- Preliminary investigation into August 9 incident swiftly
completed, identifying the root cause to be a single component
- Vertical successfully concluded its remote thrustborne flight
test campaign in July 2023
- Certification timelines unchanged, with more advanced
prototype aircraft in production and expected to be flying in early
2024
Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace
and technology company that is pioneering zero-emissions aviation,
today provides an update on its overall programme.
Flight Test Update
Vertical concluded its remote thrustborne flight test campaign
in July 2023, as the first full-scale VX4 prototype reached its
target speed of 40kts (70 kmph), demonstrating exceptional overall
stability and control. Performance targets were generally exceeded
by 10-30% during hover and low speed flights. The prototype
performed especially well in sustained hover, typically the most
challenging regime for a VTOL aircraft, where it maintained level
flight for longer than anticipated. The aim of these thrustborne
flight tests was to verify acceptable stability, battery efficiency
and control characteristics, aerodynamics, structural loads,
performance and vibration throughout this speed range – all of
which were achieved.
Incident Update
Vertical continued further uncrewed flight tests following the
completion of the remote thrustborne flight test campaign. The
purpose of these was to understand how the aircraft performed
outside of its expected operating conditions before the aircraft’s
planned retirement.
During one of these test flights, an unexpected fault occurred
causing the aircraft to enter a stable descent, before being
damaged on impact with the ground. Vertical completed a swift and
thorough investigation and submitted a report to the Air Accidents
Investigation Branch (AAIB). Vertical’s investigation identified
the root cause to be a fault with a propeller. This early
generation propeller had already been redesigned prior to the
incident, with the issue fully resolved ahead of the next phase of
testing. Further recommendations by the investigation are being
implemented by Vertical.
Vertical believes transparency and openness is fundamental to
the safety of aerospace. It therefore intends to provide a further
full update to the industry on the incident once the AAIB’s
investigation has concluded.
VX4 Programme Update
Supported by the learnings from the completed thrustborne
campaign, the VX4 and its certification programme remains on track
with no changes to timelines. The assembly of a second
significantly more advanced full-scale VX4 prototype is underway at
GKN Aerospace’s Global Technology Centre. This demonstrator is
expected to be ready to fly early next year. Its components will
include technology from most of Vertical’s certification partners:
Honeywell, GKN Aerospace, Hanwha, Solvay, Leonardo and Molicel. An
additional, identical full-scale aircraft has also now been
approved and is expected to be flying in the second half of
2024.
These upgraded full-scale aircrafts’ structures and subsystems
will be tested in line with certification standards. Both will
require rigorous regulatory oversight, including a Permit to Fly
from the UK Civil Aviation Authority, to progress to piloted
flying.
Stephen Fitzpatrick, Vertical Founder and CEO
commented: “We are pleased with our flight test progress to
date and the data, insights and invaluable learnings we have
collected. While a fault of any sort is disappointing, it is not
wholly unexpected at this stage of testing a novel aircraft. I am
pleased that as a result of our expert team we have isolated the
cause of the fault and been able to provide the AAIB with our
report within 14 days of the incident. Our planned second upgraded
prototype, which will include most of our top tier partners’
technology, will have us in the air early next year and we remain
on track for our certification timelines”.
Notes to Editors
- Vertical continues to be funded into H2 2024.
- During an additional flight test on 9 August, when one of the
aircraft’s electrical propulsion units (EPU) had been intentionally
disabled, one of the front propellers connected to a separate EPU
was released. This resulted in an excessive out of balance load,
which caused the failure of one of the supporting pylon structures.
The aircraft entered a stable descent due to loss of thrust,
suffering damage on contact with the ground.
- Core proprietary technology unique to Vertical’s aircraft,
including the high voltage and battery systems, performed well
during the incident.
- Voltage, current and power all stayed within acceptable limits
and cell temperatures were considered normal during and after the
incident.
- Vertical’s investigation identified the root cause to be a
bonding issue within the propeller blade itself. This generation 1
propeller design will not feature on any future VX4 prototype –
prior to the incident, it had already been redesigned and
manufactured with a different process.
- The aircraft involved in the incident will be used in further
ground tests but will not be repaired to an airworthy
standard.
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 received its
Design Organisation Approval in 2023 underlining the UK Civil
Aviation Authority’s confidence in Vertical’s capability to design
a safe and reliable aircraft and aviation-related products to the
highest standards.
Vertical’s top-tier partner ecosystem, including Rolls-Royce,
Honeywell Aerospace, Leonardo, Hanwha, Dassault Systèmes, Molicel,
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, mobility firms
and tourism groups, including American Airlines, Virgin Atlantic,
Avolon, Bristow, Marubeni, Kakao Mobility, Iberojet and
FLYINGGROUP, as well as Japan Airlines (JAL), Gol, Air Greenland,
Gozen Holding and AirAsia, through Avolon’s VX4 placements.
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 harbor 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 the design and manufacture of the
VX4, the preliminary results of the investigation into the
experimental prototype aircraft flight test incident, our future
results of operations and financial position, our plans for capital
expenditures, our business strategy and plans and objectives of
management for future operations, including the building and
testing of our prototype aircrafts on timelines projected,
certification and the commercialization of the VX4 and our ability
to achieve regulatory certification of our aircraft product on any
particular timeline or at all, expectations surrounding pre-orders
and commitments, the features and capabilities of the VX4, 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: 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230831271043/en/
Vertical Aerospace Ambika Sharma nepeanverticalteam@nepean.co.uk
+44 759 647 4020 Vertical Investors Eduardo Royes
investors@vertical-aerospace.com +1 646 200 8871
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