- FLYINGGROUP pre-orders up to 50 VX4 aircraft
- Increases Vertical’s eVTOL pre-order book to up to 1,400
aircraft
- Expands Vertical’s customer base to include the business
aviation market
Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace
and technology company that is pioneering electric aviation,
announces today that FLYINGGROUP, one of Europe’s leading business
jet operators, has conditionally pre-ordered up to 50 VX4
aircraft.
FLYINGGROUP, which began operations in Antwerp in 1995, operates
from aircraft bases across Europe and the Middle East. Currently
managing 45 conventional aircraft, today’s pre-order announcement
forms part of FLYINGGROUP’s new approach to sustainable aviation,
embedding zero emissions transport options into its fleet. The
integration of the VX4 into its existing services will provide
their customers with a sustainable, innovative, and efficient
regional air mobility alternative and transform their first and
last 100-mile journeys.
Vertical has already sold its VX4 to a diverse range of
customers including aircraft lessors, airlines, and helicopter
operators, including American Airlines, Virgin Atlantic, Avolon and
Bristow. Today’s announcement represents Vertical’s first
commercial agreement within the business aviation market, a further
demonstration of the significant market demand for the VX4. This
partnership increases Vertical’s conditional pre-order book to up
to 1,400 aircraft with a total value of $5.6bn.
The two parties have agreed to launch a Joint Working Group
(JWG) to begin exploring FLYINGGROUP’s application of using the VX4
in the business aviation market, including individual ownership,
low volume operation and fractional ownership. The JWG will also
explore the terms and conditions of a Maintenance, Repair and
Overhaul (MRO) service centre, potentially granting FLYINGGROUP the
right to perform MRO services for their fleet and to support their
private sales.
The piloted zero operating emissions four-passenger VX4, is
projected to be capable of travelling distances of 100 miles (160
km), at a top speed of 200mph (320km/h), while producing minimal
noise and has a low cost per passenger mile.
Stephen Fitzpatrick, Founder & CEO, Vertical
Aerospace, said “We are delighted to partner with FLYINGGROUP
to change the way people travel throughout the business aviation
market. With this provisional pre-order, FLYINGGROUP can look to a
future where they can continue to provide quality to business
clients - but now with zero emissions.”
Bernard Van Milders, Founder of FLYINGGROUP, said “Now
that we’re also enabling flexible and energy-efficient regional
travel, we are honoured to partner with Vertical’s team and their
state-of-the-art aircraft. Going electric is the next big step in
our sustainability plan. Not only will we be expanding our fleet
with the most advanced electric eVTOLs; we will be able to
accommodate our clients and guests with the newest zero-carbon
‘door-to-door’ private and business aviation. By connecting
airports with cities and ports, FLYINGGROUP is bringing a new wave
of business travel to corporations and individuals.”
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 1,400
aircraft from global customers creating multiple potential near
term and actionable routes to market. Customers include American
Airlines, Virgin Atlantic, Avolon, Bristow, Marubeni, Iberojet and
FLYINGGROUP, as well as Japan Airlines (JAL), Gol, Air Greenland,
Gozen Holding and AirAsia, through Avolon’s VX4 placements.
Vertical’s ordinary shares and warrants commenced trading on the
NYSE in December 2021 under the tickers “EVTL” and “EVTLW,”
respectively.
Vertical Media Kit Available here
About FLYINGGROUP
FLYINGGROUP has been active since 1995 from Antwerp, where the
head office is also located. Over the years, the company has
expanded its activities to other airbases in Europe and the Middle
East (Brussels, Kortrijk-Wevelgem, Amsterdam, Eindhoven,
Luxembourg, Paris, Malta and Dubai).
FLYINGGROUP takes care of the entire management of its
customers’ business aircraft, including maintenance, CAMO,
certification, crew management, charter sales and flight
operations. The pursuit of high-quality service has led to
ever-increasing customer confidence. As a result, the company is a
reference in private and business aviation in Europe.
FLYINGGROUP currently manages 45 aircraft, fifteen of which are
based in Antwerp, Belgium. In 2021, 12,739 flight hours were
performed. The consolidated turnover amounted to more than 110
million euros in the previous financial year.
FLYINGGROUP has more than 233 experienced employees worldwide,
including 135 crewmembers and 90 people work at the group’s head
office in Antwerp, Belgium.
Find out more: flyinggroup.aero
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 and related timelines, the differential strategy compared
to its peer group, and the transition towards a net-zero emissions
economy, expected financial performance and operational performance
for the fiscal year ending December 31, 2022, 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; any accidents
or incidents involving eVTOL aircraft could harm Vertical’s
business; Vertical’s dependence on partners and suppliers for the
components in its aircraft and for operational needs; the potential
that certain of Vertical’s strategic partnerships may not
materialize into long-term partnership arrangements; pre-orders
Vertical has received for its aircraft are conditional and may be
terminated at any time in writing prior to certain specified dates;
any potential failure by Vertical to effectively manage its growth;
the impact of COVID-19 on Vertical’s business; Vertical has
identified material weaknesses in its internal controls over
financial reporting and may be unable to remediate the material
weaknesses; Vertical’s dependence on our senior management team and
other highly skilled personnel; as a foreign private issuer
Vertical follows certain home country corporate governance rules,
is not subject to U.S. proxy rules and is 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 our Annual Report on Form 20-F filed with the U.S. Securities
and Exchange Commission (“SEC”) on April 29, 2022, 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/20220714005099/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
Vertical Aerospace (NYSE:EVTL)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Vertical Aerospace (NYSE:EVTL)
Historical Stock Chart
Von Dez 2023 bis Dez 2024
