Volant Aerotech, a Shanghai-based electric air taxi maker, signed a confirmed order on Tuesday with ABC Financial Leasing Co Ltd, a wholly owned subsidiary of Agricultural Bank of China, for 10 units of its electric vertical take-off and landing (eVTOL) aircraft, including options on a further 110 units. On delivery, the eVTOL aircraft are expected to be put into commercial leasing operations.

With a total order value of 3 billion yuan ($419 million), the signing follows the company's previously confirmed orders with China Southern Airlines General Aviation Co Ltd and Asian Express Aviation, which are believed to be the first confirmed orders for eVTOL aircraft worldwide. The new order demonstrates the confidence of the nation's leading financial institutions on the certainty and commercialization of China's low-altitude economy.

Since its establishment four years ago, Volant Aerotech has focused on the development of high-grade manned eVTOL aircraft. Its flagship product, the six-seat VE25-100 model named "Skylar", features a composite wing configuration with a maximum take-off weight of 2,500 kilograms and a maximum payload capacity of 500 kg.

Recognized as the world's largest eVTOL aircraft by take-off weight with the most spacious cabin, it is currently in the process of obtaining airworthiness certification from the Civil Aviation Administration of China, and is expected to obtain its Type Certificate by the end of next year.

"China has unique advantages of developing eVTOL aircraft and low-altitude economy. We are seeing historic opportunities brought by diverse market demand, a unified national market and a complete supply chain fostered by the aerospace and new energy vehicle industries," said Huang Xiaofei, partner and chief strategy officer of the company.

Dong Ming, the company's CEO, added that the low-altitude economy can include various business forms of different sizes and levels. Among them, Volant Aerotech is eyeing the high-level commercial passenger transport sector, including freight and short-distance passenger transport, as well as emergency medical services.

To date, Volant Aerotech has cumulatively secured orders for over 1,500 units of its eVTOL aircraft, with a total order value exceeding 37.5 billion yuan. They comprehensively cover low-altitude economic application scenarios such as commercial passenger transport, tourism and sightseeing, social governance and logistics transportation.

China's first professional-grade eVTOL engineering simulator was also inaugurated at the signing ceremony. Developed by Qingdao BlueSky Civil Aviation Technology Co Ltd, it is specifically dedicated to engineering test validation and test pilot training for eVTOL aircraft.

Based on the baseline configuration of the VE25-100 model, the simulator establishes a hardware-in-the-loop simulation platform that replicates the aircraft's cockpit environment, handling quality and onboard systems with high fidelity. It will also continuously integrate simulation models and data collected from the aircraft's development cycle, which is expected to lay the foundational data infrastructure for future eVTOL aircraft operator training programs, according to the company.

In addition to making breakthroughs in commercialization in China, Volant Aerotech is actively exploring overseas markets as well. Last month at the first International Advanced Air Mobility Expo, the company inked a tripartite intent deal worth $1.75 billion with Thailand's Pan Pacific Co Ltd, marking the largest international single order to date in China's passenger eVTOL sector. The Thai company is set to purchase 500 units of its eVTOL aircraft for scenarios including short-distance transportation in or between islands in regions including Thailand and Maldives, as well as emergency and rescue.

"The airworthiness certification (from local administrations) is necessary for eVTOL aircraft going overseas. We have actively contacted many administrations in the Middle East and Southeast Asia, such as Saudi Arabia, the United Arab Emirates, Qatar, Thailand, the Philippines and Brunei. We will make our first step in markets involved in the Belt and Road Initiative," said Dong.