A new private aviation company, Jet Republic, which is headquartered in Lisbon, has announced that it has placed a firm order for 25 new Bombardier Learjet 60 XR aircraft.
Jet Republic plans to fly to over 1,000 European airports from next summer onwards. The aviation company has with options on 85 more Learjet planes.
The order is valued in the range of $1.5 billion, and was placed in June. The 25 aircraft would be delivered over the first 22 months, and the remaining would be delivered one every three weeks thereafter.
Jet Republic CEO Jonathan Breeze said that despite the current economic climate, the private jet market is enjoying strong growth. He said that coupled with Jet Republic's belief that there is significant room for improvement in the level of service provided by the private jet aviation sector, it means that there is a very strong and real opportunity for Jet Republic ''to take a significant share of this market."
The company is financially backed by Vienna based Euram Bank, and has the substantial backing of a consortium of Jet's clients. All Jet Republic flights would have in-flight wireless connectivity and flight attendants.
Its Private Jet Club plans to offer two programmes to clients, Share Ownership or the Private Jet Card.
Under the Share Ownership program, owners can purchase or lease a fractional share of a Learjet 60 XR by paying only for a share equal to the hours they need, starting at 50 per year. At the end of the contract, it offers a buyback option.
The Private Jet Card gives members access to flight time by purchasing 25 hours or more without further commitment.