Terrafugia was founded in 2006 by award-winning MIT-trained aeronautical engineers and MBAs – who also happen to be passionate private pilots. The companies mission is to provide innovative solutions to the challenges facing personal aviation. In July of 2008 Terrafugia returned to EAA Air Venture in Oshkosh, WI with a completed Proof of Concept Transition® vehicle. Powered testing of the Proof of Concept began in the second half of 2008. After safely achieving speeds around 100 miles per hour on the ground, the Transition® Proof of Concept successfully completed its flight test program in Plattsburgh, New York. Their General Aviation (GA), Light-Sport Aircraft (LSA) is designed to fold its wings, enabling the vehicle to also operate as a street-legal road vehicle, and is scheduled for release in 2012.