Ireland is well-positioned to be a “global centre of excellence” in the ultra-short-haul urban air industry, which will see zero-emission, electric aircraft transport people across the world’s major cities in minutes, the chief executive of Dublin-based aircraft lessor Avolon has said. Avolon announced on Thursday that it had reached an agreement to buy up to 500 VA-X4 aircraft from Bristol-based company Vertical Aerospace for $2 billion (€1.7 billion). It is capable of travelling over 320 km/h (200mp/h), with a range of over 100 miles and capacity for four passengers and a pilot. “We’re going to become the first lessor to lead what I believe will be the next leap forward in the transportation industry. “Morgan Stanley is forecasting that this industry could be a $1 trillion business by 2040.

Source: The Irish Times June 11, 2021 15:45 UTC