Aviation & Space Strategy

Independent reality checks for
aviation and space investments

Technical, commercial and certification expertise for investors, boards and founders.

We provide clear, evidence-based views — even when they are uncomfortable.

Expertise

Aviation and space investments fail for predictable reasons: optimistic development and certification timelines, underestimated regulatory complexity, overestimated sales forecasts, and technologies that do not scale beyond the lab. Alpha2 Consulting identifies these risks early, before they become expensive.

With international experience spanning corporate leadership, aviation and space startups, and advisory roles in aircraft, space, and UAV programs, we identify risks and separate real opportunities from hype.

Commercial Due Diligence

Considering an investment?

We review the target's strategy, operating plan, market positioning, and financial projections.
We identify risks, suggest key questions you should ask, and assess viability and potential.

Technical Due Diligence

(Aviation Projects)

Certification is key!

Conventional aircraft, eVTOLs, UAVs, engines, avionics - they all need certification.
Aircraft production needs certification too!
We understand the requirements and can assess whether plans and budgets are credible.

Sustainable Aviation

Hybrid, Electric, Hydrogen

Hype vs. Reality!

Some sustainable aviation projects can succeed and benefit the environment.
Others are deeply flawed.
We help you separate the viable from the over-hyped.

Novel Aircraft Types

eVTOL, BWB, WIG, UAS

The Future... or Not?

eVTOL, BWB (blended wing body), WIG (wing in ground-effect), autonomous aircraft...
Which concepts are realistic and commercially viable - and which aren't?
We can guide you through the advantages of these vehicles - and their many challenges.

Business Strategy

and Fundraising

Turn an idea into a business

We have successfully started aviation and space businesses.
We help develop business plans, pitch decks, and fundraising strategies.
We identify risks and give a comprehensive assessment of the competitive landscape.

Small Satellites

and Constellations

Small Satellite Constellations

Procurement, licensing, and operation of small satellites.
Constellation design and optimisation.
Fundraising support for satellite ventures.

Earth Observation

Insights and Analytics

Insights from Images

We have developed successful products using open-source and tasked imagery.
Product design and comprehensive competitive analysis.
Support with grant applications for product development.

Mentoring

We've launched startups, raised funding, grown teams, and built products. And made mistakes!
We help startup founders benefit from our experience.
Mentoring for Space businesses in Europe via the EU Space Academy.

Team

Alpha2 Consulting was founded by Adrian Norris and Alex Stott, who have built, grown and operated aviation and space businesses - not just advised on them.

Adrian Norris

Adrian co-founded a satellite imaging and data analytics company with Alex Stott.

He also co-founded Kestrel Aircraft in the United States, working on the certification of a high-performance turboprop aircraft.

He was previously an Executive Board member of a global transport and logistics company, leading business transformation programs.

He is a Sloan Fellow of the London Business School, and a licensed commercial pilot.

Alex Stott

Alex co-founded a satellite imaging and data analytics company with Adrian Norris, serving as CFO through multiple funding rounds and securing substantial investment.

Through Alpha2, he currently serves as CFO for a space project engineering business.

Earlier in his career, Alex co-founded a managed telecoms services company in the UK, and was a Senior Lecturer at Rhodes University, South Africa.

He brings rigorous financial and commercial discipline to complex investment decisions.

Insights

Cutting through hype requires evidence. Our insights provide direct, evidence-based analysis of the opportunities and risks shaping aviation and space.

We provide confidential, independent analysis of aviation and space investments, identifying risks and challenging assumptions before capital is committed.

Discuss a current opportunity →

Chinese Satellite Imaging

Why US blackouts are pointless

The United States has restricted access to commercial satellite imagery of the Middle East.
This will not work.
China has over 240 commercial imaging satellites.
They will keep watching the Middle East, despite US sanctions.

Beyond Aero

A reality check

Beyond Aero is a French startup developing a hydrogen-electric business aircraft.
It has published the preliminary design of the aircraft.
The design is detailed and credible.
The company is open about many of the challenges.
But Beyond Aero will fail.

ZeroAvia

A reality check for investors and funders

Since 2019, ZeroAvia has claimed that hydrogen-electric flight is imminent.
It wasn't, and it still isn't.
This article looks at what ZeroAvia has claimed, and what it has achieved.
It relies on information made public by ZeroAvia, and avoids speculation.
There is a big gap between claims and reality.

