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Terrafugia
Type Private
Founded 2006
Founder(s) Dr. Carl Dietrich
Anna Mracek Dietrich
Dr. Samuel Schweighart
Headquarters Woburn, Massachusetts, United States
42°28′03″N 71°08′46″W / 42.467362°N 71.146123°W / 42.467362; -71.146123Coordinates: 42°28′03″N 71°08′46″W / 42.467362°N 71.146123°W / 42.467362; -71.146123
Key people Carl Dietrich, CEO/CTO
Anna Mracek Dietrich, COO
Samuel Schweighart, VP Engineering
Richard Gersh, VP Business Development
Col. Phil Meteer, Ret., Test Pilot
Andrew Heafitz VP Product Development
Industry Aircraft manufacturing
Website www.terrafugia.com

Terrafugia[1] is a small, privately held corporation that is developing a roadable aircraft dubbed Transition. Their general aviation airplane is designed to fold its wings enabling it also to operate as a street-legal road vehicle. It is the sole registered automobile manufacturer in Massachusetts.

Terrafugia was founded by graduates of the Department of Aeronautics and Astronautics at the Massachusetts Institute of Technology and graduates of the MIT Sloan School of Management. Their business plan was the US$10,000 Business Venture Runner-up in the 2006 MIT $100K Entrepreneurship Competition. Terrafugia was then incorporated May 1, 2006, with much of the initial funding coming from CEO and founder Carl Dietrich's US$30,000 Lemelson-MIT Student Prize. The first round of convertible note financing began at EAA AirVenture Oshkosh 2006 and closed December 21, 2006, raising US$258,215.[2][3] Five additional rounds of convertible note financing followed. The first round of equity financing closed in 2008 and raised US$1,531,323.[4] Another round of equity financing is planned in 2009. In October 2008, Terrafugia reported seeking reservations for airframe number 57, and a more than US$8 million backlog.[5][6] In March 2009 the company had fewer than 35 aircraft orders and by September 2009 they had received 70 orders.[7]

Transition Roadable Aircraft

The Transition light sport aircraft is expected to be released in 2011. The estimated purchase price is US$194,000.[8] Owners will drive the car from their garage to an airport where they can take-off to fly within a range of 400 nmi (740 km; 460 mi). It will carry two people plus luggage and will operate on a single tank of regular unleaded gas.[9]

The Transition's maiden flight on 5 March 2009 lasted 37 seconds and covered 3,000 feet (910 m) of the runway at the Plattsburgh International Airport.[10] The test pilot then conducted 6 additional takeoffs and landings.[8]

References

  1. ^ "TERRAFUGIA, INC. Summary Screen". The Commonwealth of Massachusetts, Secretary of the Commonwealth, Corporations Division. http://corp.sec.state.ma.us/corp/corpsearch/CorpSearchSummary.asp?ReadFromDB=True&UpdateAllowed=&FEIN=000981506. Retrieved 2009-04-06. 
  2. ^ Terrafugia (2007-02-14). "Upcoming 2007 Events". Terrafugia Newsletter (issue 4). http://www.terrafugia.com/news/nl4.htm. Retrieved 2009-03-23. 
  3. ^ "Terrafugia SEC Form D 2007-01-04". http://www.sec.gov/Archives/edgar/vprr/07/9999999997-07-003698. 
  4. ^ "Terrafugia SEC Form D 2008-11-11". http://www.sec.gov/Archives/edgar/vprr/08/9999999997-08-046067. 
  5. ^ "AOPA Reporting Points, Flying car or pipe dream?, Carl Dietrich". http://blog.aopa.org/blog/?p=586#comment-17792. 
  6. ^ Foege, Alan (2008-12-08). "The car of the future: It flies". CNN. http://money.cnn.com/2008/12/02/smallbusiness/flying_car.fsb/index.htm. Retrieved 2009-03-23. 
  7. ^ Carl Dietrich, Terrafugia CEO; Evelyn Rusli, Forbes. (2009-09-29) (Adobe Flash). Inside Terrafugia's Flying Car. [Podcast]. Event occurs at 1m10s. http://video.forbes.com/fvn/travel/inside-terrafugia-flying-car. Retrieved 2009-10-29. "Since the Transition's first flight in March, the number of orders has more than doubled to 70." 
  8. ^ a b Roush, Wade (2009-03-18). "Terrafugia Achieves Maiden Flight". Xconomy. http://www.xconomy.com/boston/2009/03/18/terrafugia-achieves-maiden-flight-live-blogging-from-the-boston-museum-of-science/. Retrieved 2009-03-18. 
  9. ^ Mark Harris (January 11, 2009). "World’s first flying car prepares for take-off". The Times. http://business.timesonline.co.uk/tol/business/industry_sectors/engineering/article5489287.ece. Retrieved 2009-03-19. 
  10. ^ Lewis Page (18 March 2009). "World's first proper flying car makes debut flight". The Register. http://www.theregister.co.uk/2009/03/18/transition_flies/. Retrieved 2009-03-18. 

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