Global aerospace and technology company Vertical Aerospace Ltd. (EVTL:NYSE) which is committed to pioneering electric flight and is working towards a transition to zero-carbon aviation, announced today that it “has confirmed delivery windows and pre-payment commitment of delivery with American Airlines Group Inc. (AAL:NASDAQ).”
Vertical Aerospace said American Airlines has reserved delivery slots for 50 VX4 aircraft. In 2021, American placed a pre-order for up to 250 aircraft. The terms of this conditional order provided for an option to purchase an additional 100 units.
The company pointed out that “the commitment to pay pre-delivery payments and confirmation of slot reservations for the first 50 aircraft is considered the first of its kind for a major airline in the field of vertical take-off and landing. (eVTOL) industry, and this marks an important milestone in the partnership between American and Vertical.”
Vertical Aerospace Founder and CEO Stephen Fitzpatrick said, “We are delighted to have reached this major milestone with American Airlines as part of our eVTOL partnership. Together, we are making zero-emission flight a reality for passengers traveling around the world.
“We look forward to continuing our work with American and seeing the first red, white and blue VX4 roll off the production line,” added Fitzpatrick.
American Airlines Group Chief Financial Officer Derek Kerr said, “Our partnership with Vertical is a great example of progress in our commitment to reducing carbon emissions across our airline and industry…We have made great strides in simplifying our fleet with newer, more fuel-efficient aircraft. and are proud to be part of another step towards the development of advanced air mobility. »
The company noted that its VX4 eVTOL aircraft is designed with the ability to carry one pilot and up to four passengers at ranges over 100 miles. The VX4 could prove transformational as it is designed to produce minimal noise and zero operating emissions and can deliver maximum airspeeds in excess of 200 miles per hour.
In a separate press release issued today, the company announced that European business jet operator FLYINGGROUP has also placed a conditional pre-order for up to 50 of the company’s VX4 aircraft.
Vertical Aerospace said the order from FLYINGGROUP is consistent with that company’s strategy to evolve its fleet towards sustainable zero-emission aircraft. The report explains that the addition of the VX4 will provide a new and efficient regional air mobility alternative that will transform customers on the first and last 100-mile journeys.
Vertical noted that with this new order of 50 aircraft, it has now secured pre-orders for up to 1,400 aircraft which, when delivered, are expected to generate total revenues of approximately $5.6 billion.
FLYINGGROUP founder Bernard Van Milders said, “We are honored to partner with the Vertical team and their state-of-the-art aircraft. Going electric is the next big step in our sustainability plan. Not only will we be expanding our fleet with the most advanced electric eVTOLs; we will be able to welcome our customers and guests with the brand new zero-carbon “door-to-door” private and business aviation. »
Vertical Aerospace claims to be at the forefront of pioneering electric flight enabling the transition to zero carbon aviation. The company strives to provide people with faster, quieter, greener, more economical and smarter ways to get around cities and regions. To date, the company has secured pre-orders for 1,400 aircraft from industry-leading global customers, including American Airlines, Virgin Atlantic, Japan Airlines, AirAsia and many more.
FLYINGGROUP is a comprehensive aviation operations and services company based in Antwerp, Belgium. The company manages a total of 45 aircraft and employs over 230 people, including 135 crew members and a workforce of around 90 at its head office. The company provides its services primarily to airbases in Europe and the Middle East. The company handles all of its customers’ turnkey business aircraft management needs, including maintenance, CAMO, certification, crew management, charter sales and flight operations.
Vertical Aerospace started the day with a market capitalization of around $606.4 million with around 209.1 million shares outstanding. EVTL shares opened 21% higher today at $3.52 (+$0.62, +21.38%) from yesterday’s closing price of $2.90. The stock traded today between $3.25 and $5.39 per share and closed at $5.00 (+$2.10, +72.41%).
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