First amphibious aircraft purchased by TV Shark: NT Government | NT Independent

First amphibious aircraft purchased by TV Shark: NT Government

by | Aug 2, 2022 | Business, News | 0 comments

Australian businessman and Shark Tank investor Steve Baxter has signed a contract to buy one amphibious aircraft from a start-up company looking to base itself in Darwin that has never built a single plane and doesn’t expect to until 2026, the Chief Minister has said.

Natasha Fyles issued a statement on Tuesday to notify the public that Mr Baxter had signed a contract of purchase to buy an Albatross G-111T from Amphibian Aerospace Industries (AAI).

Mr Baxter was quoted in the government press release saying he is excited “to be on this journey with them”, although it is understood he does not have any business interests in the company.

He told the NT Independent in an email that he met AAI’s owner through an aviation contact who was doing some aircraft modifications on an unrelated plane.

“I am not an investor but I am a massive supporter,” Mr Baxter said, adding that the NT Government had arranged a signing ceremony for the purchase contract.

The NT Government has committed $10 million to Amphibian Aerospace Industries to build the aircrafts through the Local Jobs Fund – the fund created with money stripped from the previous Infrastructure Development Fund, which had only made one $10 million taxpayer-funded investment in a water bottling company that went bankrupt in 2018.

The government has said the amphibious aircrafts will be manufactured in Darwin “after the modified version has been certified” with the first plane expected to be completed by 2026.

Ms Fyles called it a “historic purchase” that follows a recent singing between AAI and Japan-based ShinMaywa, “confirming a partnership to develop an amphibian aircraft manufacturing hub” at the Darwin Airport.

However, the details of that agreement have not been released. ShinMaywa builds amphibious aircrafts in Japan but stated on its website that “we develop and manufacture components for civil aircraft manufacturers overseas”, which is what the relationship with AAI is understood to involve.

Ms Fyles also said that the NT Government has done work “facilitating a collaboration agreement between AAI and 15 other signatories”.

All of those companies are suppliers, not buyers, which appears to mean they have agreed to sell AAI parts, not purchase planes.

“Once established in the Territory, AAI will generate extensive value to the NT economy with the company forecasting annual revenue of over $100 million by the end of the decade,” Ms Fyles said.

“This exciting venture will create hundreds of jobs and upskilling opportunities for Territorians, while also injecting millions into our economy.”

It was unclear how the government arrived at those figures.

Chairman of AAI’s parent company Amphibian Aircraft Holdings Group, Khoa Hoang, said the company was “very happy that Albatross Serial Number 1 will go to an Australian”.

“Steve Baxter is not only an entrepreneur but is also an avid aviator and we are very pleased that he is our first deposit paid customer,” Mr Hoang said in the statement.

Note: This story was updated to include Mr Baxter’s response to questions.

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