Future of mobility is here — Electric Vertical Takeoff & Landing Aircraft (eVTOL)

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Emerging Technology Category — Electric Vertical Takeoff & Landing Aircraft (eVTOL)

To cut the noise in the eVTOL mobility space, I might update this article as and when I find any new relevant signals. This list may not be considered an emerging technology when eVTOL aircraft are fully operational and adopted by the end customer.

Note — Any future updates are added as comments

What are electric vertical take-off and landing (eVTOL) aircraft?

Electric vertical take-off and landing (eVTOL) aircraft take off vertically like a helicopter but are powered by electric motors instead of conventional combustion engines. They use propellers or rotors to take off vertically, hover in place, and fly horizontally.

Why should you care now about eVTOL aircraft?

Electric air taxis could begin shuttling passengers as soon as 2025, pending Federal Aviation Administration certification (source: Axios, more on this below). As one of the participants or end users of the eVTOL aircraft mobility category, here are some areas that will evolve and impact our daily lives —

• Sustainable travel — eVTOL aircraft produce zero emissions during flight, making them environmentally friendly. eVTOL aircraft travel also gives us the opportunity to make short-distance travel choices at lower costs, in less time, and helps alleviate ground traffic congestion.
• Safety and reliability — compared to our terrestrial alternatives (cars, motorbikes, buses) eVTOL aircraft undergo rigorous testing and development to ensure aviation safety standards. They are designed with no single critical points of failure redundancy systems to enhance stability and reliability during flight.
• Pricing model — eVTOL travel costs will differ from traditional modes of transportation. From ridesharing-based dynamic pricing models (factors such as demand, route congestion, time of day) where customers can summon air travel like ordering an Uber on short notice and for ad-hoc travel needs, to premium subscription service due to factors such as no waiting time, solo or business travel, in-flight service, and more.
• Payment options — In addition to traditional methods such as credit/debit cards, eVTOL customers may pay for the service through eVTOL-specific payment systems/digital wallets to offer loyalty programs and incentivize frequent travelers.

Why should the incumbents care about eVTOL aircraft?

eVTOLs require batteries to operate and if they are charged by renewable energy sources like wind or solar power, they could reduce greenhouse gas emissions vs. typical applications that do require fossil fuels. Incumbents would love to save operating costs on aviation fuel if there’s a better alternative for short-distance travel.

According to the Nov 2021 article written by Venkatasubramanian Viswanathan (Associate Professor Carnegie Mellon University, Advanced Batteries, Electrochemical Devices) — “EVTOL aircraft also promise a two-to-six-fold faster means of point-to-point mobility compared to terrestrial alternatives”.

If I was responsible for running corporate ventures for a short-haul airline like Air Porter in Canada 🇨🇦, my strategic foresight and technology intelligence roadmap would have included direct investments in an eVTOL aircraft manufacturer a few years ago when eVTOL aircraft in the U.S. passed the first Federal Aviation Administration (FAA) certification stage. I am hoping innovative thinkers like Robert J. Deluce (Executive Chairman, watch “Lived it Lecture” with Robert Deluce — Entrepreneurship 101 2009/10) and Michael Deluce (President & CEO) are paying serious attention to this eVTOL aircraft category. Back in 2006, Air Porter took huge risks by launching their short-haul airline venture by operating from Toronto’s urban airport before all other incumbents. Now, nimble airlines like Air Porter are in the best position to investigate and commit to adding new zero-operating-emission, short-range journeys to and from city airports (e.g. Muskoka to Toronto City Airport, or Waterloo to Toronto Pearson). It might also interest Air Porter that Air Canada is one of the partners in the $100 million investment fund called the United Airlines Ventures Sustainable Flight Fund that placed a large order with one of the eVTOL aircraft manufacturers (more on this below).

Further supporting evidence on why eVTOL aircraft may help the incumbents —

• Research says that comparing an eVTOL loaded with three passengers versus a ground-based car with an average occupancy of 1.54, eVTOL greenhouse gas emissions per passenger-kilometer are 52 percent lower than internal combustion engine vehicles and 6 percent lower than electric vehicles. For more detailed research on energy consumption comparisons between eVTOL aircraft, EV (Electric Vehicle), and ICEV (Internal Combustion Engine Vehicle), download the research paper by — Sripad, Shashank (Carnegie Mellon University, Founder — And Battery Aero) & Viswanathan, Venkatasubramanian (Associate Professor Carnegie Mellon University, Advanced Batteries, Electrochemical Devices) (2021) — The promise of energy-efficient battery-powered urban aircraft.
• Research firm MarketsandMarkets says the eVTOL market is expected to reach a value of over $30 billion by 2030, a compound annual growth rate of 15.3 percent from 2023.

Key Players — eVTOL aircraft manufacturers

My own research led me to these selected eVTOL aircraft manufacturers below —

• I have been following the companies for a few years now and they have consistently made progress towards their aircraft testing and certification goals.
• I trust the NYSE’s IPO listing process as both companies have gone through extensive due diligence to protect investors. We all witnessed how massive discrepancies and scams unfolded when companies like WeWork, 2019, and Nikola Trucks, 2021 tried to go public. The rigorous process of filing with the SEC and satisfying the institutional investors gives me confidence in these companies.
• The traction gained by the companies in terms of first orders or expansion of institutional investments is evidence of further trust and validation in their eVTOL aircraft technology.

