Hanwha Aerospace President Shin Hyun-woo (left) and Vertical Aerospace President Michael Cervenka (right) pose for a photo after inking an agreement in Farnborough, England, July 20. (Hanwha Aerospace)
South Korean aircraft engine manufacturer Hanwha Aerospace established a $165 million supply deal with British air taxi developer Vertical Aerospace last month, according to a regulatory filing released on Tuesday.
Under the deal, which follows a development agreement announced in July, Hanwha Aerospace is set to exclusively supply three types of electromechanical actuators to Vertical for its VX4 air taxi from 2025 to 2035. The four-seater VX4 is currently under development for commercialization in 2025. Electromechanical actuators are a core component of the electric vertical takeoff and landing, or eVTOL, system that controls mechanical movement for urban air mobility by using the motor’s electric energy.
Vertical Aerospace is an eVTOL aircraft, or air taxi, manufacturer with core technology in designing and building zero-emissions products. The firm was listed on the New York Stock Exchange in 2021.
Hanwha Aerospace said by supplying the urban air mobility component to Vertical, it will also establish a supply chain and electromechanical actuator mass production system in the UK, receiving authentication from the UK’s Civil Aviation Authority or European Aviation Safety Agency.
The Korean company has also recently clinched an agreement with Overair in the US to co-develop a battery system for eVTOL and to supply energy storage systems and electric motor engines to the US company.
The battery pack and engine will be attached to Overair’s XP-1 test-type air taxi, and will eventually be used for the commercial Butterfly air taxi when its performance is proven.
Overair is a US air mobility startup in which Hanwha Group’s Hanwha Systems and Hanwha Aerospace invested a combined $115 million in June, with Aerospace covering $65 million, and Hanwha Systems, an IT service provider specializing in sensors and networks, covering $50 million in series B funding.
Shares of Hanwha Aerospace rose 2.99 percent to close at 72,400 won from the previous session on Tuesday and 75 percent higher than closing price on July 13.
By Kim Da-sol (email@example.com