Palm Beach, FL – March 10, 2021 – Electric Vertical Take-off and Landing (eVTOL) is an electric or hybrid aircraft that can hover, take off, and land vertically. eVTOL, electric vertical takeoff and landing, is a type of aircraft that uses electrical propulsion to takeoff, hover, and land vertically. They are designed for urban air mobility, cargo deliveries, and Military Surveillance. The electric vertical takeoff and landing (eVTOL) aircraft is the next generation of autonomous electric aircraft that offers enhanced safety, comfort, and reduced noise. The eVTOL aircraft industry will be witnessing massive growth mainly because of the increase in the global urban population followed by the traffic congestion. According to the United Nations, in 2018, around 55% of the world’s population lived in urban areas and is expected to increase to 68% by 2050. Therefore, demand for efficient and effective mobility in urban areas is a crucial challenge. There are many companies and municipal corporations currently working on eVTOL aircraft manufacturing for air mobility solutions… These advancements may lead to an increase in the demand for eVTOL aircraft services in the global market. A report from ResearchAndMarkets projected that the Global Electric Vertical Take-off and Landing (eVTOL) Aircraft market accounted for $53.01 million in 2019 and is expected to reach $204.99 million by 2027 growing at a CAGR of 18.4% during the forecast period. Increasing road traffic congestion in urban areas, rapid urbanization, and high demand for efficient transportation systems are some of the factors propelling the growth of the market. Active stocks in the markets this week include EHang Holdings Limited (NASDAQ: EH), Astro Aerospace (OTCQB: ASDN), Atlas Crest Investment Corp. (NYSE: ACIC), Reinvent Technology Partners (NYSE:RTP), The Boeing Company (NYSE: BA).
Another report from ResearchDrive had an even higher projection saying: “The global eVTOL aircraft market forecast shall be $4,222.4 million by 2033, increasing from $458.0 million in 2025 at a healthy rate of 29.6%. The North America eVTOL aircraft market is estimated to grow at a CAGR of 31.1% by registering a revenue of $1,283.6 million, throughout the analysis period. Strategic collaborations among the market players along with the launching of advanced eVTOL aircraft services are expected to accelerate the North America eVTOL aircraft market growth.”
Astro Aerospace (OTCQB: ASDN) BREAKING NEWS: Astro Aerospace Appoints Former CFO of General Electric Patricia Trompeter to its Board of Directors – Astro Aerospace (“Company” or “Astro”), a global leader in electric vertical take-off and landing (eVTOL) aerial vehicles and drones, announced today that it has appointed Patricia Trompeter, M&A and financial expert, to its Board of Directors.
Ms. Trompeter brings more than sixteen years of experience in mergers and acquisitions and over fifteen years in financial management to Astro’s Board. Ms. Trompeter held a variety of executive positions at General Electric, primarily GE Capital including CFO, Controller, Operations Leader, Quality Leader, and VP Finance, Mergers & Acquisitions. She was integral in GE Capital’s successful acquisition of Guinness Peat Aviation, which contributes to the more than $17 Billion of acquisitions she has completed.
After leaving GE, Ms. Trompeter took a short break to focus on non-profit capital raises and family. However in 2019 she returned to the venture capital sector as Co-Founder of Webbs Hill Partners, an independent investment and advisory firm growing innovative technologies in emerging markets. She is also the Founder of a new venture, Ceres Capital Holdings.
Ms. Trompeter commented, “Astro is a trailblazer in the eVTOL market with one of the safest and most efficient eVTOLs in the world. Our planet’s urban centers are in desperate need of sustainable and efficient transport solutions to support growing populations and congestion. Over sixteen percent of all global greenhouse gas emissions are from transport, and Astro’s technology is the aerial advancement we need to inflict real environmental change.”
Ms. Trompeter joining Astro’s Board comes at an opportune time as the Company undergoes a massive phase of growth. On February 18th it was announced that Astro has entered a binding agreement to acquire Horizon Aircraft Inc., creator of the world’s first eVTOL that flies exactly like a conventional aircraft for the majority of its mission.
