Bill Gates Invests Big In 'On-Demand' Aviation Startup

Bill Gates is betting some of his considerable fortune on a new plan: energy-efficient aviation. Speaking at Flight School, an offshoot of the PC Forum here run by News.com publisher CNET Networks, Eclipse CEO Vern Raburn acknowledged that the world's richest man--and his former boss at Microsoft--is one of the many equity investors in the company. Gates holds the second-largest stake, behind another Fortune 500 individual, he said. To date, Eclipse has not formally disclosed its investors. The Albuquerque, N.M.-based company is working on the Eclipse 500, a six-seater that can fly at a maximum speed of 375 knots. Designed for flights of about 300 miles to 600 miles, the plane, which will sell for $1.3 million, will likely be used by companies promoting on-demand flight services. Raburn said he expects the company to get Federal Aviation Administration approval to use the planes in a commercial setting in about a year.