LCI, a leading aviation company and a subsidiary of Libra Group, has signed an agreement with Elroy Air, developer of advanced autonomous cargo aircraft systems, to acquire up to 40 of the company’s Chaparral vertical take-off and landing (VTOL) aircraft.

LCI’s investment in Elroy Air’s system underpins the Company’s long-term commitment to sustainable growth and innovation. Under the terms of the deposit-backed agreement, LCI will initially acquire 20 aircraft with an option for a total of up to 40 units.

The VTOL aircraft are currently under development at Elroy Air’s facility in South San Francisco, California.