Development on our 65%-scale prototype is continuing, though we have been temporarily impacted by the coronavirus slowdown. We currently have 81 orders worldwide for the TriFan 600.
In other industry news in the rapidly evolving VTOL/AAM (Vertical Takeoff and Landing/ Advanced Air Mobility) market, investments have accelerated significantly in the last few months:
- Hyundai has set up a separate Urban Air Mobility division and plans to spend $1.5 Billion on it in the next 5 years.
- Volocopter (German short-range eVTOL developer) has raised over $132M, with significant investments by Daimler, Geely and Intel.
- The US Air Force has embraced development of VTOL aircraft in a big way through its Agility Prime program…..https://www.aviationtoday.com/2020/05/13/air-force-may-spend-hundreds-millions-electric-air-taxis-2025/
- Lilium (German eVTOL developer) has raised over $340M, led by Tencent.
- Joby Aviation (USA), developing an all-electric short-range VTOL aircraft, has raised over $720M, with over $500M of it from Toyota. “Nexa Capital anticipates that over $2 billion will go to other eVTOL start-ups in 2020 alone,” Michael Dyment, managing partner of Nexa Capital Partners, told Avionics after Joby announced its record-breaking fundraise. While this may be temporarily impacted by CV-19, the mid- to long-term trends are unstoppable.
We continue to maintain that hybrid-electric VTOL aircraft - like the XTI TriFan 600 - will lead the future of air mobility for any missions beyond the very short hops (less than ~100KM) possible by all-electric “e-VTOL” aircraft due to battery shortcomings. We have no significant competition in this longer-range space.
We believe our 81 current orders are testament to our approach.
We are raising $25M in our Series B round. If you would like more information on investing or placing pre-orders for the aircraft, please get in touch using the CONTACT button on this website.