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July 2019

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Magnetic MRO has reached an agreement with investors to raise additional capital by up to €8.95 million. The total share capital will be increased from €1,090,188.80 to €1,283,200 by way of issuing up to 30,158 new shares with the nominal value of 6.4 each for the aggregate issue price of up to €8,950,000.

            Risto Mäeots, the CEO of Magnetic MRO, said: “Magnetic MRO has total 11 different business units. Some of them are more focused on profitability and others are more driven towards fast growth. A significant part of the above equity injection will be allocated into fuelling organic growth in our growing business units.“

            According to the agreement, Shenzhen Yongtai Trading, a limited liability company registered under the laws of PR China, is authorised to subscribe for up to 26,957 new shares, granting it a shareholding of up to 13.44% in MMRO for the total issue price of up to €8,000,000  and Sapphire Investment Holding, a limited liability company registered under the laws of Hong Kong, is authorised to subscribe for up to 3,201 new shares of MMRO granting it a shareholding of up to 1.60% for the total issue price of up to €950,000 . The investors may subscribe for the new shares within a one-year period in multiple tranches. The subscription of new shares by Shenzhen Yongtai Trading is subject to certain regulatory approvals of PR China.

            After the subscription of the new shares in full, the registered share capital of MMRO will be €1,283,200 and the total number of shares will be 200,500. The shareholding of Hangxin Aviation Services, the existing sole shareholder, may decrease as a result of the issue of new shares from 100% to 84.96%.




The heads of seven of the world’s major aviation manufacturers have issued a joint statement the future sustainability of aviation. It was signed by Grazia Vittadini, Chief Technology Officer, Airbus; Greg Hyslop, Chief Technology Officer, The Boeing Company; Bruno Stoufflet,  Chief Technology Officer, Dassault Aviation, Eric Ducharme; Chief Engineer, GE Aviation; Paul Stein, Chief Technology Officer, Rolls-Royce; Stéphane Cueille; Chief Technology Officer, Safran; and Paul Eremenko, Chief Technology Officer, United Technologies Corporation.


A Unified Commitment

Aviation connects our world by efficiently and rapidly moving people, opening new economic opportunities and transporting food and goods all over our planet. Aviation promotes global understanding, generating rich cultural exchanges and thereby contributing to peaceful co-existence.

            At the same time, climate change has become a clear concern for our society. Humanity’s impact on the climate requires action on many fronts. The aviation industry is already taking significant action to protect the planet and will continue to do so.

            Aviation contributes to two percent of human-made carbon dioxide emissions. The industry has challenged itself to reduce net CO2 emissions even while demand for air travel and transport grows significantly. Through the Air Transport Action Group (ATAG), the aviation industry became the world’s first industrial sector to set an ambitious target: reduce CO2 emissions to half of year 2005 levels by 2050, and to limit the growth of net CO2 emissions by 2020. We are on track to meet those near-term commitments, including the 2019 implementation of the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) program as agreed upon by the nations of the International Civil Aviation Organization (ICAO).


The Strategy

There are three major technological elements to sustainable aviation:

- Continuing to develop aircraft and engine design and technology in a relentless pursuit of improvements in fuel efficiency and reduced CO2 emissions.

- Supporting the commercialisation of sustainable, alternate aviation fuels. Around 185,000 commercial flights have already proven that today’s aircraft are ready to use them.

-Developing radically new aircraft and propulsion technology and accelerating technologies that will enable the ‘third generation’ of aviation.

Other factors, such as efficient air traffic management and aircraft routing that minimizes fuel consumption also have a vital part to play. Our industry has demonstrated significant progress on reducing noise and other environmental impacts and will continue to do so.


Aircraft and Engine Design and Technology

For the last 40 years, aircraft and engine technology has reduced CO2 emissions by a yearly average of over one percent per passenger mile. This has been the result of significant R&D investments in materials, aerodynamic efficiency, digital design and manufacturing methods, turbomachinery developments and aircraft systems optimisation.

            For many years, through a variety of industry organisations and international bodies, the aviation community has voluntarily committed to meet a set of aggressive targets for enhanced airplane environmental performance. Targets set by the Advisory Council for Aeronautics Research in Europe call for a 75 percent reduction in CO2, a 90 percent drop in NOx and a 65 percent decrease in noise by 2050, compared with year 2000 levels.

            To help achieve these aggressive goals, global agreements reached through ICAO call for a fuel-efficiency performance standard to be part of the certification process applied to every airplane.

            We remain committed to improving existing aircraft and engine designs to continue the trajectory of improving efficiency as much as possible.  Concurrently, we note the tremendous technological challenges ahead of us and the likely need to include more radical ‘third generation’ approaches.


Fostering the Energy Transition: Sustainable Aviation Fuels

Aviation will continue to rely on liquid fuels as the fundamental energy source for larger and longer-range aircraft for the foreseeable future. Even under the most optimistic forecasts for electric-powered flight, regional and single-aisle commercial airplanes will remain operating in the global fleet with jet fuel for decades to come. Therefore, the development of Sustainable Aviation Fuels (SAFs) which use recycled rather than fossil-based carbon and meet strong, credible sustainability standards is an essential component of a sustainable future. Five pathways for production of SAFs have already been approved for use, with commercial scale production of one of these pathways already in place. We believe that accelerating production scale-up of all commercially viable pathways, while simultaneously developing additional lower cost pathways, is the key to success. This work is already underway at research institutions and within companies in various industrial sectors. What is needed is an expansion of government support for technology development, production facility investment, and fuel production incentives around the world.

