High-tech blimp seeks wealthy suitors for future

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TUSTIN, Calif. (AP) - The maker of an experimental blimp-like aircraft is seeking $60 million from investors to finance a future fleet of cargo-carrying airships.

The Orange County Register reported Tuesday (http://bit.ly/1kpkuKZ) that Aeroscraft Corp. of Montebello has announced a stock offering, seeking to sell 1 million shares at $60 a share to institutional and high-net-worth investors.

The blimp manufacturer, which recently changed its name from Worldwide Aeros Corp., plans to build 22 new airships by 2020 or 2021. One version is capable of carrying 66 tons of freight. Another has a 250-ton capacity.

The new type of hybrid aircraft combines airplane and airship technologies. The 230-foot vessel has piston engines that allow it to move vertically and a new type of buoyancy control system.

Construction took place inside a blimp hangar at a former military base in Tustin.

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Information from: The Orange County Register, http://www.ocregister.com

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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