Avolon, the international aircraft leasing company, and Vertical Aerospace (Vertical), have announced a ground-breaking US$2 billion order for up to 500 electric eVTOL aircraft. This agreement, which is subject to certain closing conditions, will introduce the ultra-short-haul aircraft category to commercial aviation, a game changing development that will revolutionize air travel with zero emissions aircraft.
The agreement will combine Avolon’s scale and deep industry relationships with Vertical’s leading technological position in the eVTOL space, and will see both companies collaborate throughout the development, road map to certification and subsequent commercial roll-out of the VA-X4. Avolon will join Microsoft, Rolls-Royce, Honeywell, and American Airlines as equity investors in Vertical, working also with Virgin Atlantic who will be a VA-X4 launch airline customer in Europe.
Avolon, through its newly incorporated affiliate Avolon-e, will become a customer for the VA-X4 and, subject to appropriate operating, delivery and business requirements being met, will order aircraft valued at US$1.25 billion with delivery commencing in late 2024, with an option to acquire additional aircraft up to a value of US$750 million. Avolon-e has been established by Avolon to focus on investment in the zero-emissions eVTOL sector.