Very Low Earth Orbit

A reality check for investors and commentators

Many analysts predict that VLEO is going to be the 'Next Big Thing'.
They are wrong.
VLEO can offer higher resolution imaging and reduced risk of collisions with debris.
But these benefits are outweighed by many practical challenges.
Investors are more likely to lose money than make it.

BETA Technologies IPO

Should you invest in BETA Technologies' share offering?

BETA Technologies has developed a credible aircraft and attracted significant funding.
But the aircraft has limited capability, high cost, and needs hugely expensive annual battery replacements.
After the IPO, the founder will retain absolute control - forever! - thanks to his 'super-voting' shares.
Investors should steer clear.

eVTOLs - Hype or reality?

The leading eVTOL companies are a long way from certification.

eVTOLs' innate characteristics make their development and certification complex.
Safe operations in constrained urban environments may not be possible.
eVTOL market assessments are over-optimistic.
There is no guarantee that the aircraft currently in development will enter commercial service.

Electric Aircraft

Electric cars have arrived, so why not electric planes?

Planes aren't just flying cars.
Batteries are very heavy - too heavy for many types of aircraft.
Certification of new technology is complicated and slow.
Despite the challenges, we will see more electric aircraft.
We will certainly see lots of hybrid aircraft.

Hydrogen-powered Aircraft

Will hydrogen replace jet fuel?

No.
The physical properties of hydrogen are unsuitable.
The cost of 'green' hydrogen will always make it uneconomic.
The infrastructure needed is prohibitively expensive.
Certification of hydrogen-powered aircraft is hugely complicated.
Hydrogen always leaks, and it causes global warming.
Batteries, hybrid power and biofuels are better options.

Small Rockets

A Brave Investment!

In 2021, there were over 120 companies developing small rockets.
Billions of dollars have been invested.
Only one company regularly launches satellites with a small rocket.
The market is small, and competition from large rockets is intense.
Investors should focus on companies that use satellites to deliver valuable services.
Successful satellite companies will then drive launch demand.

'Novel' Aviation

An Investment Checklist

Here are 10 thoughts about investing in novel aviation - i.e. new types of aircraft, or new power systems.
The first problem is always certification.
The next problem is usually unrealistic assessments of the market size.
Technology has lowered barriers to entry in the aviation business. But the barrier to success is as high as ever.

External Commentary and Industry Recognition

Media Commentary

Media interviews, commentary and articles reflecting our independent, evidence-based views on aviation, space and satellite systems.

Commentary on the UK government acquisition of OneWeb

(French language)

Commentary on commercial satellite imagery restrictions during the Iran conflict

Interview on eVTOLs, certification, and novel aviation

Article on airframe parachutes, safety, and pilot decision making

What Industry Leaders Are Saying

Public comments from industry leaders, operators and founders on our Insight articles.

Click a card to view the original comment.

“Very well written and researched. Bravo! Reposting this!”

David Smith

President & CEO, Robinson Helicopter Company

“Very well said”

Alan Klapmeier

Founder, Cirrus Aircraft

“Excellent post Adrian Norris! There is a lot of hype around VLEO”

Luis Gomes

CEO, AAC Clyde Space

“Well written and very accurate! Thank you!”

Jérémy Caussade

President & Chief Engineer, AURA AERO

“Excellent overview of VLEO challenges.”

Pierre Lionnet

Research & Managing Director, Eurospace

“Adrian Norris, co-founder and partner at Alpha2 Consulting and one of the sharpest industry analysts out there”

Miquel Ros

Host, Allplane podcast

“A well-written and clear piece from an experienced aerospace professional. Thanks Adrian Norris and well done!”

Brandon Robinson

CEO, Horizon Aircraft

“Adrian Norris, just wanted to say thank you for an excellent article!”

Robert Garbett FRAeS

CEO, Drone Major

“This is the most insightful and sober article on hydrogen aviation I've come across! Super valuable are insights into the necessary airport infrastructure, maintenance, and certification process! ”

Emin Askerov

CEO, Akari Consulting, Cleantech Consultant & Podcaster

“Outstanding article. Your understanding of the certification process is above most.”

Carlos Blacklock

Blacklock Flight Sciences

“Profound, enlightening and substantive article to read.”

Chris Rijff

CEO / CTO, Cormorant Aerospace

Contact

Get in touch to discuss a current project or investment.

We provide independent, evidence-based analysis to support investment and strategic decisions.

info@a2space.com