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Hanwha Aerospace Signs $165 Million eVTOL Parts Supply Contract with Vertical Aerospace

by Emily Gu
Hanwha Aerospace Signs $165 Million eVTOL Parts Supply Contract with Vertical Aerospace

Following on from signing a Memorandum of Understand (MoU) with Honeywell to jointly develop future aircraft systems, South Korea’s Hanwha Aerospace recently inked an agreement with Vertical Aerospace to supply core components for the electric vertical take-off and landing (eVTOL) vehicle.

The two companies signed a long-term R & D and supply contract for electro-mechanical actuators (EMA) worth USD$165 million.

According to the agreement, Hanwha Aerospace will supply three kinds of electro-mechanical actuators exclusively for the four-seat air taxi “VX4” that Vertical Aerospace hopes to complete development of in 2025.

In July 2022, Hanwha Group announced that it would merge its defense industry subsidiaries into Hanwha Aerospace, restructuring its business with the aim of becoming the ‘Lockheed Martin of Korea.’

The Group has also been promoting its AAM business in the US market and has invested in Overair since its inception and now holds a 45% stake in the company.

Relying on its patented ‘Optimum Speed Tiltrotor (OSTR)’ technology, Overair plans to test-fly a prototype eVTOL aircraft called ‘Butterfly’ next year.

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