Cobalt Aircraft Co50

Cobalt has built five prototypes to date. The first, aircraft P00, was displayed at the Oshkosh airs how in 2010, and used for taxi runs, but never flew. P01, built in Canada, was a first attempt to industrialize the Co50, but fell short on quality and was damaged when the propeller struck the runway.

“We needed to industrialize more, so we went to a third prototype, P02, which flew in January [in California] in prototype condition,” Loury says. P03 is on standby. “It has some quality glitches, as we have raised the bar on our internal expectations,” he says.

Aircraft P04, unveiled in San Francisco on Nov. 11, “is a glorious example of what we can do. It is the product as we sell it today in the experimental version, so the customer can see what they will get. It is as close as we can get to a ‘no-excuse’ aircraft,” he says.

“We are ready,” says Loury. “We have an aircraft that is sellable on an experimental basis and that conforms to FAA Part 23 [certification]. Flight test is still ongoing, but I feel we can deliver a product that we can manufacture in a profitable way.”

Sales of the experimental version “will feed our production line and show we can produce quality aircraft parts and survive in the long term as a manufacturer,” he says.

Offering the Co50 initially as an experimental aircraft is a way to begin producing revenue after 10 years of development. “That way we can become a legitimate business by making some turnover,” which will make it easier to raise the financing for certification, he says.

“I can’t commit to a time frame, but we can get to a type certificate in 24 months with the support of appropriate financing. We don’t have it yet, but we expect to get it if we get an appropriate level of pre-orders,” Loury says. “They are refundable deposits, just to show the interest of the market.”

Cobalt said the company is taking orders, with a $15,000 deposit, for the $699,000 plane. But it won’t be available until it gains full Federal Aviation Administration certification, which is not expected until at least summer 2017.

An FAA spokesman said the Co50 Valkyrie is now registered only as an experimental aircraft. That permit lets the company do research and development, train crews and conduct sales demonstrations, but does not allow production or sale, the FAA said.