Diamond Secures D-JET Financing
Diamond Aircraft is recalling workers and rapidly accelerating its D-JET personal jet program thanks to an investment from an unnamed source. The money will also enable resumption of the flight test program and the construction of one more test aircraft as the company works toward certification. The amount of the investment was not immediately disclosed but Diamond was turned down by the Canadian government for a $35 million loan that would have formed a share of the $90 million needed to finish the project. While the D-JET was being developed exclusively by Diamond's London, Ontario facility, that has changed with the recent announcement.
Diamond says that now that its plant in Austria has finished some piston-engine aircraft projects, it will lend engineering and technical support to the D-JET program to help get the aircraft into production as quickly as possible. Diamond lost some of its D-JET workers to other companies when it was forced to lay them off earlier this year and the company also worried about its position holders getting nervous. "We especially wish to thank our customers and business partners for their continued loyalty," the company said. "This investment marks a turning point and we are most enthusiastic about our opportunity to refocus on completion of the D-JET."