- Continues the UK's long tradition of innovation, putting it at
the forefront of electric battery development
- The Vertical Energy Centre (VEC) will support the design, test,
manufacture and commercialisation of Vertical’s custom-made battery
pack for its VX4 aircraft
- Creates high tech employment opportunities in the Southwest of
England
- Development of frontier battery technology means Vertical is
leading the UK one step closer to electric flight
Vertical Aerospace (Vertical) (NYSE: EVTL), a global aerospace
and technology company that is pioneering zero-emissions aviation,
today announces another significant UK investment and innovation
milestone with the opening of the Vertical Energy Centre (VEC),
believed to be the UK’s most advanced aerospace battery facility,
based in Bristol.
The multi-million-pound state-of-the-art, 15,000ft2 facility, is
one of the only dedicated aerospace battery facilities in the UK.
It is home to Vertical’s current 50-strong battery team – drawn
from the likes of McLaren, the European Space Agency, Jaguar Land
Rover, Airbus, Rolls-Royce and Dyson – who are developing
proprietary battery technology that is enabling greater power to
weight ratios for eVTOL flight. These frontier technologies are
expected to transform what has been possible with battery
technology to date.
Vertical announced last year its strategic partnership with
Molicel, which combines Vertical’s proprietary battery pack design
with Molicel’s leading cell technology. Vertical has already
conducted significant cell testing at the VEC for use in our
battery pack modules. Operational ramp-up of Vertical’s battery
manufacturing machinery has begun by assembling the first in-house
developed prototype battery modules in the facility.
Vertical’s battery systems have undergone a wide range of
testing, including temperature, conducted emissions, vibration,
thermal durability and characterisation, propagation and drop
testing at the VEC. Vertical has previously had significant
progress with battery tests, having carried out crash and thermal
runaway testing under European Union Aviation Safety Agency and the
UK’s Civil Aviation Authority supervision. Vertical’s expertise on
batteries is recognised by the industry with its Head of
Powertrain, Dr Limhi Somerville, chairing the eVTOL EuroCAE
electrical certification group, the group that is defining the
battery standards for electric aviation with EASA.
Vertical has developed significant intellectual property around
battery design including cell packaging, cooling and electronic
battery management systems to deliver high-power, high-performance
battery packs capable of powering eVTOL aircraft. Vertical is
aiming for entry into service with a 220Wh/kg battery system. This
will enable Vertical’s VX4 to conduct back-to-back missions, with
fast-charging cycles in-between, and minimised impact on the packs’
cycle life.
This announcement follows the recent news that Vertical secured
£14m in funding from the Aerospace Technology Institute (ATI)
through a joint initiative with the UK government, to further
progress the development of its battery technology. The project, in
partnership with University College London (UCL), will increase the
core capability of Vertical’s battery system, improve recycling
efficiency, and increase the scope of its use in additional
markets.
Dr Limhi Somerville, Head of Vertical’s powertrain team
said, “Aircraft require high-performing and safer batteries
than anything on the market today. This facility and our core
technology will unlock this, bringing the reality of electric
flight even closer.”
Stephen Fitzpatrick, Founder and CEO of Vertical,
commented, “Delivering the electric aircraft of the future
requires innovation at its best which is why we are championing UK
electric battery development. Our world-class team in Bristol will
be pushing new boundaries to design battery systems fit for
electrifying our future.”
UK Minister for Investment, Lord Johnson said:
“Vertical’s investment in cutting-edge battery technology brings us
one step closer to delivering zero-emission flight, a central
objective of the Jet Zero Council. Tomorrow’s technologies like
zero-emissions aviation will not only provide a boost to
sustainable growth, but are essential for generating the new,
high-quality jobs that will take Britain’s economy into the
future.”
About Vertical Aerospace
Vertical Aerospace (NYSE: EVTL) 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. Vertical has focused on building the
most experienced and senior team in the eVTOL industry, who have
previously certified and supported over 30 different civil and
military aircraft and propulsion systems.
Vertical’s top-tier partner ecosystem, including Rolls-Royce,
Honeywell Aerospace, Leonardo and GKN Aerospace, is expected to
de-risk operational execution and its pathway to certification
allowing for a lean cost structure and enabling production at
scale. Vertical has a leading pre-order book for more than 1,400
aircraft from diverse global customer base, creating multiple
potential near term and actionable routes to market. Customers
include airlines, aircraft lessors, helicopter operators and
tourism groups, including 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 VX4 eVTOL is projected to be capable of transporting
a pilot and up to four passengers, traveling distances of up to 100
miles, and achieving a cruise speed of 150 miles per hour, while
producing minimal noise and zero operating emissions.
Having been issued with its Permit to Fly from the UK’s Civil
Aviation Authority in September 2022, Vertical’s VX4 prototype has
successfully undertaken piloted flight tests. The flight test
programme will continue over the coming months, reaching higher
altitudes and speeds, as well as demonstrating the transition from
vertical to horizontal flight.
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 receipt of anticipated funding and
technology development, the certification and the commercialization
of the VX4 and related timelines, the differential strategy
compared to its peer group, expectations surrounding pre-orders and
commitments, the features and capabilities of the VX4, 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: the
possibility of the expected grant funding not being received in
whole or in part, including as a result of the non-fulfilment of
conditions precedent, the early termination of the grant funding
programme, Vertical’s failure to secure sufficient resources to be
able to claim the full eligible amount of the grant funding, and
failure to progress the technology development project according to
Vertical’s current plans, any or all of which could result in
Vertical receiving less than, or ultimately none of, the
anticipated funding described herein; 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230314005332/en/
For more information: Vertical
Media Ambika Sharma nepeanverticalteam@nepean.co.uk +44 7596
474 020
Vertical Investors Eduardo Royes
investors@vertical-aerospace.com +1 646 200 8871
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