- 분류
- Press release
Hanwha Systems and Hanwha Aerospace Make ￦150 billion investment in Overair, Inc., a US developer of eVTOL
- 게시일
- 2022-06-14
□ For Overair’s Series B Financing, Hanwha Systems(HSC) and Hanwha Aerospace provide $50 million and $65 million, respectively.
□ Hanwha Aerospace is gearing up to develop and supply UAM propulsion system including electric propulsion system, etc.
□ Overair is expected to start UAM prototype flying in the 3rd quarter of 2023…After winning 2 UAM programs commissioned by MOLIT, HSC is also working on “Air Mobility Platform” development.
□ Overair was chosen as one of the partners to participate in AAM National Campaign, which is NASA’s demonstration tests to produce aeronautical data, stepping up UAM’s commercialization.
HSC(CEO: Sungchul Eoh) and Hanwha Aerospace(CEO: Hyunwoo Shin) decided to make joint investment in UAM with the target of flying a UAM flight demonstrator in the third quarter of 2023.
*UAM(Urban Air Mobility)
On 14th June, HSC and Hanwha Aerospace announced that they would execute the funding for Overair, a leading US developer of electric vertical takeoff and landing (eVTOL) aircraft, based in Southern California, for which the two Hanwha affiliates would provide total $115 million as Series B funding (the second round of funding for a startup) investors.
Since 2019, HSC has been participated in Overair’s Series A funding as a strategic investor, by investing $ 25 million, while collaborating for the development of Butterfly, an air-taxi airframe. In August last year, HSC made an additional investment worth $30 million through convertible notes ahead of Series B funding.
For this Series B funding, HSC provides $50 million, while Hanwha Aerospace joins as a new investor for Overair by funding $65 million through convertible notes.
As for Hanwha Aerospace, the company is collaborating with Overair to develop a “battery-powered electric propulsion system,” which plays the role of engine for UAM airframe. Also, in alignment with the future UAM airframe requirements such as long distance travel and multi-seat, Hanwha Aerospace will develop and supply “future hybrid electric propulsion system,” by combining gas turbine and hydrogen fuel cell with electric battery. In fact, Hanwha Aerospace is developing the core components for airplane power train. In January this year, the company was successfully awarded with a South Korea's Ministry of Trade, Industry and Energy (MOTIE) program to develop lighter UAM fuel cell technologies, subsequently initiating R&D efforts to develop UAM hydrogen fuel cell systems.
Meanwhile, in the first half of 2023, Hanwha Systems is expected to start production of UAM flight demonstrator, which is full-scale Butterfly prototype. Once flight control technology verifications are completed thru its UAM flight demonstrator’s self-test flights, HSC will take part in K-UAM GC(Grand Challenge)to be hosted by Ministry of Land, Infrastructure and Transport (MOLIT) in 2024 and 2025, and then in flight demonstrations required for the FAA certifications.
Now, HSC is also building up urban air mobility platforms including air navigation and air traffic control solutions, integrated transportation system, etc. In April this year, HSC was awarded with two MOLIT Projects, namely “UAM Virtual Operation Environment Set-up and Integrated Verification Technology Development Project” and “CNSi Utilization System Verification Technology Development Project for Low Density UAM Traffic Management.” So, HSC is now working hard to verify UAM transport management and core technologies as well as to develop aeronautical/air traffic infrastructure(CNSi) control technologies required for UAM operation.
CNSi(Communication, Navigation, Surveillance, information):
With respect to Overair, it was selected as a partner for NASA’s Advanced Air Mobility (AAM) National Campaign on 27th May. Going forward, Overair will participate in the efforts to develop UAM navigation route designs, transport management, system infrastructures and to share related information. In addition, the company has recently joined UML(Urban Movement Labs), a discussion body organized by the City of Los Angeles for the improvement of the city’s transportation systems, thus expanding the scope of R&D activities to accelerate UAM commercialization.
While partnering with Hanwha Aerospace and HSC, Hanwha Group’s two main players for the aerospace industry, Overair remarked that the two partners’ technologies such as aeronautical sensors, radar and power train are creating synergies across all UAM development areas.
