Sat, Jun 12, 2021
Order For Up To 500 Electric Aircraft Valued At US$2 Billion
Avolon and Vertical Aerospace have agreed on a ground-breaking US$2 billion order for up to 500 electric eVTOL aircraft. This agreement, which is subject to certain conditions, will introduce the ultra-short-haul aircraft category to commercial aviation.
The agreement will see both companies 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, working also with Virgin Atlantic who will be a VA-X4 launch airline customer in Europe.
Avolon, through its newly incorporated affiliate Avolon-e will become the customer for the VA-X4 and subject to appropriate operating, delivery and business requirements being met, will order aircraft valued at US$1.25 billion with delivery commencing in late 2024, with an option to acquire additional aircraft up to a value of US$750 million. Avolon-e has been established by Avolon to focus on investment in the zero-emissions eVTOL sector.
Stephen Fitzpatrick, CEO of Vertical Aerospace, commented: “We are delighted to announce this aircraft order with Avolon, one of the leading aircraft lessors in the world. Avolon’s proven management team and strong track record of starting, and scaling, a global leading business made this an attractive opportunity and represents a critical milestone for us. This agreement, with an established aviation company like Avolon will allow us to plug into their global commercial network of airlines, reaching key decision makers in a fast and efficient manner.”
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