New VX4 Prototype Completes First Tethered Piloted Flight

Rhea-AI Summary

Vertical Aerospace [NYSE: EVTL] has achieved a significant milestone in its journey towards eVTOL certification. The company's latest VX4 prototype has completed its first tethered piloted flight, marking the beginning of the 'wheels up' phase of testing. This achievement follows the UK Civil Aviation Authority issuing a Permit to Fly for the aircraft.

During the flight, over 20,000 flight and system parameters were measured to verify thrust, handling qualities, and system performance. The VX4's advanced powertrain, featuring proprietary battery packs capable of delivering 1.4 MW of peak power, had previously undergone successful ground testing. The next phases of testing will include thrustborne flight, wingborne flight, and ultimately, piloted transition flight, subject to CAA approval.

Positive

• Successful completion of first tethered piloted flight for VX4 prototype
• Obtained Permit to Fly from UK Civil Aviation Authority
• Advanced powertrain with 1.4 MW peak power battery packs successfully tested
• Progress towards eVTOL certification and commercialization

Negative

• Multiple testing phases still required before full certification
• Ongoing regulatory approvals needed for each flight phase

Insights

Aerospace Engineer

As an aerospace engineer, I find the successful completion of Vertical's VX4 prototype's first tethered piloted flight to be a significant milestone in the development of electric Vertical Take-Off and Landing (eVTOL) aircraft. This achievement demonstrates the progress Vertical Aerospace has made in their journey towards certification.

The test flight, which measured over 20,000 flight and system parameters, provides important data on thrust, handling qualities and system performance. This data is essential for validating the aircraft's design and ensuring its safety and reliability. The fact that the UK Civil Aviation Authority (CAA) issued a Permit to Fly after a rigorous evaluation process is a strong indicator of the VX4's potential.

Of particular interest is the VX4's advanced powertrain, featuring proprietary battery packs capable of delivering 1.4 MW of peak power. This impressive power output is important for eVTOL aircraft, which require significant energy for vertical take-off and landing phases. The successful ground testing of this powertrain is a positive sign for the aircraft's overall performance capabilities.

However, it's important to note that significant challenges lie ahead. The transition from tethered flights to thrustborne and wingborne flight and ultimately to the critical transition phase, will be important tests for the VX4. These phases will determine the aircraft's viability in real-world conditions and its potential for commercial operations.

Financial Analyst

From a financial perspective, Vertical Aerospace's progress with the VX4 prototype is a positive development for the company and its investors. As a publicly traded company on the NYSE (EVTL), this milestone could potentially impact the stock price positively in the short term.

However, it's important to consider the broader context. The eVTOL market is highly competitive, with numerous companies vying for dominance. Vertical Aerospace's success will depend not only on technical achievements but also on its ability to secure orders, navigate regulatory hurdles and ultimately commercialize its product.

The company's focus on a piloted aircraft, as opposed to autonomous designs pursued by some competitors, could be a strategic advantage in terms of faster regulatory approval and public acceptance. However, this approach may also lead to higher operational costs in the long run.

Investors should be aware that despite this progress, Vertical Aerospace is still in the pre-revenue stage. The path to profitability in the eVTOL industry is long and capital-intensive. The company will likely require significant additional funding to reach commercial operations, which could lead to dilution for current shareholders.

While this milestone is encouraging, prudent investors should closely monitor Vertical's progress through the subsequent, more challenging phases of flight testing, as well as its order book and cash burn rate in the coming quarters.

• Vertical’s latest VX4 prototype has performed its first tethered piloted flight.
• “Wheels up” phase of flight test programme follows the UK Civil Aviation Authority issuing a Permit to Fly.
• Moment marks the latest development in Vertical’s journey towards certification.

LONDON--(BUSINESS WIRE)-- Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company pioneering zero-emissions aviation, has seen its latest VX4 prototype perform its first tethered piloted flight as it begins the “wheels up” phase of testing.

Vertical’s Chief Test Pilot, Justin Paines, the only pilot to have flown two different eVTOLs, conducts the new VX4’s first hover at 17:45 BST on 25 July 2024 (Photo: Business Wire)

This VX4 performed a piloted flight while loosely tethered to the ground, during which Vertical measured over 20,000 flight and system parameters to verify thrust, handling qualities and system performance.

The tethered piloted flight took place after the UK Civil Aviation Authority (CAA) had issued Vertical with a Permit to Fly for its VX4 prototype, having rigorously evaluated the engineering, design, test data and aircraft, effectively conducting a “mini certification” programme of the aircraft.

Vertical must submit documentation to the CAA to move through each flight phase, including extensive, detailed documentation covering every aspect from safety protocols and engineering specifications to operational procedures.

Following initial tethered flights, and once it has received permission from the CAA to expand the flight envelope, the VX4 will enter the next phase of testing which will start with further thrustborne flight testing. This will see the VX4 take-off and land vertically and conduct low speed flight manoeuvres with lift generated by the propellers.

Wingborne or conventional flight (CTOL) and the final critical test stage of piloted transition flight will follow, only once the CAA’s rigorous approval for this final phase of testing has been granted.