Astro CEO Bruce Bent said, “Patricia’s many years of executive experience in acquisition integration, corporate strategy development and financial management will be extremely beneficial as we enter this new chapter with Horizon. Our combined technologies are entering an eVTOL aircraft market projected to hit $87.64 Billion by 2026, and Patricia’s deep knowledge of growing disruptive technologies in emerging markets till be an asset to the Company.” Read this and more news for ASDN at: https://flyastro.com/investors/
Other recent developments in the tech industry include:
EHang Holdings Limited (NASDAQ: EH), the world’s leading autonomous aerial vehicle (AAV) technology platform company, recently announced that Carmignac, a leading European asset management firm, invested US$40 million on behalf of its funds in the Company through a private placement of newly issued Class A ordinary shares of the Company. The transaction was closed on January 29, 2021.
EHang intends to use the proceeds to further strengthen the technology advancement and business development of EHang to reinforce its leading position in the global urban air mobility (UAM) industry.
EHang is the world’s leading autonomous aerial vehicle (AAV) technology platform company. Our mission is to make safe, autonomous, and eco-friendly air mobility accessible to everyone. EHang provides customers in various industries with AAV products and commercial solutions: air mobility (including passenger transportation and logistics), smart city management, and aerial media solutions. As the forerunner of cutting-edge AAV technologies and commercial solutions in the global Urban Air Mobility (UAM) industry, EHang continues to explore the boundaries of the sky to make flying technologies benefit our life in smart cities.
Atlas Crest Investment Corp. (NYSE: ACIC), a company designing and developing electric vertical takeoff and landing aircraft (eVTOL), recently announced its commitment to launching an Urban Air Mobility (UAM) network in Miami by 2024. Archer is excited to explore the potential for UAM to address some of Southern Florida’s mobility challenges and provide a new option for people to travel more freely in and around dense metropolitan areas.
Archer’s UAM platform will move people throughout cities in a fast, safe, sustainable, and cost-effective manner. The fully electric vertical takeoff and landing aircraft is expected to travel distances of up to 60 miles at 150 mph using technology available today, transforming how people approach everyday life, work, and adventure, while benefiting the environment and working towards a future zero-emissions world. Archer’s recently announced merger with Atlas Crest Investment Corporation (NYSE: ACIC) and a $1bn commercial order from United Airlines, which is subject to United’s business and operating requirements, values the company at $3.8 billion and puts Archer in prime position to integrate UAM as part of cities’ future transportation networks.
Joby Aviation (“Joby” or the “Company”), a transportation company developing an all-electric, vertical take-off and landing aircraft that it intends to operate as a commercial passenger aircraft beginning in 2024, recently entered into a definitive business combination agreement with Reinvent Technology Partners (NYSE:RTP), a special purpose acquisition company that takes a “venture capital at scale” approach to partnering with bold leaders and companies. Upon the closing of the transaction, the combined company will be named Joby Aviation, and become publicly traded, with its common stock expected to be listed on the New York Stock Exchange.
With more than 1,000 test flights completed over the last 10 years, Joby Aviation has secured a substantial first-mover advantage in the aerial ridesharing industry. In 2020, the Company became the first to agree to a certification basis for an electric vertical takeoff and landing (“eVTOL”) aircraft with the Federal Aviation Administration (“FAA”) and in the same year received the U.S. Air Force’s first ever airworthiness approval for an eVTOL aircraft.
The Boeing Company (NYSE: BA) recently reported fourth-quarter revenue of $15 .3 billion, reflecting lower commercial deliveries and services volume primarily due to COVID-19 as well as 787 production issues, partially offset by a lower 737 MAX customer considerations charge in the quarter compared to the same period last year (Table 1). GAAP loss per share of ($14.65) and core loss per share (non-GAAP)* of ($15.25)reflected a $6.5 billion pre-tax charge on the 777X program and a tax valuation allowance, partially offset by a lower 737 MAX customer considerations charge. Boeing recorded operating cash flow of ($4.0) billion.
“2020 was a year of profound societal and global disruption which significantly constrained our industry. The deep impact of the pandemic on commercial air travel, coupled with the 737 MAX grounding, challenged our results. I am proud of the resilience and dedication our global team demonstrated in this environment as we strengthened our safety processes, adapted to our market and supported our customers, suppliers, communities and each other,” said Boeing President and Chief Executive Officer Dave Calhoun. “Our balanced portfolio of diverse defense, space and services programs continues to provide important stability as we lay the foundation for our recovery. While the impact of COVID-19 presents continued challenges for commercial aerospace into 2021, we remain confident in our future, squarely-focused on safety, quality and transparency as we rebuild trust and transform our business.”
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