A start-up called Wright Electric is focusing on building a commercial plane which will run on batteries and will handle flights that are under 300 miles. Their main claim is that airplane fuels cost too much, and the best way to reduce the cost is not using fuel at all.
Today, the company presented their preview at the Y Combinator Demo Day, that took place Silicon Valley. As reported, they are building a 150 seat plane, aiming to compete with the 737 markets. For now, it is partnering with the British Airline EasyJet. They have promised to put their design in the air and they have already exhibited their own electric plane in the parking lot.
The chief of the Y Combinator’s accelerator program Michael Seibel mentioned that Wright Electric is the number one hard tech company, and there is no better company in this field. The company hired a team who were previously funded by the NASA to investigate the potential for the electric planes, and according to co-founder Jeff Engler, this experience puts Wright Electric years ahead in the competition.
According to the sales report, previous year Boeing and Airbus sold almost a thousand planes (Type 737) each cost about $90 million. If they replace even some of it, that could turn into a very big opportunity.