Draft:Overair Incorporated

Overair, Incorporated is a U.S. based aerospace company specializing in the development of all-electric Vertical Take-Off and Landing (eVTOL) aircraft. The company's mission is to transform urban and regional mobility through innovative aerial transportation solutions. Overair's notable product, the Butterfly eVTOL, exemplifies its commitment to revolutionizing air travel with a focus on safety, efficiency, and environmental sustainability.

Butterfly eVTOL
The Butterfly is designed as an eVTOL passenger aircraft, featuring one pilot and the capacity to carry five passengers with luggage. It boasts a speed of 200 mph, a range of 100 miles, and a payload capacity of 1,100 lb. The aircraft features four propellers and is equipped with Optimum Speed Tiltrotor (OSTR) and Individual Blade Control (IBC) technologies. It features a spacious cabin accommodating a pilot and five passengers, adaptable for various applications including charter, medical transport, and cargo.

Key Features of Butterfly eVTOL:
 * Long range of 100 miles
 * Maximum speed of 200 MPH
 * Payload capacity of 1,100 lb.
 * Fully electric powertrain with zero emissions
 * Low acoustic emissions of 55dBA
 * Advanced safety features with no single-point failures

The Butterfly eVTOL stands out for its large propellers, high power margins, and best-in-class maneuverability. Its Optimum Speed Tilt Rotors (OSTR) and Individual Blade Control (IBC) contribute to its superior performance and safety standards.

History
Overair was established as a spin-off from Karem Aircraft in 2020. The company inherited a rich legacy of 48 VTOL patents and decades of aircraft development experience, particularly with the US military. Founders Abe Karem and Ben Tigner, leveraging their extensive collaboration and expertise, aimed to redefine electric aerial mobility.

Early Innovations and Developments

In the 1980s, Abe Karem, the principal designer and co-founder of Overair, founded Leading Systems Inc. This venture led to the creation of the world’s first operational large-scale unmanned aerial vehicles, significantly impacting the aviation industry. These designs were later integrated into the Predator UAV by General Atomics.

The 1990s and 2000s saw the company's focus shift to rotorcraft, addressing efficiency issues in helicopters. The A160 Hummingbird, a result of these efforts, set endurance and altitude records and laid the groundwork for the Butterfly's propulsion system.

Entering the 2010s, Overair concentrated on the Optimum Speed Tilt-Rotor (OSTR) technology, contributing to the US Army’s Future Vertical Lift (FVL) program. This technology forms the foundation of the Butterfly eVTOL's design.

2020

January 2020: Overair Inc. was formed as a spin-off from Karem Aircraft to focus on commercializing the Butterfly program.

2021

August 2021: Overair revealed the design for the Butterfly eVTOL during a media briefing. This unveiling marked a significant step in making the program more transparent to the public.

2022

June 2022: Hanwha Systems (HSC) and Hanwha Aerospace made a significant investment in Overair. They provided $50 million and $65 million, respectively, for Overair’s Series B Financing. This funding was crucial for the development of the Butterfly eVTOL, with Hanwha Aerospace also gearing up to develop and supply Urban Air Mobility (UAM) propulsion systems including electric propulsion.

2023

October 2023: Overair inked three significant partnerships during the Seoul ADEX 2023. These included a Letter of Intent (LOI) with HeliKorea for the purchase of 20 Butterfly aircraft, an MOU with Daewoo Engineering & Construction (E&C) to develop Advanced Air Mobility (AAM) networks in East South Asian markets, and an MOU with the Korean Police for integrating AAM into their operations. These partnerships leverage Hanwha Systems’ expertise in urban air traffic management, software management systems, and air travel infrastructure.

December 2023: The U.S. Navy awarded Overair a contract to develop IBC technology, potentially for military applications.

December 2023: Overair has engaged in several partnerships to prepare for the launch of eVTOL air services, including collaborations with Jeju Island in South Korea and Dallas Fort Worth International Airport (DFW) and the city of Arlington in Texas.

December 2023: A full-scale prototype of the Butterfly was unveiled, and Overair announced plans for testing the aircraft's propulsion system starting in early 2024.

2024

Early 2024: Flight testing of the Butterfly eVTOL prototype is scheduled to begin.

Leadership
The leadership team of Overair includes industry veterans Abe Karem (Co-founder and Principal Designer) and Ben Tigner (Co-founder and CEO) who each bring decades of experience in aerospace innovation and management.

Facilities
Overair is headquartered in Santa Ana, CA, with a 200,000 sq.ft. facility that serves as the epicenter for design and early-stage production. The company also operates a flight test facility at the Southern California Logistics Airport in Victorville.

Future Outlook
Overair aims to not just create an efficient eVTOL but to foster a digital ecosystem for aerial ridesharing. The company envisions the Butterfly eVTOL playing a pivotal role in shaping the future of urban and regional transportation.