Vertical’s VX4 to be reviewed for use in aerial emergency medical services (EMS) and cargo transportation
Babcock will lend its expertise as a global aerospace and defence business with extensive Emergency Medical Services (EMS) and Maintenance, Repair and Overhaul (MRO) experience
Vertical and Babcock to collaborate on development of MRO capabilities for the VX4
LONDON & NEW YORK, July 18, 2022--(BUSINESS WIRE)--Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company that is pioneering zero emissions aviation, today announces a partnership with Babcock International (Babcock) [LON: BAB], the aerospace, defence and security company to explore new applications for its VX4 eVTOL aircraft.
The VX4 has proven demand in the passenger transportation markets from established airline customers including Virgin Atlantic, aircraft lessors such as Avolon, and helicopter and tourism operators such as Bristow and Iberojet. With today’s announcement, Vertical and Babcock will set up a Joint Working Group (JWG) to explore how to use the VX4 in new applications such as aerial EMS and cargo transportation. The VX4 has the potential to transform these types of operations and reduce their carbon impact at a lower overall cost.
The piloted zero operating emissions four-passenger VX4, is projected to be capable of travelling distances over 100 miles, achieving top speeds of over 200mph, while producing minimal noise and having a low cost per passenger mile.
Babcock has over thirty-five years of experience in EMS, performing thousands of missions every year globally, and is the largest single operator delivering helicopter emergency services (HEMS) in the UK. By reducing the medical response time, Babcock not only saves lives, but also significantly minimises the long-term effects of injuries. This will include reviewing how to use the VX4 in vital services such as attending accidents and providing emergency transport between hospitals.
The partnership will also see the two companies working on developing modular MRO capabilities to enable cost effective maintenance of the aircraft in both remote and challenging environments. The partnership will also see the two companies working on the development of modular MRO capabilities to maximise availability and enable cost effective maintenance of the VX4 in service. Leveraging Babcock’s experience in the defence industry, the partnership will also explore how the eVTOL concept may be expanded in the future to support the armed forces with medium range logistics delivery and casualty evacuation services.
Stephen Fitzpatrick, Founder & CEO, Vertical Aerospace, said "Climate change is the greatest challenge of our time. As with all other areas, the emergency services and logistics sectors must respond and adapt. I am delighted that Vertical Aerospace will be able support Babcock, a trusted provider of emergency response services, in their efforts to decarbonise their operations."
Phil Craig, Managing Director of UK Aviation at Babcock, added: "Partnering with Vertical Aerospace not only enables us to harness our extensive digital and data expertise across Babcock, but also our reputation as a trusted MRO provider with a highly skilled workforce. As a business, we’re committed to reducing our carbon footprint and this partnership is an exciting step into the world of electric aircrafts. Exploring VX4’s technological capabilities allows us to understand how it can be used to deliver critical care and logistical support in challenging environments with zero emissions."
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, who have over 1,700 combined years of engineering experience, and have certified and supported over 30 different civil and military aircraft and propulsion systems.
Vertical’s top-tier partner ecosystem is expected to de-risk operational execution and its pathway to certification allows for a lean cost structure and enables production at scale. 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 actionable routes 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, through Avolon’s VX4 placements.
Vertical’s ordinary shares and warrants commenced trading on the NYSE in December 2021 under the tickers "EVTL" and "EVTLW," respectively.
About the VX4 eVTOL Aircraft
The piloted zero operating emissions four-passenger VX4, is projected to be capable of travelling distances over 100 miles, achieving top speeds of over 200mph, while producing minimal noise and has a low cost per passenger mile. The VX4 is expected to open up advanced air mobility to a whole new range of passengers and transform how we travel. Find out more: vertical-aerospace.com
Babcock is an international aerospace, defence and security company, with a leading naval business, providing value add services across a range of countries, including the UK, France, Canada, Australia and South Africa. We help customers in the UK and around the world to improve the capability, reliability and availability of their most critical assets.
With over 35 years of experience in aerial emergency medical services (EMS), the most up-to-date fleet and equipment, the best qualified personnel, and medical bases in all our countries of operation, Babcock is trusted by its customers, including national and regional government bodies and charity organisations, to deliver these vital services.
