- AirAsia leases a minimum of 100 of Vertical Aerospace’s VX4
from Avolon
- AirAsia joins Japan’s JAL and Brazil’s Gol in agreeing leases
for the VX4 with Avolon
- Further extends Vertical’s global reach for its electric
aircraft, into Southeast Asia, with pre-orders already directly
agreed for up to 1,350 aircraft from American Airlines, Avolon,
Virgin Atlantic, Iberojet, Bristow Group and Marubeni
Vertical Aerospace (Vertical) [NYSE: EVTL] notes Avolon’s
announcement today that it will partner with AirAsia Aviation Group
Ltd (AirAsia), Asia’s leading low-cost airline, to create a
transformational ride sharing platform in Southeast Asia, including
a non-binding memorandum of understanding to lease a minimum of 100
VX4s, Vertical’s flagship electric aircraft.
As announced in June 2021, Avolon, the world’s second largest
aircraft lessor, pre-ordered 500 VX4s from Vertical to place with
its global airline customers. This endorsement of the VX4 by
AirAsia represents the aircraft’s first expansion into Southeast
Asia.
With today’s announcement Avolon has now placed 450 of its VX4
pre-order to AirAsia, Japan’s JAL and Brazil’s Gol. Together, these
airlines form a growing global community of transport operators
that have ordered the VX4.
Vertical has directly agreed pre-orders or pre-order options
with the likes of American Airlines, Avolon, Virgin Atlantic,
Iberojet, Bristow Group and Marubeni resulting in a market-leading
pre-order book by value totaling up to 1350 aircraft with a value
of $5.4 bn.
The VX4 is a piloted four-passenger, zero operating emissions
electric aircraft that is projected to fly at speeds of up to
200mph, over a 100-mile range. The VX4 is expected to be near
silent when in flight, and with a low cost per passenger mile, it
will be an affordable option for passengers with a cost at a slight
premium to a taxi.
AirAsia’s leasing arrangement through Avolon is the first
placement or pre-order since Vertical listed on the NYSE in
December 2021.
For more details see Avolon and AirAsia’s release on Avolon’s
website here.
Stephen Fitzpatrick, CEO Vertical Aerospace, said "We are
delighted that AirAsia is the latest leading airline committing to
lease our zero operating emissions VX4 aircraft. AirAsia provides
many fantastic opportunities to travel around some of the most
beautiful and diverse countries in the world, and I am thrilled
that we will be bringing zero emissions flight to people all across
Asia."
Dómhnal Slattery, Avolon CEO, said “Tony Fernandes is an
aviation pioneer who has built AirAsia into one of the leading
airlines in the world and has now also created Southeast Asia’s
fastest growing Super App anchored on travel. We are delighted to
partner with AirAsia who share our vision of revolutionising the
future of air travel. We look forward to working with Tony, and the
AirAsia team, on their eVTOL journey. Together we will develop a
ride sharing platform and bring the zero-emissions VX4 aircraft
into service, positioning AirAsia as the operator of choice for
sustainable air travel in the region.”
Tony Fernandes, CEO, Capital A, commented: “Innovation has
always been in our DNA and using technology to look at more
efficient and sustainable ways of doing things is a core focus
across Capital A (formerly AirAsia Group). We are now much more
than just an airline with over 20 products and services on our
super app leveraging off each other including flights, hotels,
food, retail, delivery, ride hailing and more. I am truly excited
about this partnership between Avolon and AirAsia and the potential
for zero-emissions ultra-short-haul air travel in Southeast Asia.
The digital era is now. In the VX4, we have identified what we
believe will be the eVTOL aircraft of choice and we are thrilled to
be the launch airline for the aircraft in Southeast Asia. We are
also delighted to extend our long-standing relationship with
Avolon, which has a proven track record of delivering for its
customers and is in sync with our goal to become the leading one
stop travel and delivery platform in Asean.”
Last week, Vertical announced that Leonardo (BIT: LDO) would
join its blue-chip partner ecosystem of aerospace, engineering and
technology companies that Vertical has created to develop the VX4,
and in so doing de-risk operational execution, pathway to
certification and allowing for a lean cost structure that will
enable production at scale. The partner ecosystem includes
Rolls-Royce (LON: RR), Microsoft (NASDAQ: MSFT), Honeywell (LON:
HON), GKN, Solvay and Leonardo.
About Vertical Aerospace
Vertical Aerospace is pioneering electric aviation. The company
was founded in 2016 by Stephen Fitzpatrick, an established
entrepreneur best known as the founder of the Ovo Group, a leading
energy and technology group and Europe’s largest independent energy
retailer. Over the past five years, Vertical has focused on
building the most experienced and senior team in the eVTOL
industry, who have over 1,700 combined years of engineering
experience, and have certified and supported over 30 different
civil and military aircraft and propulsion systems.
