Adam clinches financing to complete A700 certification

Cool! This is more good news for my adopted hometown. I wrote some months ago about Adams and even wrote a term paper about the company and its efforts to bring their high-tech jet into production. Its encouraging to see that they are continuing to press forward to bring aircraft production to the city's growing list of firms producing and hiring in Ogden.

Adam Aircraft has secured $105 million of financing that paves the way for the US developer to complete certification and accelerate production of the A700 very light jet and ramp up its A500 piston-powered sibling to full-scale production.

This capital, offered by new and existing investors, marks the third and probably final round of funding for Adam. "It allows us to aggressively pursue our product development and production growth plans," says company founder and chief executive Rick Adam.

The company has secured around 400 orders to date with the A700 accounting for the bulk of these sales. "We are transitioning from a research and development company into a production company and are working towards an automotive production process that will allow us to mass produce our aircraft," says the company.

Assembly lines could be established across its bases in Ogden, Utah, as well as Denver and Pueblo in Colorado.

It should be pretty interesting once they get production underway. Their jet engine supplier, Richards Manufacturing is just across the parking lot of the industrial park, so the engines supply shouldn't be a problem.

[NOTE: Posting this via email so linkage and formatting might be wonky. I can't edit or fix it from the cubicle any longer so if its busted, bear with me until I can fix it from home.UPDATE: Apologies, I tanked the link to the article. I can't find it right now. I'll keep looking.]