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Regent Seagliders
Some positive business news. Fingers crossed that the big promises of this company and technology take off.
Rhode Island-based Regent Craft, the manufacturer of all-electric seagliders, announced Tuesday that United Marine Egypt’s (UME) order will be the first delivery of the company’s 50-100-passenger Monarch seaglider. Regent said the targeted delivery time is before the end of the decade.
Regent did not disclose the number ordered or the revenue generated by UME's purchase.
Regent is working to produce seagliders of multiple sizes.
According to Regent, the deal builds on UME’s existing order for the 12-passenger Viceroy seagliders, reflecting increasing demand for seaglider transportation solutions across the globe.
Regent claims it has already secured more than 600 seaglider orders valued at more than $9 billion from leading airline and ferry operators around the world and has raised more than $90 million from investors.
In the past month, Rhode Island Commerce Corporation approved new incentives, including $1 million under the First Wave Closing Fund Act to support Regent’s operational expansion in Rhode Island and $3 million under the Rebuild Rhode Island Tax Credit Act.
In addition, Regent’s previous award under the Qualified Jobs Incentive Act, approved in June of 2022, was amended to reflect a new hiring schedule. Regents’s job commitment is 300 over ten years, with a potential of up to 750, a claim of a dramatic decrease.
“Regent’s partnership with UME demonstrates the growing need for sustainable, high-speed transportation solutions,” said Adam Triolo, VP of Commercial Business Development at Regent. “We look forward to working together to bring seagliders to coastlines in the Red Sea and beyond.”