ICON Announces Production Funding

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ICON Aircraft announced Thursday that it has completed a final round of equity funding that will bring its amphibious A5 aircraft through demonstrated regulatory compliance and into full-scale production, but questions remain. The company did not make an announcement regarding its effort to seek an exemption from the FAA that would allow the A5 to operate at 250 pounds over the 1430-pound limit for amphibious LSA aircraft. ICON sent the request for exemption in mid-2012 and this year asked the FAA to deliver a response by May 31. As of Thursday, the FAA had not offered a reply and ICON lists the A5's maximum takeoff weight at 1430 pounds. ICON says the final round of investing, completed in May, has secured "over $60 million" and "the company's order list has continued to grow."

ICON says it has collected "nearly 1,000 aircraft deposits" and production delays have so far been met with "continued patience and enthusiasm." ICON says the delays have allowed for additional developments that have resulted in improvements to the A5, including a spin-resistant airframe. That specific improvement is also the one cited by the company in seeking its weight exemption. The company's final round of financing was led by a "strategic investor from China," the company said. ICON remains a U.S.-based company intent on producing a U.S-built product. ICON is now backed by North American, European and Asian investors.