In advance of today’s first tethered flight, this week, the VX4 has successfully completed extensive ground testing, including powered propulsion testing of its advanced powertrain, which features proprietary battery packs capable of delivering 1.4 MW of peak power and which has been designed and built at the state-of-the-art Vertical Energy Centre.

Stuart Simpson, CEO of Vertical Aerospace, said:

“The first tethered flight of our new VX4 prototype is the result of 14 months of hard work – taking this advanced aircraft all the way from design, through to development and now into the air. This moment is testament to the skill and commitment of hundreds of talented colleagues in our business who have made our VX4 aircraft the best eVTOL out there.

“Everyone at Vertical Aerospace remains laser focused on achieving piloted transition as we continue to progress towards our ultimate goal of commercialisation and creating a new legacy for aviation.”

Notes to Editor

Piloted flight test programme explainer:

1. Tethered: the VX4 will perform stabilised hover while loosely tethered to the ground.
2. Thrustborne: the VX4 will take-off and land vertically and conduct low speed flight manoeuvres with lift generated by the propellers.
3. Wingborne: the VX4 will take-off, fly and land like a conventional aircraft, with lift generated by the wing.
4. Transition: The VX4 will transition between thrustborne and wingborne flight, and vice versa.

About Vertical Aerospace

Vertical Aerospace is a global aerospace and technology company pioneering electric aviation.

Vertical is creating a safer, cleaner and quieter way to travel. Vertical's VX4 is a piloted, four passenger, Electric Vertical Take-Off and Landing (eVTOL) aircraft, with zero operating emissions. Vertical combines partnering with leading aerospace companies, including GKN, Honeywell and Leonardo, with developing its own proprietary battery and propeller technology to develop the world’s most advanced and safest eVTOL.

Vertical has 1,500 pre-orders of the VX4 worth $6bn, with customers across four continents, including Virgin Atlantic, American Airlines, Japan Airlines, GOL and Bristow. Headquartered in Bristol, the epicentre of the UK’s aerospace industry, Vertical was founded in 2016 by Stephen Fitzpatrick, founder of the OVO Group, Europe’s largest independent energy retailer.

Vertical's experienced leadership team comes from top tier automotive and aerospace companies such as Rolls-Royce, Airbus, GM and Leonardo. Together they have previously certified and supported over 30 different civil and military aircraft and propulsion systems.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. We intend such forward-looking statements to be covered by the safe harbour provisions for forward-looking statements as contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. 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 design and manufacture of the VX4, the features and capabilities of the VX4, business strategy and plans and objectives of management for future operations, including the building and testing of our prototype aircrafts on timelines projected, selection of suppliers, certification and the commercialization of the VX4 and our ability to achieve regulatory certification of our aircraft product with any of our intended regulators on any particular timeline or at all, our ability and plans to raise additional capital to fund our operations, the differential strategy compared to our peer group, expectations surrounding pre-orders and commitments, our future results of operations and financial position and expected financial performance and operational performance, liquidity, growth and profitability strategies, our plans to mitigate the risk that we are unable to continue as a going concern, our plans for capital expenditures, 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: our limited operating history without manufactured non-prototype aircraft or completed eVTOL aircraft customer order; our 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; our potential inability to produce, certify or launch aircraft in the volumes or timelines projected; the potential inability to obtain the necessary certifications for production and operation within any projected timeline, or at all; any accidents or incidents involving eVTOL aircraft could harm our business; our dependence on partners and suppliers for the components in our aircraft and for operational needs; the potential that certain strategic partnerships may not materialize into long-term partnership arrangements; all of the preorders received are conditional and may be terminated at any time and any pre-delivery payments may be fully refundable upon certain specified dates; any circumstances; the inability for our aircraft to perform at the level we expect and may have potential defects; any potential failure to effectively manage our growth; our inability to recruit and retain senior management and other highly skilled personnel, our ability to raise additional funds when we need or want them, or at all, to fund our operations; our limited cash and cash equivalents and recurring losses from our operations raise significant doubt (or raise substantial doubt as contemplated by PCAOB standards) regarding our ability to continue as a going concern; 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 March 14, 2024, as such factors may be updated from time to time in our 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. We disclaim 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/20240726777724/en/

Justin Bates, Head of Communications

justin.bates@vertical-aerospace.com

+44 7878 357 463

Samuel Emden, Head of Investor Affairs

samuel.emden@vertical-aerospace.com

+44 7816 459 904

Source: Vertical Aerospace

FAQ

What milestone did Vertical Aerospace (EVTL) recently achieve with its VX4 prototype?

Vertical Aerospace's VX4 prototype recently completed its first tethered piloted flight, marking the beginning of the 'wheels up' phase of testing.

What regulatory approval did Vertical Aerospace (EVTL) receive for the VX4 prototype?

Vertical Aerospace received a Permit to Fly for its VX4 prototype from the UK Civil Aviation Authority (CAA).

What are the next testing phases for Vertical Aerospace's (EVTL) VX4 prototype?

The next testing phases for the VX4 prototype include thrustborne flight testing, wingborne flight, and finally, piloted transition flight, subject to CAA approval.

What is the peak power output of Vertical Aerospace's (EVTL) VX4 battery packs?

The VX4's proprietary battery packs are capable of delivering 1.4 MW of peak power.