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, without limitation, statements regarding the certification and the commercialization of the VX4 and related timelines, the differential strategy compared to its peer group, and the transition towards a net-zero emissions economy, expected financial performance and operational performance for the fiscal year ending December 31, 2022, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate," "will," "aim," "potential," "continue," "are likely to" and similar statements of a future 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, without limitation: Vertical’s limited operating history without manufactured non-prototype aircraft or completed eVTOL aircraft customer order; Vertical’s history of losses and the expectation to incur significant expenses and continuing losses for the foreseeable future; the market for eVTOL aircraft being in a relatively early stage; the potential inability of Vertical to produce or launch aircraft in the volumes and on timelines projected; the potential inability of Vertical to obtain the necessary certifications on the timelines projected; any accidents or incidents involving eVTOL aircraft could harm Vertical’s business; Vertical’s dependence on partners and suppliers for the components in its aircraft and for operational needs; the potential that certain of Vertical’s strategic partnerships may not materialize into long-term partnership arrangements; pre-orders Vertical has received for its aircraft are conditional and may be terminated at any time in writing 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 be unable to remediate the material weaknesses; Vertical’s dependence on our senior management team and other highly skilled personnel; as a foreign private issuer Vertical follows certain home country corporate governance rules, is not subject to U.S. proxy rules and is subject to Exchange Act reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. domestic public company; and the other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") on April 29, 2022, as such factors may be updated from time to time in Vertical’s other filings with the SEC. Any 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, other than to the extent required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220718005259/en/
Vertical Media Samuel Emden nepeanverticalteam@nepean.co.uk +44 7816 459 904
Vertical Investors Eduardo Royes investors@vertical-aerospace.com +1 (646) 200-8871
Shares of Eton Pharmaceuticals Inc. jumped 16.5% in premarket trading on Monday after the company said the Food and Drug Administration approved Zonisade, a seizure treatment for adults and teens older than 16 years old with epilepsy. Per a deal last year with the privately held Azurity Pharmaceuticals Inc., Eton will receive $5 million for the launch of the drug, royalties on net sales, and up to $15 million in commercial milestones for Zonisade and two other therapies included in the deal. Eto
Delta Air Lines said it was ordering 100 of Boeing Co.’s largest 737 MAX jets, providing a vote of confidence for the model and adding Delta to the list of big U.S. carriers operating the airliner.
Boeing announces that Delta Air Line ordered 100 of its longest 737 MAX jets, with options for 30 more planes down the road.
Airbus and Boeing go head to head for deals as sustainability takes centre stage, while defence firms focus on the Ukraine effect.
FARNBOROUGH, England (Reuters) -Boeing will seek to shore up its troubled 737 MAX 10 and 777X jetliners with orders officially worth over $15 billion from Delta Air Lines and Lufthansa this week, as the aerospace industry swelters at its largest event since COVID-19. Industry sources said the U.S. planemaker, struggling to maintain a grip on its duopoly with Europe's Airbus, would strike early at the Farnborough Airshow, which opens on Monday, after months of talks on its largest 737 with Delta. Reuters first reported in March that Delta was discussing buying 100 MAX 10 and reported last week that the airline was in talks to order around 12 more Airbus A220s in a deal likely be announced on Tuesday.
Delta is ordering 100 737 Max 10 airplanes, the largest of the line produced by Boeing, potentially giving the manufacturer additional momentum after a troubled rollout of its most advanced aircraft. Delta has an option to purchase 30 more of the aircraft as the airline looks to keep up with surging travel demand. Boeing has struggled to keep up with its European rival Airbus after a pair of 737 Max aircraft crashed in a short span of time, killing 346 passengers and crew members.
FARNBOROUGH, England (Reuters) -Airbus expects delays in engine supplies that have been holding back aircraft deliveries to peak at mid-year, Chief Executive Guillaume Faury was reported on Monday as saying. Airbus has been forced to build some narrowbody A320neo-family jets without engines in order to keep assembly lines running, mirroring a smaller scale disruption seen in 2017 when Airbus was forced to build dozens of engine-less airframes nicknamed "gliders," while waiting for powerplants to arrive. Reuters reported in May that engine maker CFM was facing delays of six to eight weeks following supply-chain problems and some French labour unrest, but expects to claw most of this back by early in the fourth quarter.
