TRINITY AIR LINKInvestment Committee Memo · March 2026

Investment Committee Memorandum

Opportunity to develop and control the primary multi-modal eVTOL and autonomous vehicle infrastructure hub in Fort Worth, Texas using a capital-light operator access model.

Summary

The Trinity Air Link project acquires and repurposes the historic Texas & Pacific Warehouse into an integrated mobility hub combining vertiport infrastructure, autonomous vehicle terminals, charging systems, dispatch software, and data/traffic management. The preferred capital-light model avoids direct fleet ownership and monetizes infrastructure access and platform services.

24.8%

IRR (No Terminal)

$89.7M

NPV @ 10%

36.8%

IRR (With Terminal)

$293.2M

NPV (With Terminal)

Investment Thesis

Control of scarce urban mobility infrastructure node in a top-tier U.S. growth market.
Operator-neutral platform capturing economics from multiple certified eVTOL and AV operators.
Diversified revenue: air mobility access, ground mobility access, real estate, data/technology, ancillary.

Capital-light structure improves returns and reduces balance sheet risk.
First-mover advantage in Fort Worth relative to Dallas-led eIPP rollout.
Scalable model across 50+ metropolitan markets.

Financial Overview

Year 5 revenue (moderate): $133.4M.
Year 5 EBITDA (moderate): $44.9M (~34% margin).
Break-even targeted Year 5.

Terminal value modeled separately using 8.0x EBITDA multiple.
Base case IRR excludes terminal value to avoid overstatement.
Terminal value provides upside rather than core return driver.

Key Risks

eVTOL certification timing and regulatory approvals.
Adoption rate of premium mobility services.
Construction and cost overrun risk.

Mitigated via phased rollout and AV/real estate revenue.
Fleet ownership risk avoided under capital-light model.
Stress case modeled with negative IRR to demonstrate downside.

Capital Structure

Preferred capital-light case requires approximately $107M–$113M total capital. Phase 1 funding of $20M secures site control, regulatory positioning, design, and operator agreements prior to major infrastructure spend.

Recommendation

Proceed with Phase 1 investment subject to confirmation of site control, operator MOUs, and regulatory pathway alignment. The project offers infrastructure-style returns with venture-like upside under a capital-light model, with clear mitigation of fleet-related risks.