Sandpoint's Quest Aircraft Company said on Wednesday it's raised an undisclosed amount of new financing and investments to keep the aircraft manufacturer moving forward with production of its main plane, the Quest Kodiak.
The investment is from private investors. Their identity and the amount of money raised were not disclosed.
Because of the economy, airplane production at Quest has slowed significantly in the past two years, said company President and CEO Paul Schaller.
“We have injected equity into Quest which allows us to significantly reduce debt, ramp up production and invest in customer service centers,” Schaller said in a prepared statement.
The Kodiak sells for around $1.6 million. It's considered one of the best airplanes for landing and taking off in unusual and difficult terrain. The original first group of planes produced by Quest were sent to mission aviation groups across the world.