The Farnborough Air Show runs from July 18 to 22. Investors can expect orders and updates from the commercial aerospace industry.
FARNBOROUGH, England (Reuters) -The president of Dubai's Emirates, which has clashed with London's Heathrow over the introduction of a capacity cap, said on Monday a disrupted air travel industry would return to equilibrium in 2023 and must "tough it out" until then. Tim Clark, speaking at an event at the Farnborough Airshow, criticised Heathrow managers for failing to anticipate the travel rebound until it was too late, sparking delays. The comments came after Emirates on Thursday angrily rejected demands by Heathrow to cut capacity and pledged to keep its six daily A380 superjumbo flights running.
Due in November, the strategy will inform what capabilities will replace the older-model fighters that the service plans to begin in retiring in 2035.
FARNBOROUGH, England (Reuters) -A multibillion-dollar Boeing plane order and signs of UK-Japanese cooperation on fighter jets gave a lift to the aviation industry on Monday as the Farnborough Airshow returned in a heatwave tipped to break UK records. The industry has been reeling from its own travel disruptions and the head of Emirates airline, which has clashed with London's Heathrow over enforced capacity cuts, said a badly disrupted air travel industry would return to equilibrium in 2023 and must "tough it out" until then. The air show, which alternates with Paris, is the first at Farnborough since 2019, and rising defence spending will be in focus amid the war in Ukraine.
An Antonov cargo plane operated by a Ukrainian airline crashed Saturday near the city of Kavala in northern Greece, authorities said. Greek Civil Aviation authorities said the flight was heading from Serbia to Jordan. As a precaution because of a strong smell emanating from the crash site, a coordinating committee made up of municipal, police and fire service officials told inhabitants of the two localities closest to the crash site to keep their windows shut all night, to not leave their homes and to wear masks.
India's biggest airline, IndiGo, said on Sunday it had diverted a plane to Karachi in neighbouring Pakistan due to a "technical defect", the second such incident for an Indian carrier involving an unscheduled landing in less than two weeks. The flight was meant to go to Sharjah in the United Arab Emirates from the southern city of Hyderabad. "Necessary procedures were followed and as a precaution the aircraft was diverted to Karachi."
Experts investigated a cargo plane crash in northern Greece on Sunday, finding no evidence of dangerous substances but saying there's a lot of ordnance that the plane was carrying spread around the crash site. Serbia's defense minister confirmed that all eight crew members died in the crash. The An-12 cargo plane from Serbia was being flown by a Ukrainian aviation crew before it smashed into fields between two Greek villages late Saturday.
Square stock bulls focus on its Cash App and Afterpay synergies but bears worry over Bitcoin and a possible recession.
U.S. stocks opened higher after stronger-than-expected quarterly results from Goldman Sachs, building on gains seen as expectations of an aggressive Federal Reserve interest rate hike eased. The Dow Jones Industrial Average (DJIA) rose 328 points, or 1%, to 31,617. On Friday, the Dow rose 658 points, or 2.2%, as it and the S&P 500 and the Nasdaq Composite trimmed weekly losses.
A lot of companies think a recession might be coming. The second-quarter earnings season will get under way in earnest in the coming week, with companies including Goldman Sachs Johnson & Johnson Netflix and Tesla slated to report results. Analysts have a fairly dour take, estimating that earnings per share at companies in the S&P 500 will be up just 5.6% from a year earlier, a step down from the first quarter’s 11.4% gain.
Overall the robust US data on Friday eased concerns about an imminent recession but is also unlikely to mount an additional case for a 100 bp Fed hike.
JPMorgan Chase & Co. was upgraded to hold from sell by Berenberg\, analyst Peter Richardson, who said downside risks to shares are more limited now, following disappointing results last week. "JPMorgan is operating in a difficult environment. Global uncertainty has rapidly reduced investment banking activity, and the bank's current sources of strength, in consumer and commercial banking, are also being overshadowed by US recession concerns. However, with JPMorgan's shares now trading at a c20% d
European nations are rushing to rapidly refill gas storage tanks before the winter heating season sets in. But they face a possibility that Russia will choose to completely cut off its gas supply, said the International Energy Agency’s head.