A UK-based global asset manager with a sustainability focus is the latest international to invest millions in a Hawke’s Bay-born project that looks to see all-electric seagliders curb regional transport woes.
The seagliders are
part ferry, part plane, and designed to skim 10m above the water.
Ocean Flyer, the brainchild of Napier businessman Shah Aslam, plans to offer regional trips as early as 2026 after paying US company Regent $700 million for 25 seagliders in 2022.
Aslam, through portfolio company SO Capital, which also owns Air Napier, announced on Wednesday that Ocean Flyer had signed a $145m deal with UK firm MONTE to finance the acquisition of Regent’s seagliders to operate in New Zealand.
MONTE will finance the first $145m of the $700m agreement signed in April 2022, and Aslam hopes government and private backers will see the potential and follow suit.
“This initiative marks a significant step in Ocean Flyer’s mission to enhance prosperity and economic development in the regions through efficient and affordable connectivity,” he said.
MONTE is a global asset manager led by a management team that has arranged more than NZ$42 billion of transportation assets over the past 30 years.
The company’s chief operating officer, Timothy Eyre, said the agreement signalled a “long-term, strategic partnership with Ocean Flyer.”
“Ocean Flyer are pioneers in the sustainable maritime sector with a strong commitment to decarbonisation.
We are excited to work with the Ocean Flyer team to bring sustainable seaglider operations to New Zealand and the wider market.”
Regent is backed by high-profile investors Peter Thiel and Mark Cuban and has an order book now at NZ$15b.
Aslam said the new deal had been a culmination of more than a year’s work.
“We met MONTE last year in Rhode Island during the full-scale mock-up launch at Regent headquarters. We quickly discovered that our visions for the next generation of transport mobility aligned.”
He said he was “buoyed” by the confidence MONTE’s investment in Ocean Flyer shows for the seagliders, and hoped local investors and government bodies would follow suit.
“I hope their confidence in the value of seagliders as a new and exciting mode of transport can be mirrored by local investors, private or government. Seagliders offer improved connections for regional centres and a contribution to regional development and enhanced community wellbeing.
Aslam said the relationship is poised to significantly benefit the country.
“Over the coming decade, the introduction of seagliders will mark a transformation in maritime transport across regional New Zealand.”
The cost of travelling domestically has been a major issue in New Zealand recently, along with service reliability and calls for more transport options. This was heightened by the likes of Cyclone Gabrielle, which saw many major roading networks unusable.
Aslam said Ocean Flyer would change public transport, making it affordable and fully sustainable.
“Ocean Flyer is committed to connecting communities across New Zealand, tackling climate change, and building a more resilient and affordable transport network for everyone.”
Northland could be one of the first regions to benefit, with Ocean Flyer signing memorandums of understanding with Northport and Northland Inc this year.
Additionally, agreements with MetService and MetOcean are looking to enhance Ocean Flyer’s ability to operate in New Zealand waters, leveraging historical and current weather data to optimise performance.
Aslam said transporting people to largely underserviced regional destinations would continue to be a priority.
Ocean Flyer plans to offer the trips as early as 2026, with commuters looking at a 30-minute seaglider flight from Napier to Gisborne for around $50.
