In an electrifying move, Textron has entered into an agreement to acquire Pipistrel, a Slovenia-based pioneer in electrically powered aircraft. Textron plans to form its own electric segment, Textron eAviation, which will focus on developing sustainable aircraft.Bringing Pipistrel into the Textron family of aviation brands, which includes Cessna, Beechcraft, and Bell, will give the manufacturer access to greater resources and enable it to accelerate the development and certification of electric and hybrid-electric aircraft.Pipistrel's Velis Electro became the world's first, and currently only, electric aircraft to receive full-type European Aviation Safety Agency (EASA) certification in 2020."Pipistrel puts Textron in a uniquely strong position to develop technologies for the sustainable aviation market and develop a variety of new aircraft to meet a wide range of customer missions," said Scott Donnelly, Textron Chairman and CEO. "Pipistrel has been celebrated as one of the world's most important and successful manufacturers of electric aircraft."Pipistrel's brand, headquarters, and manufacturing in Slovenia and Italy will continue, said Donnelly.Ivo Boscarol Pipistrel founder and CEO will remain a minority shareholder as well as Chairman Emeritus, consulting on future product plans and strategies through 2024."To drive Pipistrel's ambitious goals and continue its story of success, the joining of Textron and Pipistrel provides deep expertise and resources which would otherwise be inaccessible for Pipistrel alone, said Boscarol. "With Textron, we are together geared to strive for future growth and look forward to announcing exciting new products and projects. I am delighted to continue witnessing my vision become a reality by being actively engaged with the company for the future."The acquisition is expected to close in the second quarter of 2022.