A and appraised at the central level by EAC. Samiti said the project's ESA status was deliberately downplayed. It pointed out that while seeking approval to divert 17.2 hectares of forest land, PWD's executive engineer falsely declared in Form A that the project did not fall within any protected or ESA zones. However, the tunnel route clearly passes through ESA villages—specifically Thiruvambady in Kozhikode and Vellarimala in Wayanad—and should have been assessed by EAC, not at the state level. Director of Hume Centre for Ecology and Wildlife Biology CK Vishnudas said that the tunnel alignment passes through terrain marked as high landslide hazard zones by Kerala State Disaster Management Authority. "It's an ecologically fragile area and carries a high risk of future landslides, especially near the crown of the 2024 Mundakkai landslide," he said. Environmentalists have also questioned the credibility of EIA study. It was conducted by Konkan Railway Corp Ltd and KITCO—both institutions with strong links to Kerala govt. The state is a stakeholder in Konkan Railway, the project's special purpose vehicle and KITCO was founded by the state with IDBI and public sector banks. Their close ties to the govt raise serious concerns about the objectivity and independence of the EIA process. As govt pressed ahead with the project through a region repeatedly scarred by landslides, environmentalists cautioned that neglecting ecological safeguards and past lessons could lead to disastrous consequences. Bhopal-based Dilip Buildcon Ltd had bagged the tunnel construction contract.
The Star
a day ago
- Business
- The Star
Kenya plans talks with Tanzania over new trade restrictions
NAIROBI, July 30 (Xinhua) -- Kenya announced on Wednesday that it will hold meetings with Tanzania in early August to address concerns over recently introduced "discriminatory" tax measures and trade restrictions, including a ban on non-citizens operating small-scale businesses in Tanzania. Lee Kinyanjui, cabinet secretary in Kenya's Ministry of Investments, Trade and Industry, said the measures introduced by Tanzania on Monday threaten the gains made in regional integration under the East African Community (EAC) framework. He raised concern over Tanzania's Finance Act 2025 and recent amendments to the Excise (Management and Tariff) Act 2019, which introduced new excise duties and an industrial development levy at rates of 10 percent and 15 percent, respectively. He also cited the Business Licensing (Prohibition of Business Activities for Non-Citizens) Order, 2025, which bars non-Tanzanians from engaging in 15 specific sectors, including micro and small enterprises. The order, which includes stiff penalties for violations, took immediate effect, except for current license holders. "These measures are substantive and undermine the core objectives of regional economic integration under the Common Market Protocol," Kinyanjui said, referring to the EAC's commitment to creating a single market that ensures the free movement of goods, services, capital, labor, and the rights of residence and establishment. "Kenya requests that these restrictions be removed and that Tanzania reverts to measures provided for in the EAC protocol," Kinyanjui said. Kinyanjui warned that the licensing order appears to criminalize otherwise lawful EAC investments and risks damaging both economies. "It is therefore critical, in the spirit of EAC, that bilateral engagements be held to resolve these issues," he said, adding that further bilateral discussions have been scheduled to address the recent measures and other ongoing trade concerns. According to the official, the EAC remains Kenya's largest export market, accounting for 28.1 percent of its total exports, valued at approximately 2.3 billion U.S. dollars in 2024. Tanzania is Kenya's second-largest EAC trading partner after Uganda, with bilateral trade valued at 487 million dollars this year.
