Vertical Aerospace secures pre-delivery payment from American Airlines

Vertical Aerospace secures pre-delivery payment from American Airlines

18-Jul-2022 Source: Vertical Aerospace

 

Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company that is pioneering zero-emissions aviation, today announces that it has confirmed delivery slots and the commitment of associated pre-delivery payments with American Airlines (NASDAQ: AAL).

American has reserved delivery slots for the first 50 VX4 aircraft of its initial conditional pre-order of up to 250 aircraft, with an option for an additional 100, announced in June 2021. The parties will build upon their existing joint working group to collaborate on a framework to explore the future of advanced air mobility and prepare for the VX4’s entry into service.

The commitment to pay pre-delivery payments and confirmation of slot reservations for the first 50 aircraft is believed to be the first of its kind for a major airline in the eVTOL industry, and it marks a significant milestone in the partnership between American and Vertical.

Today’s announcement follows the recent news of a further 50 conditional pre-orders of the VX4 from FLYINGGROUP, establishing Molicel as its battery partner, and agreeing to concurrent certification with the European Union’s Aviation Safety Agency (EASA) and the UK’s Civil Aviation Authority (CAA).

Stephen Fitzpatrick, Founder & CEO of Vertical said “We are delighted to have reached this major milestone with American Airlines on our eVTOL partnership. Together, we are making zero-emissions flight a reality for passengers travelling all over the world. We look forward to continuing our work with American and seeing the first red, white and blue VX4 come off the production line.”

“Our partnership with Vertical is a great example of progress in our commitment to reducing carbon emissions throughout our airline and the industry,” said American’s Chief Financial Officer Derek Kerr. “We have made great strides in simplifying our fleet with newer and more fuel-efficient aircraft, and are proud to take part in another step toward the development of advanced air mobility.”

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