Vertical Aerospace Becomes the First British Company in 20 Years to Lift off With a New Aircraft | News


LONDON–(BUSINESS WIRE)–Aug. September 2022–

Vertical Aerospace (Vertical) [NYSE: EVTL]a global aerospace and technology company pioneering zero-emission aviation saw its VX4 eVTOL (electric vertical take-off and landing) aircraft take off for the first time over the weekend.

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A vertical test pilot approaching the VX4 prototype. (Photo: Business Wire)

It is the first UK company to start flight tests of a new aircraft with its full-size manned prototype in over 20 years.

This moment was a significant milestone as Vertical continues to successfully complete its intensive flight test program. Expected to last several months, the program will complete various phases achieving greater altitudes and speeds and demonstrating the transition from vertical to horizontal forward flight.

Engineers and flight technicians watched as chief test pilot Justin Paines took control of the plane’s maiden launch, during which the eight sets of aerodynamic propellers used hover thrust to lift the plane off the ground while it was tied to ground safety.

Justin Paines, Vertical Aerospace’s Chief Test Pilot, said: “This test was the culmination of several months of preparation by a huge team and to be behind the controls of the VX4 for the first time was an honor and a proud moment for all of us.”

Unlike many of its competitors, the company decided to conduct its first flight tests with a pilot on board to prove it could meet the most stringent safety standards. To this end, Vertical Aerospace received regulatory approval in the form of a “clearance to fly” from the Civil Aviation Authority (CAA) after demonstrating that the test could be conducted safely.

The approval and positive results of these early tests allow Vertical’s teams to confidently advance on their mission to certify the VX4 by 2025. The aircraft is said to carry one pilot and four passengers and have a range of up to 100 miles with the ability to cruise at speeds of around 150 miles per hour, with a top speed of 200 miles per hour.

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The company has already received more than 1,400 conditional pre-orders from some of the world’s leading airlines, operators, rental companies and tourist groups, including Virgin Atlantic, American Airlines, Japan Airlines and Air Asia, and recently announced that American Airlines has committed to a conditional commitment has upfront payment for the first 50 deliveries of the VX4, a strong vote of confidence from the industry.

Stephen Fitzpatrick, Founder and CEO of Vertical said: “This moment is one small step for Vertical Aerospace, but one giant leap forward for UK aviation. For more than 100 years, the UK has been a world leader in aviation and today, in the 21st century, the UK is a world leader in the development of zero-carbon aircraft.”

Vertical’s testing program is also supported by the Aerospace Technology Institute, a UK government and industry program promoting transformative technologies in aviation

Notes for editors:

* Based on research by aviation historians, this is believed to be the first British-made aircraft to be launched in the last 20 years.

About vertical aerospace

Vertical Aerospace 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. Over the past five years, Vertical has focused on building the most experienced and senior team in the eVTOL industry, with over 1,700 years of technical experience, having certified and supported over 30 different commercial and military aircraft and propulsion systems.

Vertical’s world-class partner ecosystem is expected to reduce operational execution risk, and its path to certification allows for a lean cost structure and enables large-scale production. Vertical has a market-leading pre-order book by value for more than 1,400 aircraft from global customers creating multiple potential near-term and viable avenues to market. Customers include American Airlines, Virgin Atlantic, Avolon, Bristow, Marubeni, Iberojet and FLYINGGROUP, as well as Japan Airlines (JAL), Gol, Air Greenland, Gozen Holding and AirAsia via Avolon’s VX4 placements.

Vertical’s common stock and warrants began trading on the NYSE in December 2021 under the tickers “EVTL” and “EVTLW,” respectively.

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About the VX4 eVTOL aircraft

The piloted, zero-emission, four-passenger VX4 is expected to be able to cover distances in excess of 100 miles and top speeds of up to 200 mph, while generating minimal noise and having a low cost per passenger mile. The VX4 is expected to unlock advanced in-flight mobility for a whole new group of passengers and transform the way we travel. Learn more: vertical-aerospace.com

Vertical media kit

Available here

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, express or implied, 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 certification and commercialization of the VX4 and related timelines, the different strategy compared to its peer group, expectations regarding pre-orders and commitments, the characteristics and capabilities of the VX4, the transition to a net-zero economy, expected financial performance and operational performance for the am Fiscal year ended December 31, 2022 and statements containing the words “expect”, “intend”, “plan”, “believe”, “forecast”, “forecast”, “estimate”, “may”, “should”, “anticipate”. ‘, ‘will’, ‘aim’, ‘potential’, ‘continue’, ‘become true inlich” and similar statements of a forward-looking 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, but not limited to: Vertical’s limited operating history with no manufactured non-prototype Order aircraft or completed eVTOL aircraft customers; Vertical’s loss history and anticipation of incurring significant costs and ongoing losses for the foreseeable future; the market for eVTOL aircraft is at a relatively early stage; Vertical’s potential inability to produce or launch aircraft on forecast volumes and schedules; Vertical’s potential inability to obtain required certifications within projected timelines; any accident or incident involving eVTOL aircraft could affect Vertical’s business; Vertical’s reliance on partners and suppliers for the components on its aircraft and for operational needs; the potential that certain of Vertical’s strategic partnerships will not result in long-term partnership agreements; Pre-orders received by Vertical for its aircraft are conditional and may be canceled in writing at any time prior to certain specified dates; any potential failure by Vertical to effectively manage its growth; the impact of COVID-19 on Vertical’s business; Vertical has identified material weaknesses in its internal controls over financial reporting and may not be able to address the material weaknesses; Vertical’s dependence on our senior management team and other highly qualified employees; as a foreign private issuer, Vertical follows certain home country corporate governance rules, is not subject to US proxy rules and is subject to the reporting requirements of the Exchange Act, which are to some extent milder and less frequent than those of a US public company; and the other important factors discussed under the caption “Risk Factors” in our annual report on Form 20-F filed with the US Securities and Exchange Commission (“SEC”) on April 29, 2022, as these factors are updated from time to time time in Vertical’s other filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date of this release and, accordingly, such statements should not be relied upon. 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 as required by applicable law.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220926005200/en/

CONTACT: Vertical Media

Victoria Madden (Head of Communications)

[email protected]

+44 7885 571989 Ambika Sharma

[email protected]

+44 7596 474 020 Vertical investors

Edward Royes

[email protected]

+1 (646) 200-8871

KEYWORD: UNITED KINGDOM EUROPE

INDUSTRY KEY WORD: HARDWARE AUTOMOTIVE MANUFACTURING ALTERNATIVE ENERGY AEROSPACE ENERGY PRODUCTION TECHNOLOGY TRANSPORT TRAVEL OTHER TRANSPORT ENVIRONMENT AIR TRANSPORT OTHER MANUFACTURING OTHER TECHNOLOGY ENGINEERING

SOURCE: Vertical Aerospace

Copyright Business Wire 2022.

PUB: 09/26/2022 06:00 AM / DISC: 09/26/2022 06:02 AM

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