Vertical enters the business aviation market with the pre-order of aircraft from FLYINGGROUP
FLYINGGROUP pre-orders up to 50 VX4 aircraft
Increases Vertical’s eVTOL pre-order backlog to 1,400 aircraft
Expands Vertical’s customer base to include the business aviation market
LONDON & NEW YORK & ANTWERP, Belgium, July 15, 2022–(BUSINESS WIRE)–Vertical Aerospace (Vertical) [NYSE: EVTL]a global aerospace and technology company pioneering electric aviation, today announces that FLYINGGROUP, one of Europe’s leading business jet operators, has conditionally pre-ordered up to 50 VX4 aircraft.
FLYINGGROUP, which began operations in Antwerp in 1995, operates from aircraft bases across Europe and the Middle East. Currently managing 45 conventional aircraft, today’s pre-order announcement is part of FLYINGGROUP’s new approach to sustainable aviation, incorporating zero-emissions transportation options into its fleet. Integrating the VX4 into its existing services will provide its customers with a sustainable, innovative and efficient regional air mobility alternative and transform their first and last 100-mile journeys.
Vertical has already sold its VX4 to a wide range of customers including aircraft lessors, airlines and helicopter operators including American Airlines, Virgin Atlantic, Avolon and Bristow. Today’s announcement represents Vertical’s first commercial agreement in the business aviation market, further demonstrating the strong market demand for the VX4. This partnership brings Vertical’s conditional pre-order backlog to 1,400 devices with a total value of $5.6 billion.
The two parties have agreed to launch a Joint Working Group (JWG) to begin exploring FLYINGGROUP’s application of VX4 use in the business aviation market, including individual ownership, operation low volume and fractional ownership. The JWG will also explore the terms and conditions of a maintenance, repair and overhaul (MRO) service center, potentially granting FLYINGGROUP the right to perform MRO services for its fleet and support its private sales.
The zero-emissions piloted four-passenger VX4 is expected to be able to travel distances of 100 miles (160 km), at a top speed of 200 mph (320 km/h), while producing minimal noise and with low cost per passenger mile.
Stephen Fitzpatrick, Founder and CEO, Vertical Aerospace, said “We are thrilled to partner with FLYINGGROUP to change the way people travel in the business aviation market. With this tentative pre-order, FLYINGGROUP can look forward to a future where it can continue to deliver quality to customers in business – but now with zero emissions.”
Bernard Van Milders, Founder of FLYINGGROUP, said “Now that we also enable flexible and energy-efficient regional travel, 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. By connecting airports to cities and ports, FLYINGGROUP brings a new wave of business travel to companies and individuals.”
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 in value for a total of up to 1,400 aircraft from global customers, creating multiple potential short-term, actionable routes to market. Clients include American Airlines, Virgin Atlantic, Avolon, Bristow, Marubeni, Iberojet and FLYINGGROUP, as well as Japan Airlines (JAL), Gol, Air Greenland, Gozen Holding and AirAsia, through Avolon’s VX4 placements.
Vertical’s common stock and warrants began trading on the NYSE in December 2021 under the symbols “EVTL” and “EVTLW”, respectively.
Vertical media kit
About FLYING GROUP
FLYINGGROUP has been active since 1995 in Antwerp, where the head office is also located. Over the years, the company has extended its activities to other airbases in Europe and the Middle East (Brussels, Kortrijk-Wevelgem, Amsterdam, Eindhoven, Luxembourg, Paris, Malta and Dubai).
FLYINGGROUP takes care of the entire management of its customers’ business jets, including maintenance, CAMO, certification, crew management, charter sales and flight operations. The pursuit of high-quality service has led to ever-increasing customer confidence. As a result, the company is a reference in private and business aviation in Europe.
FLYINGGROUP currently operates 45 aircraft, fifteen of which are based in Antwerp, Belgium. In 2021, 12,739 flight hours were performed. Consolidated turnover amounted to more than 110 million euros during the previous financial year.
FLYINGGROUP has more than 233 experienced employees worldwide, including 135 crew members and 90 people working at the group’s headquarters in Antwerp, Belgium.
Learn more: flyinggroup.aero
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 VX4 certification and commercialization and related timelines, differential strategy against its peer group and transition to a net-zero emissions economy, financial performance and performance operations planned for the fiscal year ending December 31, 2022, together with statements that include the words “expect”, “intend”, “plan”, “believe”, “project”, “expect “, “estimate”, “may”, “should”, “anticipate”, “, forward-looking statements are neither promises nor guarantees. ranties, 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 non-prototype aircraft manufactured or eVTOL aircraft customer completed order; Vertical’s loss history and the expectation of incurring significant expenses and continuing 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; any accident or incident involving an eVTOL aircraft could harm Vertical’s activities; Vertical’s dependence on partners and suppliers for its aircraft components and for operational needs; the possibility that some of Vertical’s strategic partnerships may not materialize into long-term partnership agreements; the pre-orders that Vertical has received for its aircraft are conditional and may be terminated at any time in writing before certain specified dates; any potential failure of 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 be unable to remedy the material weaknesses; Vertical’s dependence on our management team and other highly qualified personnel; 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, in to some extent, are more lenient and less frequent than those of a US public company; and other important factors discussed under “Risk Factors” in our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”) on April 29, 2022, as such factors may be updated from time to time. times in Vertical’s other SEC filings. 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.
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