1. Archer Aviation Inc

(NYSE: ACHR) — https://www.archer.com/

Technology — Archer’s Midnight™ aircraft marries cutting-edge electric propulsion technology with state-of-the-art aircraft systems to deliver the key attributes of an eVTOL aircraft. Technology focus —

• Safety — high redundancy (no single critical points of failure) and simplified propulsion systems make for a significantly safer aircraft compared to a helicopter.
• Low noise — designed to cruise at approximately 2,000 feet and is almost 1,000 times quieter than a helicopter.
• Sustainable — Archer’s Midnight™ aircraft is all-electric, resulting in zero operating emissions.
• More — Nov 17, 2022, Archer Unveils Its Production Aircraft, Midnight™

Relevance — as a publicly listed company in Jan 2023, Archer announced automaker Stellantis (manufacturers of 14 automotive brands) will build electric aircraft with Archer and provide strategic funding for growth (more on production progress).

Traction — United Airlines put in a purchase order of 100 eVTOL Aircraft from Archer (more on United Airlines Ventures Sustainable Flight Fund) and in 2022 announced the first commercial electric air taxi route estimated to take less than 10 minutes via Archer’s all-electric Midnight™ aircraft (once operational, source).

To Track — Archer’s goal of Federal Aviation Administration (FAA) Type Certification for their eVTOL (Midnight) by late 2024 (more on the path to certification).

Source: Archer Social Media, eVTOL aircraft: Archer Midnight

2. Joby Aviation Inc

(NYSE: JOBY )— https://www.jobyaviation.com/

Technology — Joby with a team of more than 1400 engineers has built an all-electric aircraft with up to 100-150 miles of range and the ability to take off and land vertically. According to Joby’s investor presentations -

• Performance & Design — with dual-wound motors and isolated battery packs, the Joby aircraft delivers nearly twice the power of a Tesla Model S Plaid, despite being lighter. The aircraft delivers as much torque as the engine in a Ford F-350 Heavy Duty truck, enabling them to generate thrust at low speed.
• Low noise — Joby aircraft will be the lightest and quietest four-passenger eVTOL in the world. (shows ~45 A-weighted decibels (dBA) in cruise, similar to Archer’s expectations)
• Skyport network — Tools developed by Joby’s Uber Elevate team (acquired by Joby in 2020) identify demand and help Joby design efficient ridesharing networks and the right aircraft for the market.

Relevance — with more than 1,000 test flights completed over the last 10 years, Joby’s aircraft has been designed to meet the uncompromising safety standards set by the FAA and other global aviation regulators. Joby has established strategic partnerships with Toyota, Delta, Uber, and many more. According to their June 29, 2023 announcement, SK Telecom (NYSE: SKM, “SKT”), South Korea’s leading telecommunications company, is making an equity investment of $100 million in Joby. Toyota has also invested ~$400M in Joby since 2017.

Traction — As part of a Department of Defense contract valued up to $131 million, Joby will deliver and operate up to nine of its five-seat, low-noise, zero-operating emissions aircraft to the U.S. Air Force (April 25, 2023). U.S. Air Force Pilots recently flew Joby’s aircraft, making it the first to achieve transition flight of an eVTOL as Sole Pilot-in-Command. According to Joby, their aircraft is expected to be the first eVTOL aircraft delivered to a customer when it moves to Edwards Air Force Base in 2024.

To Track — Joby recently (June 28, 2023) received a Special Airworthiness Certificate for the first aircraft built at its Pilot Production Line in Marina, California. This permit marks another important step toward achieving FAA certification and production at scale. So far, Joby has completed the second of five stages required by the FAA to certify its eVTOL aircraft for commercial passenger use (Feb 09, 2023). We will need to track this progress as Joby provides further updates on their production and FAA certification.

Source: Joby Aviation — Two U.S. Air Force pilots inspect Joby’s eVTOL aircraft

Other notable aircraft manufacturers to watch —

• Eviation — Arlington, Washington — electric aircraft. Latest update — Orders for Eviation Alice all-electric aircraft now valued at over US$4 billion
• Heart Aerospace — Sweden — electric aircraft with investors and supporters like Breakthrough Energy, the European Commission, Y Combinator, United Airlines, Air Canada & many more.
• Hybrid Air Vehicles — UK— Airlander, over $200m funding
• magniX — Seattle, Washington— a manufacturer of electric propulsion solutions for aviation. They offer various technologies such as battery electric, hybrid electric, and hydrogen-electric to power different types of aircraft. According to their website, they also powered Eviation’s Alice aircraft with two magniX magni650 Electric Propulsion Units (EPUs).
• Opener — Personal Aerial Vehicle (PAV) that is also an electric vertical take-off and landing (eVTOL) vehicle: BlackFly. Founder, Marcus Leng originally from Ontario moved the company operations to Palo Alto, California. Also classified as amphibious-capable (freshwater landing/take-off). In July 2018, Larry Page became one of the company’s strategic backers.
• Pivotal — Helix eVTOL, no pilot license required.
• Wisk Aero — Mountain View, California — autonomous, four-passenger eVTOL aircraft. Supported by Boeing.
• Jetson ONE — Palo Alto, California —personal eVTOL aircraft, supported by $15M investment from tech entrepreneur will.i.am and global angel Investors.
• Alef Aeronautics Inc — San Mateo, California — road car that could fly (hmm…. I’m a bit skeptical based on the available information).
• Icon aircraft — A5 amphibious aircraft, electronic fuel injection

Other related mobility categories and innovations across the future of air travel -

• Electra Aero, Inc. — short takeoff and landing (STOL) aircraft which requires less than half the energy to carry the same payload as a vertical takeoff and landing (VTOL) design.
• Many other attempts at competitions hosted by Boeing at the GoFly event — https://goflyprize.com/teams/
• Up Partners — Venture capital — https://up.partners/

eVTOL manufacturer under scrutiny and not living up to its promise

• EHang (NASDAQ: EH) — 7 Nov 23 — Hollow Order Book And Fake Sales Make This China-Based eVTOL Company Last In Line For Takeoff (source: Hindenburg Research)

Look forward to your thoughts and comments.