Industry Addendum
Aircraft lessor and Vertical aerospace announce world’s largest eVTOL aircraft order
June 1st 2021
Aircraft lessor, Avolon, and Vertical Aerospace (Vertical), the most advanced electric vertical take-off and landing (‘eVTOL’) company in the world, have announced a US$2 billion order for up to 500 electric eVTOL aircraft. Read More » The agreement, subject to certain closing conditions, will introduce the ultra-short-haul aircraft category to commercial aviation. Avolon said the deal for the zero emissions aircraft would revolutionise air travel. It will combine the lessor’s deep industry relationships with Vertical’s leading position in the eVTOL space. The two companies will collaborate throughout the development, road map to certification and subsequent commercial roll-out of the VA-X4. Avolon will join Microsoft, Rolls-Royce, Honeywell and American Airlines as equity investors in Vertical. It also will work with Virgin Atlantic, the VA-X4 launch airline customer in Europe.
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“Avolon, through its newly incorporated affiliate, Avolon-e, will become the customer for the VA-X4. Subject to appropriate operating, delivery and business requirements being met, the US$1.25 billion order will result in deliveries from late 2024. The agreement includes options to acquire additional aircraft to a value of $750 million. Avolon established Avolon-e to invest in the zero-emissions eVTOL sector,” a company statement said.
Avolon CEO, Domhnal Slattery, said: “Before the end of this decade, we expect zero emission urban air mobility, enabled by eVTOLs, to play an increasingly important role in the global commercial aviation market.
“In Vertical, we have identified a long-term strategic operator that shares our vision for a cleaner and more efficient mode of air transport. As we emerge from the COVID-19 pandemic, air travel will be materially reshaped with airlines needing to embrace emerging technologies that decarbonise air travel. We strongly believe the VA-X4 will lead this transformation.”
Vertical Aerospace CEO, Stephen Fitzpatrick, said: “This agreement allows us to plug into Avolon’s global commercial network of airlines, reaching key decision-makers in a fast and efficient manner.”
The VA-X4 is a piloted, zero emissions electric Vertical Take Off and Landing (eVTOL) vehicle with a range of above 100 miles and capacity for four passengers and a pilot. The aircraft takes off vertically, which allows it to operate in and out of cities and other confined locations. It is 100 times quieter and also safer than a helicopter. |
