Volant (沃兰特), an eVTOL startup headquartered in Shanghai, will supply 118 of its VE25 aerial vehicles for 3 billion yuan (US$420 million) as per an agreement it signed today in Shanghai.
The domestic eVTOL pioneer inked a strategic cooperation agreement with Asian Express, a general-purpose airline group, and the Shanghai branch of China Merchants Bank.
As part of the transaction, the bank will provide a credit line of 1 billion yuan to supplement the company’s working capital.
The number of eVTOL aircraft purchased by Wuxi-based Asian Express is almost six times as big as its existing fleet of 21 jets, according to its website.
The deal came practically three months after Hong Kong aircraft lessor Asia-Europe Aviation Leasing Limited, placed an order for 55 VE25 aircraft.
This time around, the new additions will be deployed for short-haul transportation, intercity commute, medical transferal, emergency rescue, air travel consumption, and more purposes, according to a statement released by Volant.
Asian Express is a diversified airline with full ownership of or controlling stakes in more than a dozen aviation companies.
It spans business areas including short-haul transportation, aerial photography and mapping, and low-altitude consumption and services.
To date, Volant has received nearly 600 orders for its VE25 model from eight civil aviation operators and leasing companies, including Asian Express, with a total value exceeding 10 billion yuan.