Vertical’s top-tier partner ecosystem is expected to de-risk
operational execution and its pathway to certification allows for a
lean cost structure and enables production at scale. Vertical has a
market-leading pre-order book (by value) for a total of up to 1,350
aircraft from American Airlines, Avolon, Bristow and Iberojet,
which includes conditional pre-order options from Virgin Atlantic
and Marubeni, and in doing so, is creating multiple potential near
term and actionable routes to market.
Vertical’s ordinary shares listed on the NYSE in December 2021
under the ticker “EVTL”. Find out more: vertical-aerospace.com
About VX4 eVTOL Aircraft
The four passenger, one pilot VX4 is projected to have speeds up
to 200mph, a range over 100 miles, near silent when in flight, zero
operating emissions and low cost per passenger mile. The VX4 is
expected to open up advanced air mobility to a whole new range of
passengers and transform how we travel. Find out more:
vertical-aerospace.com
Vertical Media Kit Available here
About Avolon
Headquartered in Ireland, with offices in the United States,
Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft
leasing and lease management services. Avolon is 70% owned by an
indirect subsidiary of Bohai Leasing Co., Ltd., a public company
listed on the Shenzhen Stock Exchange (SLE: 000415) and 30% owned
by ORIX Aviation Systems, a subsidiary of ORIX Corporation which is
listed on the Tokyo and New York Stock Exchanges (TSE: 8591; NYSE:
IX). Avolon is the world’s second largest aircraft leasing business
with an owned, managed and committed fleet, as of 31 December 2021
of 824 aircraft. Website: www.avolon.aero Twitter: @avolon_aero
About AirAsia Aviation Group Ltd (AAAGL)
AAAGL is the holding company that oversees all airlines in
Capital A (formerly AirAsia Group Berhad), as well as related
international support functions including AirAsia Consulting,
shared corporate services division AirAsia SEA, the Santan food
group and the ground handling services joint venture business
called GTR.
About Capital A
Capital A is an investment holding company with a portfolio of
synergistic travel and lifestyle businesses that leverage data and
technology to deliver the best value at the lowest cost, supported
by high quality data and one of Asia's leading brands that remains
committed to serving the Underserved. Website: www.airasia.com
capitala.airasia.com Twitter: @airasia
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Any express or implied statements contained in this press
release that are not statements of historical fact may be deemed to
be forward-looking statements, including, without limitation,
statements regarding the certification and the commercialization of
the VX4, the differential strategy compared to its peer group, and
the transition towards a net-zero emissions economy, as well as
statements that include the words “expect,” “intend,” “plan,”
“believe,” “project,” “forecast,” “estimate,” “may,” “should,”
“anticipate,” “will,” “aim,” “potential,” “continue,” “are likely
to” and similar statements of a future or forward-looking nature.
Forward-looking statements are neither promises nor guarantees, but
involve known and unknown risks and uncertainties that could cause
actual results to differ materially from those projected,
including, without limitation, Vertical’s limited operating history
without manufactured non-prototype aircraft or completed eVTOL
aircraft customer order; Vertical’s history of losses and the
expectation to incur significant expenses and continuing losses for
the foreseeable future; the market for eVTOL aircraft being in a
relatively early stage; the potential inability of Vertical to
produce or launch aircraft in the volumes and on timelines
projected; the potential inability of Vertical to obtain the
necessary certifications on the timelines projected; the potential
that certain of Vertical’s strategic partnerships may not
materialize into long-term partnership arrangements; the impact of
COVID-19 on Vertical’s business; as a foreign private issuer and
intend to follow certain home country corporate governance rules,
Vertical not be subject to U.S. proxy rules and will be subject to
Exchange Act reporting obligations that, to some extent, are more
lenient and less frequent than those of a U.S. domestic public
company; and the other important factors discussed under the
caption “Risk Factors” in Vertical’s prospectus pursuant to Rule
424(b) filed with the U.S. Securities and Exchange Commission
(“SEC”) on December 1, 2021, as such factors may be updated from
time to time in Vertical’s other filings with the SEC. Any
forward-looking statements contained in this press release speak
only as of the date hereof and accordingly undue reliance should
not be placed on such statements. Vertical disclaims any obligation
or undertaking to update or revise any forward-looking statements
contained in this press release, whether as a result of new
information, future events or otherwise, other than to the extent
required by applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220215006093/en/
Vertical Media Samuel Emden
nepeanverticalteam@nepean.co.uk +44 7816 459 904
Vertical Investors Eduardo Royes
investors@vertical-aerospace.com +1 (646) 200-8871
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