The equity participation agreement formalises the strategic partnership between Rex and Dovetail and builds on the Memorandum of Understanding between the two companies which was unveiled on 21 July 2022.
Rex will appoint one of its Board members to sit on the Board of Dovetail.
The Australian-headquartered Dovetail recently received a $3 million grant from the Federal Government’s Cooperative Research Centres Projects (CRC-P) program. This will facilitate Dovetail’s development of electric propulsion systems for aircraft used on regional routes operated by Rex and other regional airlines.
Dovetail also recently announced the successful completion of initial ground tests involving a small-scale Electric Propulsion System (EPS) to spin a three blade propeller for the first time.
