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Supersonic entrant Aerion has collapsed after the company has been unable to secure additional funds to continue its development of its AS2 business jet, according to strategic partner Boeing.

In a statement to The Air Current late Friday, Aerion spokesman Matthew Clarke said “in the current financial environment, it has proven hugely challenging to close on the scheduled and necessary large new capital requirements to finalize the transition of the AS2 into production. Given these conditions the Aerion Corporation is now taking the appropriate steps in consideration of this ongoing financial environment.”

While Aerion’s “appropriate steps” lack specificity, Boeing also confirmed Aerion was not continuing on with its plans to fly the eight to 10-passenger AS2 in 2025, a spokesman for the aerospace giant said in a statement to TAC. “While we are disappointed Aerion could not secure additional funding to continue their work, we remain committed to working with innovative and creative partners who, like Aerion, continue to push limits on groundbreaking technology.”

Related: Boeing, Spirit disband engineering teams designing Aerion supersonic business jet

The collapse of Aerion and its effort to design the first supersonic business jet, the eight to 10-passenger Mach 1.4 capable AS2, underscores the biggest challenges that have continued to face new entrants. First, access to ample funds from patient investors that appreciate the time frame for cultivating a new aircraft company, second, enough staff and expertise to integrate suppliers, and third, strategic partners willing to ride through the storms that are a hallmark of the aerospace business.

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Jon Ostrower is Editor-in-chief of The Air Current. Prior to launching TAC in June 2018, Ostrower served as Aviation Editor for CNN Worldwide, guiding the network's global coverage of the business and operations of flying. Ostrower joined CNN in 2016 following four and half years at the Wall Street Journal. Based first in Chicago and then in Washington, D.C. he covered Boeing, aviation safety and the business of global aerospace. Before that, Ostrower was editor of the award-winning FlightBlogger for Flightglobal and Flight International Magazine covering the development of the Boeing 787 Dreamliner and other new aircraft programs from 2007 to 2012. Ostrower, a Boston native, graduated from The George Washington University's School of Media and Public Affairs with a bachelor's degree in Political Communication. He is based in Seattle.

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