With this arrangement, Azzera will supply a portfolio of carbon credits rated through Azzera’s Impact Score. The engine manufacturer’s Carbon Offset Service is available to all Pratt & Whitney Canada-powered aircraft including business jets, helicopters and regional and general aviation aircraft. 

“Our collaboration with Pratt & Whitney Canada underscores our shared commitment to driving sustainability in the aviation sector,” said Puja Mahajan (pictured right), CEO and co-founder of Azzera. “The Azzera Impact Score ensures that the carbon credits provided are both high-quality and have verified and significant environmental impact. Working with customers such as Pratt & Whitney Canada, we are making it easier for aircraft operators to not only offset their emissions but also to understand and quantify the positive environmental impact of their contributions.”

The Azzera Impact Score serves as a quality assurance measure for carbon credit projects. It addresses concerns in the voluntary carbon markets regarding the validity and impact of carbon credits, offering a tangible and auditable metric that mitigates the risk of greenwashing.

“We are committed to providing our customers a seamless way of offsetting aviation carbon emissions,” said Irene Makris, vice president, Customer Service, Pratt & Whitney Canada. “Through our arrangement with Azzera, we provide our customers with a means to compensate for their aviation emissions and help them ensure the quality of their sustainability investment. We are focusing exclusively on CORSIA-eligible credits, adding an additional layer of due diligence to our Carbon Offset Service.” 

Azzera will be showcasing its products and services at Booth J37 during this year’s EBACE in Geneva, Switzerland.

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The platform give operators access to voluntary and compliance carbon credit trading, sustainable aviation fuel certificates (SAFc), fleet management software integration and compliance market segregation services. Azzera said it launched the programme in response to the public, stakeholder and regulatory pressure facing aircraft operators to advance to net-zero. 

“Azzera Celeste is a one-stop-shop for total carbon emissions management,” said Puja Mahajan, CEO and Co-Founder, Azzera. “Presently, we are enrolling aircraft operators to participate in our beta testing phase. Participants will have access to our subscription-based platform for one year free of charge. We invite interested parties to visit us online or in-person at EBACE.”

The platform enables users to automatically calculate fleet emissions through fleet management software integration. They can also save hundreds of hours by segregating emissions and extracting reports for various compliance needs, including the EU emissions trading system (ETS) and Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). User can also claim emissions reductions by acquiring SAFc via Azzera’s ‘Book and Claim’ system. 

Mahajan added: “In the last year, Azzera has established ongoing collaborations with industry leaders including Jetcraft, Jetex and Elit’Avia, which validates our mission of helping business aviation on its path to Net-Zero. Sustainability is perhaps the greatest challenge facing our industry and the time for action is now. Reflecting on the last year, we have seen a tremendous growth in the number of companies wanting to take sustainable action. We remain driven by our vision to reset aviation’s climate legacy.”

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Since launching at EBACE 2022 Azzera has partnered with Montreal-based technology company Innovobot to develop its SaaS platform,  it has joined the F10 inaugural Climate Fintech Incubator Program in the Nordics and Baltic, and been selected as top start-up to represent cohort at the Singapore Global FinTech Hackcelerator.

As noted, Azzera is currently building the next phase of its evolution: a scalable, cloud-based SaaS platform that offers a direct path to sustainability for business aviation clients. Fully integrated with flight operations data, it will automate CO2 emissions calculation and reporting. Azzera will also offer instant access to carbon markets and SAF while using blockchain technology to deliver full transaction and reporting transparency.

“We are very pleased with the traction that we have generated in just six months,” says Mahajan. “We have achieved the objectives outlined in our business plan and have established ourselves as thought leaders on sustainability within the global business aviation community. Next year, one of our biggest deliverables will be the launch of our online exchange providing direct access to carbon and SAF markets. We remain well-capitalised thanks to pre-seed funding and look forward to discussions with select prospective investors in the coming year.”

Once emissions are calculated, aircraft owners and operators can immediately become carbon-neutral using Azzera’s online retail marketplace. Each offset project has been rigorously assessed and approved by Azzera’s team of experts. Clients may also work with Azzera offline on reduction and compensation strategies to implement tailor-made pathways to net-zero. Additionally, Azzera supports clients in reporting and communicating sustainability initiatives.

“Azzera is addressing an existential challenge to the business aviation industry: the adoption of viable sustainability solutions for immediate implementation. For example, by 2027, ICAO Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) will oblige aircraft owners and operators to measure and compensate for their CO2 emissions. Companies that do not address these challenges adequately in advance of regulatory deadlines will jeopardize their operations. Azzera has a unique vision, a diverse and expert team and will deliver the world’s first centralized spot trading carbon market exchange tailored to business aviation. We are working hard to ensure that we are ready to support our industry colleagues,” concludes Puja Mahajan.

