Surf Air Mobility and Azul Conecta Enter Agreement to Incorporate Electric Powertrains into Azul’s Cessna Caravan Fleet

Surf Air Mobility Inc. (NYSE: SRFM) (“Surf Air Mobility”), the air mobility platform transforming regional flying through electrification, and Azul S.A. (B3: AZUL4, NYSE: AZUL) (“Azul”), the largest airline in Brazil, have agreed to collaborate on the commercial deployment of electric Cessna Caravan within Azul’s existing fleet. By electrifying its Cessna Caravan fleet, Azul believes they can take a meaningful step toward their goal of net-zero carbon emissions by 2045. Surf Air Mobility is targeting certification of its proprietary electrified powertrain in 2026 in the U.S. In doing so, Azul and Surf Air Mobility hope to be a catalyst for change within South America and global leaders in regional air mobility (“RAM”).

The companies believe their shared vision for improving aviation’s environmental impact positions them to accelerate development and time to market of electric aircraft. By directly collaborating on both the technical and regulatory specifications of electric Cessna Caravan, the companies intend to create a clearer pathway for certification of electrified aircraft within Brazil.

“It’s important for Surf Air Mobility to develop our technology with operators that will be the direct beneficiaries of the coming transition to electrified aircraft. We’re very excited to work with Azul to help us design our technology and define how our electric powertrains can best be deployed within an existing regional network in order for passengers to gain as much benefit from the technology as possible,” said Stan Little, CEO of Surf Air Mobility. “With Azul’s support, we believe we can further accelerate the Supplemental Type Certification process and bring the technology to market faster and with more certainty.”

Azul currently operates 27 Cessna Caravan 208 aircraft and over than 80 destinations within Brazil. This agreement will help make it possible to upgrade Azul’s existing aircraft with fully electric powertrains once Surf Air Mobility’s proprietary technology is developed and certified. Surf Air Mobility’s first generation fully electric powertrain technology is targeted to reduce direct operating costs by as much as 50% and eliminate 100% of direct carbon emissions. These performance improvements can have profound impacts on how Azul operates its Cessna Caravan network.