According to the MOLIT-published K-UAM Roadmap, the world’s air mobility market is estimated to grow to about \730 trillion by year 2040. Morgan Stanley, a global investment bank, gave out an even higher projection for UAM market growth potential, saying that the global autonomous, electrified urban air mobility market volume will reach $ 1.5 trillion by year 2040.
□ Hanwha Aerospace is gearing up to develop and supply UAM propulsion system including electric propulsion system, etc.
□ Overair is expected to start UAM prototype flying in the 3rd quarter of 2023…After winning 2 UAM programs commissioned by MOLIT, HSC is also working on “Air Mobility Platform” development.
□ Overair was chosen as one of the partners to participate in AAM National Campaign, which is NASA’s demonstration tests to produce aeronautical data, stepping up UAM’s commercialization.
HSC(CEO: Sungchul Eoh) and Hanwha Aerospace(CEO: Hyunwoo Shin) decided to make joint investment in UAM with the target of flying a UAM flight demonstrator in the third quarter of 2023.
*UAM(Urban Air Mobility)
On 14th June, HSC and Hanwha Aerospace announced that they would execute the funding for Overair, a leading US developer of electric vertical takeoff and landing (eVTOL) aircraft, based in Southern California, for which the two Hanwha affiliates would provide total $115 million as Series B funding (the second round of funding for a startup) investors.
Since 2019, HSC has been participated in Overair’s Series A funding as a strategic investor, by investing $ 25 million, while collaborating for the development of Butterfly, an air-taxi airframe. In August last year, HSC made an additional investment worth $30 million through convertible notes ahead of Series B funding.
For this Series B funding, HSC provides $50 million, while Hanwha Aerospace joins as a new investor for Overair by funding $65 million through convertible notes.
As for Hanwha Aerospace, the company is collaborating with Overair to develop a “battery-powered electric propulsion system,” which plays the role of engine for UAM airframe. Also, in alignment with the future UAM airframe requirements such as long distance travel and multi-seat, Hanwha Aerospace will develop and supply “future hybrid electric propulsion system,” by combining gas turbine and hydrogen fuel cell with electric battery. In fact, Hanwha Aerospace is developing the core components for airplane power train. In January this year, the company was successfully awarded with a South Korea's Ministry of Trade, Industry and Energy (MOTIE) program to develop lighter UAM fuel cell technologies, subsequently initiating R&D efforts to develop UAM hydrogen fuel cell systems.
Meanwhile, in the first half of 2023, Hanwha Systems is expected to start production of UAM flight demonstrator, which is full-scale Butterfly prototype. Once flight control technology verifications are completed thru its UAM flight demonstrator’s self-test flights, HSC will take part in K-UAM GC(Grand Challenge)to be hosted by Ministry of Land, Infrastructure and Transport (MOLIT) in 2024 and 2025, and then in flight demonstrations required for the FAA certifications.
Now, HSC is also building up urban air mobility platforms including air navigation and air traffic control solutions, integrated transportation system, etc. In April this year, HSC was awarded with two MOLIT Projects, namely “UAM Virtual Operation Environment Set-up and Integrated Verification Technology Development Project” and “CNSi Utilization System Verification Technology Development Project for Low Density UAM Traffic Management.” So, HSC is now working hard to verify UAM transport management and core technologies as well as to develop aeronautical/air traffic infrastructure(CNSi) control technologies required for UAM operation.
CNSi(Communication, Navigation, Surveillance, information):
With respect to Overair, it was selected as a partner for NASA’s Advanced Air Mobility (AAM) National Campaign on 27th May. Going forward, Overair will participate in the efforts to develop UAM navigation route designs, transport management, system infrastructures and to share related information. In addition, the company has recently joined UML(Urban Movement Labs), a discussion body organized by the City of Los Angeles for the improvement of the city’s transportation systems, thus expanding the scope of R&D activities to accelerate UAM commercialization.
While partnering with Hanwha Aerospace and HSC, Hanwha Group’s two main players for the aerospace industry, Overair remarked that the two partners’ technologies such as aeronautical sensors, radar and power train are creating synergies across all UAM development areas.
According to the MOLIT-published K-UAM Roadmap, the world’s air mobility market is estimated to grow to about \730 trillion by year 2040. Morgan Stanley, a global investment bank, gave out an even higher projection for UAM market growth potential, saying that the global autonomous, electrified urban air mobility market volume will reach $ 1.5 trillion by year 2040.