Elfly’s $50M Electric Seaplane Deal with Cambodia’s VET Airways

Elfly Group’s $50 Million Deal with VET Airways: A Leap Forward in Sustainable Aviation

In a significant move toward sustainable regional aviation, Elfly Group, a Norwegian electric aircraft developer, has signed a memorandum of understanding (MoU) with Cambodia’s VET Airways for the sale of five NOEMI electric seaplanes. Valued at US$50 million, the agreement represents a pivotal step in the electrification of air transport in Southeast Asia. The NOEMI aircraft, designed for amphibious operations, can take off and land on both water and conventional runways, making it especially suitable for island nations and regions with limited aviation infrastructure.

This deal expands Elfly’s total number of soft orders to 52 aircraft, with a combined estimated value of US$550 million. The company has also reported expressions of interest from multiple countries, including Denmark, Greece, Indonesia, and Panama, representing a potential additional value of up to US$3 billion. The agreement underscores the growing global appetite for sustainable aviation solutions and highlights the practical utility of amphibious electric aircraft in regions with complex geography.

With the first flight of a full-scale NOEMI prototype scheduled for 2027 and entry into service targeted for 2030, Elfly is positioning itself at the forefront of a transformative shift in regional air mobility. The partnership with VET Airways not only validates Elfly’s technological progress but also sets the stage for broader adoption of zero-emission aviation in emerging markets.

Technological Innovation Behind NOEMI

Design and Capabilities

The NOEMI (No Emissions Electric Seaplane) is a nine-seat, all-electric amphibious aircraft designed to operate in diverse environments. Its dual capability to land on both water and traditional runways makes it highly adaptable for use in coastal and island regions. The aircraft is powered by lithium-ion batteries and features two electric motors, delivering a cruising speed of approximately 100 knots and a range of up to 200 kilometers.

Elfly has emphasized that NOEMI offers a 50% reduction in operating costs compared to traditional aircraft, primarily due to its simplified electric propulsion system and lower maintenance requirements. The aircraft also boasts a 20-decibel reduction in noise levels, making it suitable for operations in noise-sensitive areas such as tourist destinations and nature reserves.

Importantly, NOEMI is designed with modularity in mind. The aircraft can be configured for passenger transport, cargo, medical evacuation, or executive travel. This flexibility enhances its appeal across a wide range of applications, from commercial aviation to emergency services.

“NOEMI isn’t just a seaplane. It’s a platform for the next 100 years of flight,” — Eric Lithun, CEO of Elfly Group.

Development and Certification Timeline

Elfly Group plans to conduct the first flight of a full-scale NOEMI prototype in 2027, with commercial certification anticipated by 2030. The company has already signed a Pre-Application Contract with the European Union Aviation Safety Agency (EASA), outlining a clear pathway toward certification. This step is crucial for ensuring that NOEMI meets the stringent safety and performance standards required for commercial aviation in Europe and beyond.

To date, Elfly has successfully tested smaller-scale prototypes and conducted wind tunnel tests to validate the aircraft’s aerodynamic performance. The company is also addressing technical challenges related to battery placement and corrosion resistance, particularly for operations in saltwater environments.

Elfly’s engineering team is working out of Torp Sandefjord Airport in Norway, leveraging the country’s strong renewable energy infrastructure to support the development of sustainable aviation technologies. The company’s phased development approach allows for incremental testing and validation, reducing the risks associated with bringing a new aircraft to market.

Strategic Importance of the VET Airways Deal

Geographic and Economic Context

Cambodia, with its extensive coastline and numerous islands, presents a compelling use case for amphibious aircraft like NOEMI. The country’s limited aviation infrastructure, only 16 commercial airports, makes traditional air transport less feasible for many regions. By integrating NOEMI into its logistics and passenger transport network, VET Airways aims to overcome these limitations and improve connectivity across the country.

Neak Oknha Suo Vireak, CEO of VET Airways’ parent company Vireak Buntham Express, emphasized the aircraft’s potential to outperform road transport in terms of speed and accessibility. “The amphibious NOEMI can fly straight from airports to the coast and outcompete road transport,” he said, highlighting the aircraft’s role in enhancing logistics efficiency and regional accessibility.

Initially, the aircraft will be deployed along Cambodia’s 1,800-kilometer coastline and to its more than 4,000 islands. These areas are currently underserved by conventional transport modes, making NOEMI a practical solution for both commercial and humanitarian applications.

Expanding Market Potential

The deal with VET Airways is part of a broader trend of rising interest in electric and amphibious aircraft. Elfly has already secured soft orders from customers in Denmark, Greece, Indonesia, and Panama. The total value of these orders stands at approximately US$550 million, with additional expressions of interest potentially bringing in another US$3 billion.

This growing demand is reflected in market projections. The global seaplane market, valued at US$610 million in 2023, is expected to reach US$790 million by 2033. Meanwhile, the amphibious aircraft segment is projected to grow from US$164 million in 2021 to US$502 million by 2031, representing a compound annual growth rate (CAGR) of 12.1%.

Elfly’s focus on zero-emission technology aligns with broader industry trends toward sustainability. The “more electric aircraft” market is projected to grow from US$4.7 billion in 2023 to US$11.2 billion by 2033, driven by regulatory pressures and increasing consumer demand for environmentally friendly travel options.

Conclusion

Elfly Group’s agreement with VET Airways marks a significant milestone in the evolution of sustainable regional aviation. By introducing NOEMI to the Cambodian market, the partnership not only expands Elfly’s global footprint but also demonstrates the practical utility of electric seaplanes in overcoming geographic and infrastructural challenges.

As the aviation industry continues to grapple with the twin challenges of environmental sustainability and infrastructure limitations, NOEMI offers a compelling solution. With its flexible design, lower operating costs, and zero-emission capabilities, the aircraft is well-positioned to redefine regional air mobility in the years to come.

FAQ

What is the NOEMI aircraft?
NOEMI is a nine-seat, all-electric amphibious aircraft developed by Elfly Group. It can take off and land on both water and conventional runways.

Who is VET Airways?
VET Airways is a Cambodian airline operated by Vireak Buntham Express. It focuses on passenger and cargo transport within Cambodia and neighboring regions.

When will the NOEMI aircraft be available?
The first full-scale prototype is scheduled to fly in 2027, with commercial certification and entry into service expected by 2030.

What are the environmental benefits of NOEMI?
The aircraft produces zero emissions, offers lower noise levels, and has 50% lower operating costs compared to traditional aircraft.

How many NOEMI aircraft have been ordered?
As of now, Elfly has received soft orders for 52 aircraft, with additional expressions of interest representing potential sales of up to 300 more units.

Sources:
AviTrader
Elfly Group
Allied Market Research
EASA
Research and Markets