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Elit’Avia is extending its unique approach to business aviation services to Asia based on projected growth of the region’s market. Furthermore, a large and growing number of high-net-worth individuals (HNIs), particularly in China, have been underserved in this niche and are expected to drive its growth. Elit’Avia believes that Asian HNIs will respond favorably to its commitment to delivering the highest levels of personalized service.

Mark Thibault is leading Elit’Avia’s growth in the region. An American national with 35 years of industry experience, Thibault has lived and worked in Asia for the last 20 years. Mark’s new mandate is to develop business across this vast and diverse continent. Prior to joining Elit’Avia, Mark was the Founder and Director of T3 Aviation Solutions, a business aviation consulting company. Mark’s previous roles have included COO of Hongkong Jet, CEO of Mjets Ltd. Thailand and COO of Metrojet Ltd. Hong Kong.

“We are very pleased to announce our expansion into Asia,” says Puja Mahajan, CEO, Elit’Avia. “We look forward to serving new clients in the region while further expanding our global reach and providing comprehensive services to our clients worldwide. Additionally, we are also pleased to introduce our new Managing Director. Mark Thibault has an unparalleled degree of expertise in business aviation and a great reputation as an operations expert committed to safety and efficiency. By combining our sophisticated and comprehensive approach to business aviation services with Mark’s exceptional knowledge and experience in the region, we are very optimistic about our expansion into Asia. Working with new and existing clients, we look forward to our shared success.”

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Originally the company had been planning its eastwards expansion through its acquisition by Singapore-based operator OJets. But Nick Houseman, shareholder and board member of Elit’Avia, says that after looking carefully at the two companies, the company says that it decided to pull the deal.

“We realized that the synergies between OJets and Elit’Avia were not as expected. It was a difficult decision. But, we felt that it would be best for all concerned to halt the acquisition before going any further.” Said Houseman.

Although the deal fell through, Elit’Avia had always wanted to expand into Asia and had been looking into options for several years.

“We’ve been watching the Asian market for a while, the standards are getting higher and higher, and I think they are moving away from local operators.” Says Puja Mahajan, Elita’Avia’s CEO.

To start, the company has opened offices in Bangkok and Hong Kong, and has appointed Mark Thibault as the managing director of Elit’Avia Asia.

Before joining Elit’Avia Asia, Thibault had held several high-profile posts in the region, including the COO of Hongkong Jet and the CEO of Thailand-based Mjets Ltd. Based in Bangkok he will oversee the company’s expansion into the region.

Having people like Thibault, who has a deep understanding of the Asian market, based locally is how Mahajan sees as the best way of cracking the Asian market.

“They (Asian clients) want to have a mix of both. More of a European style approach when it comes to the management of the aircraft, but with Asian flight attendants — so a real mix” says Mahajan.

To get to this point, Elit’Avia had been studying the Asian market for a while and saw a lot of activity in south-east Asia, which helped drive the decision to open the Bangkok office. The company also saw a lot of activity on Indonesia and doesn’t rule out opening an office there in the near future.

“We know about the activity in China and Hong Kong. However what we are also seeing is that the number of transactions in South East Asia is really increasing. It’s not just Bangkok, its Jakarta and other cities as well. From a strategic point of view, we thought that to have one location in that part of the world as well as one in Hong Kong would make sense in the beginning.” Says Mahajan.

Whilst Bangkok will be a springboard into south-east Asia, Hong Kong will be used as a base to help leverage the Chinese market.

Hong Kong itself has more than its fair share of management companies, but Elit’Avia believes it has the experience to make it stand out from the other managers.

Mahajan says that many of the aircraft managers in the region are still in their infancy and says that Elit’Avia’s experience, along with its safety expertise and professionalism are some of the key reasons that she that the company will be successful in the region.

“Elit’Avia is really excited and we are ready to bring our brand to the Asian market,” says Mahajan.

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The planned 100% acquisition of Elit’Avia by OJets has also been shifted to a 30% stake.  OJets will focus on owned aircraft charter with Elit’Avia dedicated to managing aircraft for owners.

Phil Mulacek, the majority shareholder and chairman of OJets, has taken over the management of OJets. Mulacek, the founder and former chairman of InterOil Corporation, is an experienced business-jet owner. OJets says that he has successfully built other business with complex operations.

“The economics of Elit’Avia did not meet our final investment criteria for further investment. However – we are in agreement to assist Elit’Avia in the managed aircraft side to help Elit’Avia and OJets achieve what we feel is a proper investment return,” said Mulacek. “We will manage our charter investment directly. We built a $5.6 billion business as sole owners and are confident we can manage the $300 million aircraft enterprise to the growth we target.”

Majority ownership of Elit’Avia will stay with founder and co-owner Michel Coulomb and Houseman, the other co-owner. Puja Mahajan will continue to manage Elit’Avia’s day-to-day operations as CEO.

