Vertical Aerospace Ltd (NYSE:EVTL), UK-based maker of electric vertical take-off and landing (eVTOL) aircraft, has linked up with Italian giant Leonardo to collaborate on its fuselage development.
The agreement will see Leonardo, one of the top 10 global defence contractors, lend its expertise toward the development of Vertical’s Vx4 piloted electric aircraft as the eVOTL market accelerates globally.
READ: World's first purpose-built airport for air taxis and flying cars to open in UK in April
Leonardo employs around 7,500 people across the UK, and holds multiple aerospace agreements with the country’s Ministry of Defence (MoD).
Vertical Aerospace will hope the collaboration will accelerate the rollout of USD$5.4bn worth of orders from companies including American Airlines, Avolon and Iberojet, and pre-order options from Virgin Atlantic and Marubeni.
Currently the Bristol-based company has 1,350 aircraft in its pre-order book, with the Leonardo agreement creating the potential for fuselage production of 2,000 per year.
Michael Cervenka, Vertical president, said: “I have been hugely impressed by Leonardo’s highly innovative and industry leading technical and manufacturing capabilities and our partnership has got off to a flying start. I'm thrilled that Leonardo will be joining us in this journey.”
The eVOTL market is emerging quickly from its growth phase as plans ramp up to make air taxis practical, with the world’s first purpose-built airport for flying cars and VOTLs due to open in the UK this spring.
Vertical Aeropsace floated in New York through a merger with a special purpose acquisition company (SPAC), with its share price down 30% on its post-SPAC merger value.