GE Aerospace has completed the world’s first high-altitude hybrid-electric test flight while simultaneously securing a major deal with Philippine Airlines for GEnx-1B engines.
- In partnership with NASA, BETA Technologies and Boeing, GE Aerospace completed the first-ever hybrid-electric flight above 30,000 feet using a modified Saab 340B testbed.
- Philippine Airlines selected GE Aerospace’s GEnx-1B engines to power 15 new Boeing 787-10 Dreamliners.
- Both announcements were made at the Farnborough International Airshow.
GE Aerospace (GE) revealed major advancements in commercial aviation technology, demonstrating both next-generation eco-friendly propulsion systems and an expanding commercial market footprint.
The aviation propulsion leader announced the completion of the world’s first high-altitude hybrid-electric flight alongside a multi-engine deal with Philippine Airlines to equip its expanding widebody fleet.
GE stock eased about 2.5% on Monday.
Breaking New Ground In Hybrid Flight
In a joint initiative with NASA, BETA Technologies and Boeing (BA), GE Aerospace demonstrated the viability of electrified aircraft engines at commercial cruising altitudes.
Operating a modified Saab 340B testbed equipped with a megawatt-class hybrid-electric propulsion unit, the flight reached altitudes exceeding 30,000 feet, the company said.
The flight campaign, which featured a single flight in hybrid mode lasting over two hours, represents a step toward reducing fuel consumption and emissions for future commercial airliners. The modified aircraft completed a transatlantic flight to participate in public flight demonstrations at the Farnborough International Airshow.
Expanding Strategic Fleet Partnerships
Building on its commercial market momentum, GE Aerospace also announced that Philippine Airlines selected GEnx-1B engines for its incoming fleet of 15 Boeing 787-10 Dreamliners. The deal includes purchase rights for five additional aircraft.
The agreement strengthens GE Aerospace’s 50-year partnership with Philippine Airlines, which currently operates 52 GE Aerospace and CFM International engines across its Boeing 777 and Airbus A320 fleets.
GE Stock: Analysts Raise Price Targets
JPMorgan raised the firm’s price target on GE Aerospace to $400 from $335, marking a 17% upside from Monday’s closing price, and kept an ‘Overweight’ rating on the shares.
The stock underperformed post the Q2 report despite good numbers and higher guidance, JPMorgan told investors in a research note accessed by TheFly. JPMorgan remains confident in GE’s demand and believes its new Services growth target looks very achievable.
Wells Fargo raised the firm’s price target on GE Aerospace to $390 from $325, a 14.3% upside from Monday’s closing, and keeps an Overweight rating on the shares.
GE Stock: Retail View
Retail sentiment on Stocktwits was ‘extremely bullish’ with ‘high’ message volumes. Retail chatter on the GE stock surged about 1,200% over the previous session following the price target upgrades and updates from the Farnborough International Airshow.
GE stock has gained nearly 9% year-to-date.