The management changes come as OJets is negotiating buying an American air carrier’s operating certificate. OJets had been planning to add four aircraft this month. In May it said that it was operating two Bombardier Global 6000s and one Bombardier Challenger 650.

Mark Thibault, who was brought in to manage charter operations at OJets has left the company.

Geoffrey Cassidy, the co-founder of Zetta Jet, told Corporate Jet Investor that he is an adviser to Mulacek.

Updated late June 22 with comments from Phil Mulacek and clarification about OJets stake in Elit’Avia. Updated again to confirm that Mark Thibault has left the company.

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Luxaviation’s Patrick Margetson-Rushmore believed that while size might have its challenges, it can be managed. In the UK, he said, we have just under 30 aircraft.

Puja Mahajan, CEO of Elit’Avia, said that yes, you can benefit from economies of scale, but aircraft owners can be demanding and the level of service perhaps delivered best by a smaller firm still needs to be there.

Gama Aviation’s Marwan Khalek took the view that if one can channel the size benefits back to clients but maintain a close relationship with a client it provides the best of both worlds.

Florent Sériès of TAG Aviation was clear — most of the benefits of economies of scale are passed directly to the client. We work hard to get better deals, but still have to provide excellent levels of service.

When one grows multiple AOCs are needed, but this is more of a benefit for attracting clients, as you give them more options. From an operator’s perspective, it is difficult to balance regulatory requirements for each AOC.

Are more regulations coming into place every year? – The panellists were unanimous in their answer: “Yes”.

But this is leading to owners trying to disassociate themselves from their aircraft as their management has become increasingly complicated with increased regulation – they just don’t want to hear about it. Luxaviation argues this is especially true for larger jets.

Puja Mahajan, CEO of Elit’Avia, also praised regulators that are keen to work with business aviation operators.

Price over safety?

Margetson-Rushmore was adamant, they are not comparable. Safety obviously comes first, it cannot be sacrificed on the altar of money. Sériès agreed, but pointed out that most owners now consider safety to be a given, they do not see the value of what we are all trying to do together to enhance safety.

Khalek believed that safety is not a subject owners want to get into the weeds about and would, instead, rather focus on the business and service aspects.

What is the differentiator if safety is a given?

Khalek: Service to a degree and the value proposition – not just price on its own
Margetson-Rushmore: You need a large number of characters to meet demand with wide variety of different owners.
Mahajan: Personal relationships are the differentiator.

Economies of scale can save as much as 15% of operating costs for larger operators according to Khalek. This is especially seen with services such as insurance, but these savings get passed directly to the customer.

Do complicated regulations translate directly to safer operations? Margetson-Rushmore thinks so. Material growth will primarily come from consolidation. Obviously, we always try to grow organically, but the primary level of growth will come from consolidation and acquisition.

So there we have it: 70% of delegates expect to see more operator consolidation in 2018. But as Sériès put it with particular Gallic logic – a good wine helps.

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The Slovenian charter, management and operation services company says it has seen the aircraft, crew, maintenance and insurance (ACMI) arrangement become increasingly popular over the last year, particularly among people and corporations that can afford to buy an aircraft outright but choose not to do so.

The rising popularity of ACMI mirrors a decline in the total number of transactions, according to Elit’Avia CEO Puja Mahajan (pictured).

“Looking at the total number of inquiries from prospective clients during the last 12 months, the trend that we have seen is an overall reduction in the number of enquiries for supporting new or pre-owned aircraft sales and acquisitions, whereas interest in ACMI solutions has increased significantly in the same period,” she told Corporate Jet Investor.

Mahajan attributes the change to a number of factors, including business aviation being treated as a typical operating expense and people wanting to avoid the capital expenditure of owning a business aircraft. The potential tax benefits and extra discretion of leasing, rather than owning, are also contributing to the change.

“Client needs and preferences are constantly changing and evolving,” she said. “In general, we believe that there is greater openness to new structures based on the reasons discussed. Furthermore, the supply side of business aviation has also evolved, with more ACMI aircraft on the market from financial institutions and other lessors. Additionally, aircraft owners have come to appreciate the benefits that may be drawn from ACMI arrangements for assets that are otherwise under-utilised.”

“Increasingly discerning” individuals and organisations were also interested in arrangements that were more efficient than ownership.

Mahajan said that the business aviation industry needed to evolve continuously, as clients expected flexibility. “If ACMI is on the rise, it is critically important to acknowledge that fact and adjust service offerings consequently.

“While ACMI has become more prevalent, its is certainly not new. However, I think we can say with confidence that it is here to stay.”

She predicted that the business aviation industry, particularly the wide-body segment, will continue to grow during 2018. Elit’Avia aims to increase the number of aircraft under its new San Marino AOC and continue to develop its service offerings.

