Cornerstone Research Group launches eAviation company Lectratek LLC
Cornerstone Research Group, Inc. (CRG), a privately held aerospace and defense firm that has been “Doing Defense Differently” since 1997, announced today its Venture Studio has launched an electric aviation (eAviation) technology company. Lectratek LLC is focused on powering eAviation technologies for an industry poised for dramatic growth in the coming years.
Lectratek leverages a number of core proprietary technologies developed over the years by CRG. Initial offerings will include engineering services and aircraft components related to electric propulsion, advanced affordable composites, and safe energy storage. Growth over time is anticipated to eventually touch virtually all aspects of electric aviation powertrains and some structural components. The company is already off to a strong start, leveraging over $25 million of prior DoD/NASA investment at CRG, including three new Agility Prime contracts.
“Nothing could be more appropriate to the Dayton region’s inventive roots than growing a company to be a leader in the next wave of aviation,” said CRG CEO Patrick Hood. “Electric aviation is rapidly moving from something people dream about to something people will use every day, and Lectratek is positioned to be a leader in the field.”
Lectratek is the first new company coming out of CRG’s recently formed Venture Studio to gain critical mass, according to Andrew Cothrel, CRG’s Chief Venture Officer.
“We are really pleased with how quickly customer demand is becoming tangible for Lectratek, particularly for our highly unique propulsion solutions,” Cothrel said. “While it is still early days in eAviation, this is a market forecasted to be worth $178B by 2040, and we think Lectratek has something to offer that can lead to enduring success.”
CRG’s Chief Revenue Officer, Chris Hemmelgarn, is acting as the interim leader for the new venture. “With my own roots as an aero engineer, I could not be more excited about how Lectratek is going to impact growth and capabilities in eAviation,” said Hemmelgarn. “It’s great to be part of aviation innovation in Dayton, where it all began.”