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Irish aircraft leasing company Avolon has signed a $2 billion (1.6 billion) order for up to 500 electric aircraft from British company Vertical Aerospace.
The agreement introduces the ultra-short-haul aircraft category into commercial aviation and is considered a groundbreaking development that will revolutionize zero-emission air travel.
The agreement will benefit from Avolons’ scale and industry relationships as one of the world’s largest aircraft leasing companies with Vertical’s technology position in the electric vertical take-off and landing space (eVTOL). The companies will work together during the development, certification and subsequent commercial rollout of the VA-X4 aircraft.
The VA-X4 has a range of over 100 miles and a capacity for four passengers and a pilot. The aircraft takes off vertically, allowing it to operate in and out of cities and other restricted locations.
We announced an order for 500 VA-X4 #eVTOL plane from @VerticalAero which is valued at a billion dollars. The VA-X4 #eVTOL will revolutionize zero-emission air travel and underscore our commitment to combating climate change. Read about the order here: https://t.co/SFY0v5cYSd pic.twitter.com/yWCDoRV6qt
– Avolon (@avolon_aero) June 10, 2021
Avolon will join Microsoft, Rolls-Royce, Honeywell and American Airlines as equity investors in Vertical, as well as partner with Virgin Atlantic, which will be a VA-X4 launch airline customer in Europe.
Avolon, through its newly formed subsidiary Avolon-e, will order aircraft worth $1.25 billion with delivery in early 2024, with an option to acquire additional aircraft worth up to $750 million.
Electric aircraft flying short routes and carrying passengers or cargo are seen as an important area of rapid growth in the aviation industry. Last month, a group of companies announced a partnership with plans to develop Ireland’s first air taxi service in Shannon.
The Shannon Group, Skyports, Future Mobility Campus Ireland and Avtrain are planning to set up a passenger and freight transport service using drone aircraft with plans to be operational next year.
“As we emerge from the Covid-19 pandemic, air travel will be fundamentally reshaped, with airlines having to embrace emerging technologies that decarbonise air travel. We are confident that the VA-X4 will lead this transformation,” said Avolon CEO Dhnal slattery.
“By the end of this decade, we expect zero-emission urban air mobility, powered by eVTOLs, to play an increasingly important role in the global commercial aviation market.”
Stephen Fitzpatrick, CEO of Vertical Aerospace, said Avolon has a strong track record of launching and scaling a global business that made the deal an attractive opportunity and represents a critical milestone for the company.
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