Hanwha Aerospace Wins $165 mln UAM Part Deal in Britain | Be Korea-savvy

Hanwha Aerospace Wins $165 mln UAM Part Deal in Britain


This photo provided by Vertical Aerospace shows its electric vertical takeoff and landing (eVTOL) aircraft, VX4.

This photo provided by Vertical Aerospace shows its electric vertical takeoff and landing (eVTOL) aircraft, VX4.

SEOUL, Aug. 23 (Korea Bizwire)Hanwha Aerospace Co., a South Korean aircraft engine maker, said Tuesday it has received a US$165 million deal to supply an urban air mobility (UAM) component to Vertical Aerospace in Britain.

Hanwha Aerospace will supply electromechanical actuators (EMAs) for the VX4, an electric vertical take-off and landing (eVTOL) aircraft, which is being developed by Vertical Aerospace, the company said in a statement.

The London-based company aims to commercialize the four-passenger air taxi in 2025.

South Korea’s transport ministry estimated the global air mobility market could reach approximately $557 billion by 2040.

U.S. investment bank Morgan Stanley predicted the growth potential of the market to be higher, forecasting the value of the global UAM market at $1.5 trillion by 2040.

Based on technological expertise accumulated in the aerospace industry, Hanwha Aerospace plans to become a pioneer in UAMs and other future mobility technologies.

(Yonhap)

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