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Vertical Aerospace Ltd. develops electric vertical take-off and landing aircraft for the advanced air mobility market. Company news centers on Valo, its piloted four-passenger eVTOL aircraft, including prototype flight testing, transition-flight milestones, certification-focused development, manufacturing preparations, customer demand and supplier agreements for aircraft systems such as transparencies and electric propulsion units.
Updates also cover Vertical's financing activity, including equity raises, convertible financing facilities and liquidity measures used to fund aircraft development, testing, manufacturing capacity and certification work. Recurring disclosures describe its proprietary battery and propeller technology, aerospace supplier network and work with aviation regulators including the UK Civil Aviation Authority and European Union Aviation Safety Agency.
Vertical Aerospace (NYSE: EVTL) has successfully conducted its maiden airborne test of the VX4 electric vertical take-off and landing (eVTOL) aircraft, making it the first British aerospace company to achieve this milestone in over 20 years. The aircraft took off under tethered conditions, marking a significant step in its flight test program. The company aims for VX4 certification by 2025, with over 1,400 conditional pre-orders from leading airlines including American Airlines and Virgin Atlantic. The VX4 is projected to carry a pilot and four passengers for over 100 miles at speeds up to 200 mph.
Vertical Aerospace Ltd. (NYSE: EVTL; EVTLW) has announced its financial results for the first half of 2022, reporting a net operating loss of £39 million, compared to £22 million in the same period last year. The company completed its full-scale VX4 prototype and is initiating intensive flight tests. Vertical has expanded its pre-order book to over 1,400 units, with commitments from American Airlines and new partnerships for various applications. Cash reserves stand at £158 million, expected to fund operations for at least 12 months. The capital plan remains on track amidst ongoing investment.
Vertical Aerospace (NYSE: EVTL) has appointed Mike Flewitt, former CEO of McLaren Automotive, to its Board of Directors, enhancing its leadership in zero emissions aviation. This announcement coincides with American Airlines’ pre-delivery payment commitment and 50 conditional pre-orders from FLYINGGROUP, expanding Vertical's pre-order book to over 1,400 VX4s, valued at approximately $5.6 billion. The company continues to progress in its partnerships and the commercialization of its VX4 eVTOL aircraft.
Vertical Aerospace (NYSE: EVTL) has selected CAE (NYSE: CAE) as its training partner for the VX4 eVTOL aircraft. This partnership includes the development of a tailored pilot training program using next-gen flight simulators. Both companies share a customer base, facilitating the integration of Advanced Air Mobility training. The collaboration aims to enhance safety and scalability in pilot training, with efforts commencing three years before the VX4's expected 2025 entry into service.
Vertical Aerospace (NYSE: EVTL) has partnered with Babcock International to explore new applications for its VX4 eVTOL aircraft in aerial emergency medical services (EMS) and cargo transportation. This collaboration aims to leverage Babcock's extensive EMS experience to enhance the operational capabilities of the VX4, which can travel over 100 miles at speeds exceeding 200 mph with zero emissions. The companies will also develop modular maintenance, repair, and overhaul (MRO) capabilities for the VX4, promoting cost-effective maintenance in challenging environments.
Vertical Aerospace (NYSE: EVTL) announced a conditional pre-order of up to 50 VX4 aircraft by FLYINGGROUP, boosting its total pre-order book to 1,400 aircraft valued at $5.6 billion. This agreement marks Vertical's entry into the business aviation sector, catering to a growing demand for sustainable air travel. The VX4, designed for zero emissions and efficient regional mobility, aligns with FLYINGGROUP's sustainability strategy. A Joint Working Group will explore application strategies and potential MRO services for the VX4.
Vertical Aerospace (NYSE: EVTL) announces a significant milestone with American Airlines (NASDAQ: AAL), confirming delivery slots and pre-delivery payment commitment for 50 VX4 eVTOL aircraft. This follows a conditional pre-order of up to 250 aircraft made by American in June 2021. The partnership aims to explore advanced air mobility in the U.S. The VX4 can transport four passengers, achieving over 100 miles with zero emissions and minimal noise.
Vertical Aerospace (NYSE: EVTL) has partnered with Molicel to supply high-performance battery cells for its VX4 eVTOL aircraft. This collaboration aims to enhance safety, performance, and economic viability of the VX4, targeting entry into service by 2025. Molicel, recognized for its cutting-edge lithium-ion technology and notable clients like NASA, will provide cylindrical cells crucial for the aircraft’s functionality. The partnership focuses on optimizing battery life cycles and ensuring compliance with certification standards while Molicel expands its production capacity in Taiwan.
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Vertical Aerospace Ltd. (NYSE: EVTL; EVTLW) has released its first shareholder letter and filed its Annual Report on Form 20-F for the fiscal year ending December 31, 2021. The letter includes operating results and management commentary. CEO Stephen Fitzpatrick highlighted significant milestones, such as the company's NYSE listing and hiring key talent. Vertical has received conditional pre-orders for up to 1,350 eVTOL aircraft from major partners, aiming to revolutionize air travel with zero emissions. Shareholders can request a hard copy of the Annual Report.