She added: “At Elit’Avia, we are uniquely positioned to manage these changes because we have more than a decade of experience with all aspects of business aviation, including crew support, ACMI and managing privately-owned aircraft.”

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“A San Marino AOC is very advantageous for clients wanting to introduce a non-EASA aircraft into their operations,” said Puja Mahajan. “The San Marino CAA does an excellent job of balancing rigorous safety standards with the transactional needs of the industry. Working with highly-qualified and experienced inspectors accelerates the registration process while maintaining robust operational accountability. Thus, with our San Marino AOC, we are able to place a greater variety of aircraft into European commercial service quickly and efficiently.”

Fauré is responsible for promoting Elit’Avia’s comprehensive services, including its new Part NCC offering and other technical services, within his territories. He has worked in business aviation for 10 years, including sales roles with TAG Aviation and VistaJet.

Puja Mahajan, CEO of Elit’Avia said: “We’re delighted to welcome Wynton to our team. Drawing from his considerable experience, Wynton is exceptionally well-positioned to help our clients through the uncertainty surrounding Brexit.”

Wynton Fauré, sales director, UK, Europe and Africa, Elit’Avia added: “Our services are very attractive to UK aircraft owners operating in Europe. We do not expect our clients to experience significant disruption due to Brexit because flights within Europe and to-and-from the UK will be free of cabotage restrictions, thanks to Elit’Avia’s European AOCs.”

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It now has a fleet of 21 midsize to long range business aircraft. Puja Mahajan, Elit’Avia’s CEO outlines the company’s plans for the next 10 years.

Corporate Jet Investor: What do you see as the company’s biggest achievement?

Puja Mahajan: Our ability to grow strategically without losing sight of our clients’ needs and preferences. It’s a question of managing growth very closely while maintaining the correct ratio of staff to aircraft in the fleet. We believe in a ‘boutique’ approach. To best serve your clients, you need to know them – individually. Furthermore, we aim to anticipate clients’ needs in order to deliver a truly effortless experience.

Corporate Jet Investor: Can you highlight the toughest year for the company?

Puja Mahajan: The period around the financial crisis – 2008/2009 – was difficult for most companies in our industry. There was a massive contraction of spending in the global economy. In business aviation, one of the main challenges was that banks and other financiers adopted much more stringent standards.  Obtaining financing for aircraft transactions became considerably more difficult – almost overnight.

Corporate Jet Investor: You have two AOCs, is this enough?

Puja Mahajan: Our AOCs in Slovenia and Malta have served us – and our clients – very well. These are not the most high-profile jurisdictions in EASA. And, that is a strength. Competitively speaking, Slovenia is very favourable compared to its neighbors. And, the government of Malta has created a tax-friendly environment for aircraft owners and operators. Having said that, we are always on the lookout for new opportunities to provide the best possible solutions  – provided that these solutions are aligned with our philosophy of putting clients first.

Corporate Jet Investor: What is the secret to being a good aircraft manager?

Puja Mahajan: It sounds obvious but it needs to be repeated constantly: Listen to your clients! Clear communications and rapid response are essential to understanding clients’ needs. Additionally, we offer a caliber of service that makes the client experience totally effortless. Everyone on our team goes above and beyond to ensure that client expectations are not only met, but exceeded.

Corporate Jet Investor: Why should an owner use you?

Puja Mahajan: Elit’Avia operates at the highest industry  standards – with Stage 3 IS-BAO accreditation from IBAC. Additionally, we have ten years of experience and more than 35,000 hours of flight time.

Corporate Jet Investor: Why should an charter customer use Elit’Avia’s VIP Travel Services?

Puja Mahajan: Because they expect the best! Our VIP Travel Services provide comfort, peace of mind and a single point of contact for all travel-related services. These services include: managing commercial flights, entry visas, ground transportation, hotels and other accommodations, optimizing upgrades and loyalty program points – and a multitude of other personalized concierge services.

Corporate Jet Investor: What is the best lesson you have learnt in 10 years?

Puja Mahajan: We have learned that our focus on highly-personalized service, combined with our culture of transparency, allows us to serve our clients in complete harmony. By applying these fundamentals consistently, almost any obstacle can be managed and resolved favourably for our clients.

Corporate Jet Investor: What will Elit’Avia look like in 2027?

Puja Mahajan: Elit’Avia will never be a large fleet organization. In a sense, we are market contrarians! At present, the industry is shifting towards consolidation, based on the premise of volume discounting. All too often, this leads to a decline in the quality of service. We are confident that a niche market exists for highly-personalized service and a modestly-sized fleet of aircraft. Our goal is to expand our portfolio of services while vigorously maintaining our standards and our commitment to our clients.

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