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Surf Air Mobility Inc. (NYSE:SRFM) shares dipped on Tuesday.
The company unveiled plans to launch a new venture, Surf Air Technologies LLC, powered by Palantir Technologies Inc. (NYSE:PLTR). Surf Air said it is also considering bringing in outside investors to capitalize the Surf Air Technologies venture.
This new venture will develop, market, and sell AI-powered software tools to create a category-defining operating system for the advanced air mobility industry.
Surf Air Technologies plans to market and implement software solutions for the thousands of Part 135 regional air operators, which manage small aircraft with a maximum of 30 seats and a 7,500-pound payload limit. Among these, Surf Air Mobility’s Southern Airways is the largest in terms of scheduled departures.
To make this technology widely accessible, Palantir and Surf Air will collaborate through their enterprise teams.
Surf Air Technologies will build upon the collaboration with Palantir that began in 2021, during which the companies developed and deployed software and analytics tools across Surf Air’s three air travel brands.
These tools have addressed critical needs for Part 135 operators, including crew scheduling, business intelligence, distribution, and pricing.
Surf Air will be the inaugural customer of SurfOS, using the software to improve the deployment and utilization of its electrified aircraft once they are certified.
Additionally, Surf Air is exploring the possibility of attracting external investors to fund the Surf Air Technologies venture.
The market potential is substantial, as the FAA reports 1,818 Part 135 operators managing 11,702 aircraft in the U.S. alone.
The advent of new electrified vehicles for both passenger and cargo services is expected to revolutionize mass transportation, offering low-cost, low-emission, point-to-point flights on short-haul, regional routes.
Price Action: PLTR shares are trading higher by 1.16% to $29.71, while SRFM is down 13.9% at $0.2430 premarket at last check Tuesday.
Image via Unsplash/ Headway
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