- Kakao Mobility pre-orders up to 50 VX4 aircraft, adding
South Korea to Vertical’s customer launch list market
- Kakao Mobility has over 30 million registered users for its
existing Mobility-as-a-Service ride-hailing and will bring this
expertise to create a seamless air-to-ground passenger journey
- Builds on Vertical’s existing consortium partnership for Korean
government-backed K-UAM Grand Challenge
Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace
and technology company that is pioneering zero-emissions aviation,
today announces that South Korean mobility technology company,
Kakao Mobility, has pre-ordered up to 50 of Vertical’s VX4
aircraft, adding South Korea to Vertical’s list of customer launch
markets.
Kakao Mobility, the largest Mobility-as-a-Service (MaaS)
platform in South Korea with more than 30 million registered users,
is the mobility subsidiary of South Korean internet giant, Kakao
Corporation. Kakao Mobility runs the country’s most popular
taxi-hailing app, Kakao T, providing taxi-hailing, designated
driver booking, parking space search, and Kakao Navi app providing
real-time traffic information services.
Vertical and Kakao Mobility will establish a Joint Working Group
(JWG) to drive the commercialisation of AAM services in South
Korea, including the exploration of network and fleet planning,
infrastructure requirements, regulatory development, and consumer
awareness of eVTOL mobility solutions.
South Korea is one of the largest economies in the world and is
home to globally leading technology companies. Seoul, as well as
other regions including Busan, is expected to have a significant
Urban Air Mobility (UAM) market potential.
This JWG builds on Vertical’s existing consortium partnership
with Kakao Mobility, LG Uplus, GS E&C, and the continued
engagement with Korea’s Ministry of Land, Infrastructure and
Transport, for the K-UAM Grand Challenge (K-UAM GC).
The agreement with Kakao Mobility marks Vertical’s first
partnership with a mobility technology company, enabling Vertical
to leverage their existing customer base and vehicle network to
create a seamless air-to-ground passenger journey and UAM ecosystem
in the country.
Stephen Fitzpatrick, Vertical’s Founder and CEO said, “We
are delighted to be partnering with Kakao Mobility. With its over
30 million registered users, Kakao Mobility is the go-to choice to
‘hail a ride’ and with our partnership, we look forward to people
across South Korea being able to fly in a VX4 in the years to come.
We are thrilled to be working together to make our joint vision a
reality'.”
Alex Ryu, CEO of Kakao Mobility commented, “Kakao
Mobility is the leading mobility platform and in an AI-enabled
world with needs for faster, eco-friendly means of moving, we
understand that UAM will be a game-changer in the near future. We
are excited to take part in Vertical Aerospace’s mission to launch
its VX4 globally and to bring an UAM service to Korean market. We
will be expanding our business not only on the ground but to the
sky through this partnership. As a consolidated mobility platform,
Kakao Mobility will develop the “De Facto Standard” for UAM
services. We look forward to collaborating closely to complete the
K-UAM Grand Challenge successfully and into commercialization
shortly after K-UAM GC.”
Vertical already has strong ties to South Korea with Hanwha, a
key partner for the VX4 certification aircraft. Vertical is
leveraging Hanwha’s four decades of industrial expertise to
collaborate on the development and supply of actuator systems for
the VX4.
- ENDS -
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 from a 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.
Vertical’s VX4 prototype has successfully undertaken piloted
flight tests and it is now in the next stages of the flight test
programme, which is expected to reach higher altitudes and speeds,
as well as demonstrating the transition from vertical to horizontal
flight.
About Kakao Mobility
Kakao Mobility is a mobility super app provider in South Korea
and offers over 20 mobility-related services such as on-demand taxi
hailing, e-bikes, designated driver services, parking, short-range
logistics, and real-time turn-by-turn navigation through Kakao T
app and Kakao Navi app. Kakao Mobility continuously expands its
portfolios regionally and technology-wise.
Kakao Mobility was founded in 2017. Since then, Kakao Mobility
has been actively developing services including MaaS (Mobility as a
Service), car owner targeted services, logistics, and gig worker
platform. Currently serves over 33 million users in everyone’s
daily life.
As a part of its global expansion, Kakao Mobility acquired
platform aggregator 'Splyt' to provide native services outside of
Korea. Through Splyt, Kakao Mobility users can easily use Kakao T
services in 31 countries including UK, Germany, France and Spain
and the coverage will continue to expand.
Also, Kakao Mobility has been investing in Next Mobility,
including Autonomous Drive Vehicle, Urban Air Mobility, Robotics
and High-Definition Mapping for digital twin. It currently operates
each technology enabled services in various regions in South Korea
as it prepares to launch UAM services with Vertical Aerospace in
the near future.
Vertical Media Kit
Available here
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 that relate to our current expectations and views of future
events. We intend such forward-looking statements to be covered by
the safe harbour provisions for forward-looking statements as
contained in Section 27A of the Securities Act and Section 21E of
the Exchange Act. 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 expectations surrounding
conditional pre-orders and commitments, which may be terminated at
any time by either party and that pre-delivery payments may be
fully refundable upon certain circumstances, the certification and
the commercialization of the VX4 and our ability to achieve
regulatory certification of our aircraft product with any of our
intended regulators, on any particular timeline or at all, the
features and capabilities of the VX4, 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: our limited operating history without manufactured
non-prototype aircraft or completed eVTOL aircraft customer order;
our 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; our
potential inability to produce, certify or launch aircraft in the
volumes or timelines projected; the potential inability to obtain
the necessary certifications for production and operation within
any projected timeline, or at all; any accidents or incidents
involving eVTOL aircraft could harm our business; our dependence on
partners and suppliers for the components in our aircraft and for
operational needs; the potential that certain strategic
partnerships may not materialize into long-term partnership
arrangements; all of the pre-orders received are conditional and
may be terminated at any time and any pre-delivery payments may be
fully refundable upon certain specified dates; any circumstances;
the inability for our aircraft to perform at the level we expect
and may have potential defects; any potential failure to
effectively manage our growth; our inability to recruit and retain
senior management and other highly skilled personnel; our ability
to raise additional funds when we need or want them, or at all, to
fund our operations; our limited cash and cash equivalents and
recurring losses from our operations raise significant doubt (or
raise substantial doubt as contemplated by PCAOB standards)
regarding our ability to continue as a going concern; we have
previous identified material weaknesses in our internal controls
over financial reporting which if we fail to properly remediate,
could adversely affect our results of operations, investor
confidence in us and the market price of our ordinary shares; as a
foreign private issuer we follow certain home country corporate
governance rules, are not subject to U.S. proxy rules and are
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 March 22,
2023, as such factors may be updated from time to time in our 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. We disclaim
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/20230521005007/en/
Vertical Aerospace Ambika Sharma
nepeanverticalteam@nepean.co.uk +44 7596 474 020
Investor Relations Eduardo Royes
investors@vertical-aerospace.com +1 (646) 200-8871 Source: Vertical
Aerospace Ltd.
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