18th Nov 2024 09:58
(Alliance News) - IP Group PLC on Monday said that its portfolio company, AMSL Aero Pty Ltd, has completed the first free flight of Vertiia, Australia's first passenger-capable, emission-free electric vertical take-off and landing aircraft.
IP Group, the London-based active investor in early stage science companies, holds a 34% stake in AMSL Aero, an Australian sustainable aviation company. In addition, IP Group's managed private funds hold an extra 14.7% in AMSL Aero.
Vertiia is designed to carry up to four passengers and a pilot, with a range of up to 1,000 kilometres on hydrogen fuel at a cruising speed of 300 km/h. The aircraft has completed more than 50 test flights since its initial untethered flight and is intended for civil and aeromedical applications.
AMSL Aero has secured 26 orders for the aircraft, including 20 from Aviation Logistics, which operates passenger, air freight, and charter services across Australia. The company plans to begin hydrogen-powered flight testing in 2025, building on its achievements with battery-powered tethered tests in 2023.
Shares in IP Group were down 0.1% at 45.42 each in London on Monday morning.
By Eva Castanedo, Alliance News reporter
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