Jet manufacturing company Aerion Supersonic is officially closing down its business.
The company, which aimed to build silent supersonic commercial jets, said Monday that it was no longer financially able to continue its operations.
The company, which is backed by Boeing, said it wasn't able to raise enough money to fund the manufacturing and development of its planned AS2 supersonic jet. The airplane was designed to travel at supersonic speeds or twice as fast as most currently operating commercial airplanes.
"The AS2 supersonic business jet program meets all market, technical, regulatory and sustainability requirements and the market for a new supersonic segment of general aviation has been validated with $11.2 billion in sales backlog for the AS2," Aerion Supersonic said.
"However, 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," the company added.
Aerion Supersonic said given its current finances, the company had decided to take the appropriate steps. Earlier in the year, the company said it would likely cost it around $4 billion to develop and build its AS2 supersonic jet. The company said it had already spent around $1 billion to develop the jet's new engine.
In April, Florida Governor Ron DeSantis confirmed that Aerion Supersonic had selected Melbourne, Florida to be the base of its operations. The company struck a deal with the state to move its headquarters from Reno, Nevada to Florida. Aerion Supersonic reportedly planned to build a manufacturing facility within the Orlando Melbourne International Airport.
Since it was established in 2004, Aerion Supersonic has been developing supersonic jet technologies aimed at cutting transatlantic flights for commercial passengers. The company also developed its so-called "boomless cruise" technology, which it says negates sonic booms through its natural laminar flow wing design.
Aerion Supersonic previously hoped to make its 12-passenger AS2 supersonic jet available by 2024. The company also planned to build a 50-seat version of the supersonic jet, which it said could achieve speeds of up to Mach 4.
