LONDON & NEW YORK–(BUSINESS WIRE)–Vertical Aerospace (Vertical) [NYSE: EVTL] notes Avolon’s announcement today that it will partner with AirAsia Aviation Group Ltd (AirAsia), Asia’s leading low-cost airline, to create a transformational ridesharing platform in Southeast Asia, including a non-binding memorandum of understanding for the rental of a minimum of 100 VX4, Vertical’s flagship electric aircraft.
As announced in June 2021, Avolon, the world’s second largest aircraft lessor, has pre-ordered 500 VX4s from Vertical for placement with its global airline customers. This approval of the VX4 by AirAsia represents the aircraft‘s first expansion into Southeast Asia.
With today’s announcement, Avolon has placed 450 of its VX4 pre-orders to AirAsia, Japan’s JAL and Brazil’s Gol. Together, these airlines form a growing global community of transport operators who have ordered the VX4.
Vertical has directly agreed pre-orders or pre-order options with companies like American Airlines, Avolon, Virgin Atlantic, Iberojet, Bristow Group and Marubeni, resulting in a market-leading backlog of pre-orders in value totaling up to 1,350 aircraft worth $5.4 billion.
The VX4 is a four-passenger, zero-emission piloted electric aircraft that is expected to fly at speeds of up to 200 mph, over a range of 100 miles. The VX4 is expected to be nearly silent in flight, and with a low cost per passenger-mile, it will be an affordable option for passengers with a slightly higher cost than a taxi.
AirAsia’s lease deal through Avolon is the first placement or pre-order since Vertical listed on the NYSE in December 2021.
For more details, see the Avolon and AirAsia press release on the Avolon website here.
Stephen Fitzpatrick, CEO of Vertical Aerospace, said “We are delighted that AirAsia is the latest airline to commit to leasing our zero-emissions VX4 aircraft. AirAsia offers many fantastic opportunities to travel to some of the most beautiful and diverse countries in the world, and I am delighted that we will bring zero-emission flight to people across Asia.”
Dómhnal Slattery, CEO of Avolon, said “Tony Fernandes is an aviation pioneer who made AirAsia one of the world’s leading airlines and also created Southeast Asia’s fastest growing Super App rooted in travel. We are delighted to partner with AirAsia who share our vision to revolutionize the future of air travel. We look forward to working with Tony and the AirAsia team on their eVTOL journey. Together, we will develop a carpooling platform and introduce the VX4 zero-emission aircraft into service, positioning AirAsia as the operator of choice for sustainable air travel in the region.”
Tony Fernandes, CEO of Capital A, said: “Innovation has always been in our DNA and the use of technology to find more efficient and sustainable ways of doing things is at the heart of Capital A’s (formerly AirAsia Group’s) concerns. We’re now so much more than just an airline with over 20 products and services on our awesome app that build on each other including flights, hotels, food, retail, delivery , carpooling and more. I’m really excited about this partnership between Avolon and AirAsia and the potential for zero-emission ultra-short-haul air travel in Southeast Asia. The digital age is now. In the VX4, we have identified what we believe to be the eVTOL aircraft of choice and are delighted to be the launch airline for the aircraft in Southeast Asia. We are also delighted to extend our long-standing relationship with Avolon, which has a proven track record of delivery for its customers and is aligned with our goal of becoming the leading one-stop travel and delivery platform in Asean. .
Last week, Vertical announced that Leonardo (BIT: LDO) would join its premier partner ecosystem of aerospace, engineering and technology companies that Vertical has created to develop the VX4, and thus reduce the risk of operational execution, path to certification and enabling a lean cost structure that will enable large-scale production. The partner ecosystem includes Rolls-Royce (LON: RR), Microsoft (NASDAQ: MSFT), Honeywell (LON: HON), GKN, Solvay and Leonardo.
About Vertical Aerospace
Vertical Aerospace is a pioneer in 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 the largest independent energy retailer in Europe. Over the past five years, Vertical has focused on building the most experienced and experienced team in the eVTOL industry, which has over 1,700 combined years of engineering experience, and has certified and supported over 30 different civil and military aircraft and propulsion systems.
Vertical’s premium partner ecosystem is expected to reduce operational execution risks and its path to certification enables a lean cost structure and enables large-scale production. Vertical has a market-leading backlog of pre-orders (by value) for a total of up to 1,350 aircraft from American Airlines, Avolon, Bristow and Iberojet, which includes conditional pre-order options from Virgin Atlantic and Marubeni, and in doing so, creates multiple potential short-term, actionable pathways to market.
Vertical’s common stock is listed on the NYSE in December 2021 under the symbol “EVTL”. Learn more: vertical-aerospace.com
About the VX4 eVTOL Aircraft
The four-passenger, one-pilot VX4 is expected to have speeds of up to 200 mph, a range of over 100 miles, nearly silent in flight, zero operating emissions and a low cost per passenger mile. The VX4 is expected to open up advanced air mobility to a whole new range of passengers and transform the way we travel. Learn more: vertical-aerospace.com
Vertical media kit
Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and leasing management services. Avolon is 70% owned by an indirect subsidiary of Bohai Leasing Co., Ltd., a public company listed on the Shenzhen Stock Exchange (SLE: 000415) and 30% by ORIX Aviation Systems, a subsidiary of ORIX Corporation which is listed on the Tokyo and New York stock exchanges (TSE: 8591; NYSE: IX). Avolon is the second largest aircraft leasing company in the world with an owned, managed and committed fleet, as of December 31, 2021, of 824 aircraft.
About AirAsia Aviation Group Ltd (AAAGL)
AAAGL is the holding company that oversees all Capital A airlines (formerly AirAsia Group Berhad), as well as related international support functions, including AirAsia Consulting, AirAsia SEA Enterprise Shared Services Division, Santan Food Group and the ground handling services joint venture called RTG.
About Capital A
Capital A is an investment holding company with a portfolio of synergistic travel and lifestyle businesses that leverage data and technology to deliver the best value at the lowest cost, backed by high-quality data and one of Asia’s leading brands that remains committed to serving the underserved.
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 including, but not limited to, statements regarding the certification and commercialization of VX4, the differential strategy against its peer group, and the transition to a net-zero emissions economy, as well as statements that include the words “s ‘expect’, ‘intend’, ‘plan’, ‘believe’, ‘project’, ‘expect’, ‘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 not promises or guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation, historical limited operation of Vertical without manufactured non-prototype aircraft or completed eVTOL aircraft customer order; Vertical’s loss history and the expectation of incurring significant expenses and continued losses for the foreseeable future; the market for eVTOL aircraft being at a relatively early stage; Vertical’s potential inability to produce or launch aircraft in the volumes and on schedule; the possible inability of Vertical to obtain the necessary certifications within the expected timeframes; the possibility that some of Vertical’s strategic partnerships may not materialize into long-term partnership agreements; the impact of COVID-19 on Vertical’s business; as a foreign private issuer and intends to follow certain home country corporate governance rules, Vertical will not be subject to US proxy rules and will be subject to Exchange Act reporting requirements which, to some extent, are more lenient and less frequent than those of a US issuer. national public company; and the other important factors discussed under “Risk Factors” in Vertical’s Rule 424(b) prospectus filed with the United States Securities and Exchange Commission (“SEC”) on December 1, 2021, as these factors may be updated from time to time in Vertical’s other filings with the SEC. All 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, except to the extent required by applicable law.