New strategic investment from NEOM comes as XB-1, Symphony and Overture achieve important program milestones
DENVER, Nov. 9, 2023 /PRNewswire/ -- Boom Supersonic, the company building the world's fastest airliner, announced today multiple milestones across the Overture airliner, Symphony engine, and XB-1 supersonic demonstrator programs. The company also confirmed closing of an investment round, including a strategic investment from the NEOM Investment Fund (NIF). Boom's total funding to date now exceeds $700 million.
"Our goal is to bring the world closer together through faster flights," said Blake Scholl, founder and CEO of Boom Supersonic. "We're excited to collaborate with partners and investors around the globe as we work to realize our shared vision."
Announced on October 24, the NEOM Investment Fund is the strategic investment arm of NEOM, the sustainable regional development in northwest Saudi Arabia. As part of the agreement, Boom and NIF will collaborate on opportunities to make the Gulf region dramatically more accessible, through the power of supersonic flight. The NIF investment now takes Boom's total funding from investment and other capital sources to more than $700 million.
XB-1 readying for first flight this year
Boom achieved key milestones toward XB-1's historic first flight, which remains on track for later this year at the Mojave Air & Space Port. After the receipt of its airworthiness certificate from the Federal Aviation Administration (FAA), XB-1 has recently completed successfully a number of integrated tests, including ground vibration mode testing, fuel system integrated testing, engine operability testing, and medium-speed taxi testing up to 90 knots. Following its Flight Readiness Review (FRR) last week, XB-1 will conduct high-speed taxi testing in final preparation for its first flight.
Symphony propulsion system hits development milestone
Boom also announced that Symphony, the Boom-developed propulsion system purpose-built for sustainable and economical supersonic flight, has successfully conducted its key 2023 engineering milestone, known as the Conceptual Design Review (CoDR). This important achievement paves the way toward Symphony's first hardware rig tests planned for 2024.
Overture Superfactory construction ahead of schedule
In late September, Boom commemorated the "topping out" of the Overture Superfactory at the Piedmont Triad Airport in Greensboro, North Carolina, signifying the completion of the building's frame. Over the past six weeks, the company has finished the decking on the top of the structure, poured the concrete flooring, and installed the metal side wall panels. The work to complete the Overture Superfactory is now ahead of its original schedule with completion anticipated in the second quarter of 2024.
For more information about Overture, please visit: https://boomsupersonic.com/overture
For more information about XB-1, please visit: https://boomsupersonic.com/xb-1
About Boom Supersonic
Boom Supersonic is transforming air travel with Overture, the world's fastest airliner, optimized for speed, safety, and sustainability. Overture will fly at twice the speed of today's airliners and is optimized to run on 100% sustainable aviation fuel (SAF). Overture's order book stands at 130 aircraft, including orders and pre-orders from American Airlines, United Airlines, and Japan Airlines. Boom is working with Northrop Grumman for government and defense applications of Overture. Suppliers and partners collaborating with Boom on the Overture program include Aernnova, Leonardo, Aciturri, Safran Landing Systems, Eaton, Collins Aerospace, and the United States Air Force.
Symphony is the propulsion system that will power Overture, a Boom-developed engine with world-class suppliers including Florida Turbine Technologies (FTT), a business unit of Kratos Defense & Security Solutions, Inc., GE Additive, and StandardAero. For more information, visit https://boomsupersonic.com
Photos and video available at https://boomsupersonic.com/newsroom/media-assets
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NEOM Investment Fund
NEOM Investment Fund is the strategic investment arm of NEOM, designed to activate, advance, and accelerate the global transformational changes critical to a sustainable future. NIF will support the buildout and development of NEOM and deliver mutual, long-term value across sector projects with large multinationals, innovators, and the wider institutional investment community that are participating in the building of NEOM and the implementation of its vision for the future. Its core activities include executing investments alongside NEOM's sectors and subsidiary companies in pioneering growth companies and next-generation industries, and on fundraising at the project level that would ultimately lead to strategic management of NEOM's diverse portfolio of commercial assets. As a catalyst for change, NIF actively seeks out and advocates for setting up large anchor businesses in NEOM, along with "moonshot" tech investments that are required to deliver sustainable long-term prosperity at a time when the world faces challenges of unprecedented scale and complexity.
For more information about NEOM Investment Fund, visit https://www.neom.com/en-us/invest/neom-investment-fund or visit http://www.neom.com and http://www.neom.com/en-us/newsroom.
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