- Avolon exceeds its placement of 500 VX4s within nine
months
- Demonstrates significant market demand for Vertical’s
technology and approach to building and certifying its electric
aircraft
- VX4 pre-orders achieve global reach with Turkey joining US,
UK, Japan, Brazil, Greenland, Southeast Asia and the Caribbean
where the VX4 will fly
Vertical Aerospace (Vertical) [NYSE: EVTL] notes Avolon’s
announcement today that it has exceeded its whole 500 unit
pre-order of Vertical’s VX4 electric aircraft within nine months.
Avolon, the world’s second largest aircraft lessor, pre-ordered 500
VX4s in June 2021, and as of today has placed all of these units,
as well as an additional 50 aircraft options, with leading global
airlines.
This has been achieved by placing aircraft with flag carriers
and innovative airlines such as JAL, AirAsia and Brazil’s largest
airline Gol, in addition to today’s announcement with leading
Turkish aviation group, G�zen Holding, for up to 100 VX4 eVTOL
aircraft. Avolon’s success in placing 550 VX4s in under a year
emphasises the high demand for the aircraft and displays the
significant growth in market appetite for eVTOLs.
Vertical has sold its VX4 aircraft directly to a broad range of
customers including aircraft lessors, airlines, helicopter
operators and tourism groups. The global reach achieved through
Vertical’s conditional pre-orders for its VX4 means it has the
largest pre-order book by value in the eVTOL market for $5.4bn, and
together with Avolon’s placements means that the VX4 will fly in
the US, UK, Japan, Brazil, Turkey, Greenland, Southeast Asia and
the Caribbean.
Avolon exceeding its VX4 pre-orders marks a significant
milestone in its partnership with Vertical and further reflects
Avolon’s confidence in Vertical’s electric aircraft, which is on
track to be to be flying in cities worldwide by the middle of the
decade. Vertical and Avolon are collaborating with the VX4’s
airline customers in Working Groups to accelerate the deployment of
the VX4, as well as on eVTOL infrastructure and regional-specific
certification requirements.
Together with its partners including Rolls-Royce, Honeywell and
Microsoft, along with GKN, Leonardo and Solvay, Vertical is now in
the later build stages of the VX4 with its full test flight program
to commence later in 2022.
Stephen Fitzpatrick, Founder & CEO of Vertical said, “We are
delighted that Turkey has been added to the global destinations
where the VX4 will fly. We look forward to welcoming G�zen into the
Vertical family and continue to celebrate our growing partnership
with Avolon."
Dómhnal Slattery, CEO of Avolon commented: “Today marks an
important milestone on our eVTOL journey, as we have now fully
placed our VX4 orderbook with some of the leading international
airlines and aviation companies all over the world. The
opportunities to deploy the VX4 are enormous and, as is evident
with our placement progress to date, zero emissions eVTOL air
travel will reshape the short-haul travel market. Our partnership
with G�zen Holding will create a pioneer in UAM in Turkey, bringing
sustainable air travel to the region.
The strong demand for our VX4 orderbook and for zero emissions
travel, confirms our view that demand for eVTOL aircraft would
always outstrip supply. As a result, we will continue working with
other partners that want to purchase or lease the VX4 in order to
fully size the potential market and demand for this aircraft.”
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 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: avolon.aero
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.
Vertical Media Kit
Available here
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/20220328005794/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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