Aerion Supersonic received a major boost on Tuesday when Boeing announced “a significant” investment in the company to bring the first supersonic business aircraft to the market.

The Aerion AS2 is designed to fly at speeds of up to Mach 1.4 or about 1,600 kilometers an hour, saving three hours on a transatlantic flight, the two companies said. First test flight is slated for 2023.

The 12-passenger jet was announced in 2014 by Aerion, a company founded in 2003. The aircraft will be powered by a GE Affinity engine.

“Aerion is the industry leader mapping out a successful, sustainable return to supersonic flight,” said Tom Vice, chairman, president and CEO.

“The AS2 is the launch point for the future of regulatory-compliant and efficient supersonic flight. Together with Boeing, we’re creating a faster, more connected future with tremendous possibilities for enhancing humanity’s productivity and potential.”

Steve Nordlund, vice-president and general manager of Boeing NeXt, called the agreement a strategic investment in further maturing supersonic technology.

“Through this partnership that combines Aerion’s supersonic expertise with Boeing’s global industrial scale and commercial aviation experience, we have the right team to build the future of sustainable supersonic flight.”

Images are courtesy of Aerion