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.