In addition to serving high-net worth individuals, it can also be used for disaster recovery and function as an ambulance.

Starling Jet is billed as the world's first hybrid-electric business aircraft capable of vertical take-off and landing.

Business jets are typically regarded as an indulgence of the global elite, but a just-unveiled entrant to the sector shows there's more to the industry. Starling Jet is billed as the world's first hybrid-electric business aircraft capable of vertical take-off and landing (like a helicopter). In addition to serving high-net worth individuals, the planes can be used for disaster recovery and function as an ambulance.

The Starling Jet Samad Aerospace

Developed by U.K. start-up Samad Aerospace and unveiled at this week's Singapore Airshow, the three-engine craft seats up to 10 people. It is fully electric during landing and takeoff while relying on diesel turbofan engine propulsion during high-altitude cruising. The business community remains Starling's biggest market, but it was also designed with humanitarian use in mind, Samad Aerospace CEO Seyed Mohseni told CNBC on Wednesday. According to the CEO, the new jet is cheaper and faster than many other options for those needing a helicopter or business jet for civil, commercial or humanitarian causes. He described the plane as "safer than a car, as environmentally friendly as an electric vehicle and as luxurious as a private jet." The average speed of helicopters is about 300 miles per hour while the average range tends to be around 500 miles, he noted. In comparison, the Starling can do 460 miles per hour and clock 1,500 miles. "It's a big difference in capabilities," he said.