Surf Air Mobility Inc. and Azul S.A. 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 Carav, the companies intend to create a clearer pathway for certification of electrified aircraft within Brazil. 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.

The companies believe fully electric Cessna Caravan have the potential to meaningfully improve the economics of Surf Air Mobility's existing routes, eliminate direct emissions, and launch new routes that may not be economically viable with traditional combustion aircraft.