We are fully supportive of any fuel, which is sustainable, scalable, and compatible with existing fuels. We will work closely with fuel producers, operators, airports, environmental organizations and government agencies to bring these fuels into widespread aviation use well ahead of 2050.


The Third Era of Aviation

Aviation is at the dawn of its third major era, building on the foundation laid by the Wright brothers and the innovators of the Jet Age in the 1950s. Aviation’s third era is enabled by advances in new architectures, advanced engine thermodynamic efficiencies, electric and hybrid-electric propulsion, digitization, artificial intelligence, materials and manufacturing. Larger aircraft will begin to benefit from novel designs that will further improve efficiency through management of aircraft drag and distributing propulsion in new ways. New materials will enable lighter aircraft, further improving efficiency.

We are excited by this third generation of aviation and, even though all of the represented companies have different approaches, we are all driven by the certainty of its contribution to the role of aviation in a sustainable future. We believe aviation is entering its most exciting era since the dawn of the Jet Age. This third era promises a transformative positive impact on lives around the globe — and we stand ready to make it a reality.


Call to Action: Let’s Make This Future Together

The future of aviation is bright. Yet, in addition to the significant efforts our sector is undertaking, we also depend on the coordinated support from policymakers, regulators and governments working together to achieve these goals.

There must be additional public and private commitment to establish a sound regulatory foundation to address the novel issues associated with emerging aviation technologies and to provide the necessary economic support for widespread SAFs commercialization. We envision broader, deeper and ongoing coordination through ICAO to facilitate unified approaches to regulation with established national and global regulatory and standards-setting bodies. These include the U.S. Federal Aviation Administration, the European Aviation Safety Agency, and the Civil Aviation Administration of China, Transport Canada, ANAC of Brazil and others.

            As industry CTOs we are committed to driving the sustainability of aviation. We believe in this industry and its role in making our world a brighter and safer place. We also strongly believe we have an approach to make aviation sustainable and play an even bigger role in our global community.

Boeing has announced a $1 million investment in Brazil’s efforts to establish a sustainable aviation fuel industry. The investment will focus on initiatives that maximise social, economic and environmental benefits to local communities engaged in the development of feedstock that can be used to produce sustainable aviation fuel (SAF). In 2018, the company provided an additional $1 million to the industry’s efforts in Brazil.

Boeing will collaborate with long-time partners World Wide Fund for Nature and the Roundtable on Sustainable Biomaterials (RSB) to identify small communities of farmers in Brazil with the most promising potential to provide biomass for SAF production. The producers will then be certified using sustainability indicators that drive social benefits such as income generation, solid labour practices and food security. Groups of small farmers that produce sugarcane and macaúba oil in southeast Brazil have already been certified by RSB in recent years, with Boeing’s financial support.

In 2013, both WWF and RSB were stakeholders in the development of Flightpath to Aviation. This detailed report, led by Boeing, Embraer and the Sao Paulo State Research Foundation (FAPESP), outlined the unique opportunities and challenges of creating a cost-effective, bio-derived, and sustainable jet-fuel production and distribution industry in Brazil.


Boom Supersonic, the Colorado company building the Overture supersonic airliner, has announced a partnership with Prometheus Fuels. Prometheus will supply fuel during the flight test program of the XB-1, Boom’s Mach-2.2 demonstrator aircraft. Boom plans to use Prometheus fuel to power the XB-1 in the world’s first supersonic flight using carbon-neutral fuel.

            Through a process called direct air carbon capture, Prometheus removes carbon dioxide (CO2) from the air and uses clean electricity to transform it into gasoline, diesel, and jet fuel. The electricity used in this process comes from renewable sources such as solar and wind, so there are no net carbon emissions from using the fuel. 

XB-1 is nearing completion and will help refine the design and engineering of Overture. XB-1 shares the same key technologies as Overture: advanced carbon fibre composites, a refined delta wing planform, and an efficient variable-geometry propulsion system.


Pratt & Whitney estimates that its GTF engine customers collectively have saved more than 150 million gallons of fuel valued at $270 million USD, while avoiding 1.5 million tonnes of carbon emissions since the engine entered service in 2016. The GTF engine program continues to attract new orders and is ramping up production deliveries, all while supporting a growing in-service fleet.

Over the past year, the company welcomed 14 new airlines to the in-service GTF family, and more than doubled the fleet. There are now over 470 GTF-powered aircraft in operation with 36 airlines around the world. Total engine flight hours are over 2.7 million for the combined GTF powered fleet of A320neo family, A220 and E190-E2 aircraft.


TAT Group has sold its majority interest in its subsidiary Sabena technics to the funds Sagard, Bpifrance and TowerBrook. This shareholder evolution is an important step for Sabena technics’ development by reinforcing its growth opportunities while accompanying it in the successful implementation of its strategic plan. This development will also give the Group significant resources to expand its offer through external growth. TAT Group will remain a minority shareholder


Triumph Group and AFI KLM E&M intend to create an aftermarket strategic partnership to give airlines and MRO customers global coverage for MRO services in the aftermarket.  The parties anticipate that the arrangement will benefit airline customers by providing seamless global support regardless of location while simplifying the airlines' supplier bases all in a manner that leverages the cost-effective solutions these leading third-party and operator/MROs are able to deliver to airlines.

            The parties envision a wide-ranging scope for the partnership, including services such as MRO, spares pooling, efficient transregional coverage, and repair development for the aerostructures market and engine nacelles for some new generation of aircraft.

The partnership is subject to the negotiation of definitive agreements and other customary closing conditions.

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