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HYBRID AIR VEHICLES LTD

HYBRID AIR VEHICLES LTD

Airlander is the future of zero-carbon aviation.

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Deal Type

Convertible Note

Funding Goal

$1,300,000

Current Reservations

$2,634,856

Minimum Reservation

$5,000

Deal Stage

Series A

Interest (% per year)

8.00%

Term Length (Months)

36 months

Valuation Cap

N/A

Conversion Discount (%)

20%

Warrant Coverage (%)

N/A

Open Date

08/04/2020

Maximum Reservation

$3,000,000

Closing Date

10/30/2020

Deal Exemption Type

3

Elevator Pitch

Rethink the Skies: Airlander 10 is the world’s first hybrid aircraft and offers a future of zero-carbon aviation. By 2025, we expect Airlander 10 to fly with 90% fewer emissions than other aircraft.

KPIs

65 Employees
7 Issued Patents

Company Overview

Rendering of the production Airlander 10

Hybrid Air Vehicles is the company behind Airlander, the world’s first hybrid aircraft and the future of zero-carbon aviation. By 2025, we plan for Airlander to fly up to 90 people, freight or defence systems with up to 90% fewer emissions than other aircraft. By 2030 we plan to have an all-electric Airlander 10 in service offering zero-emissions flight. We're raising funds to underpin our operations and contract discussions during the Covid-19 recovery.

  • The market has been independently valued at US$50 billion over the next 20 years
  • We hold letters of intent for the purchase of 15 aircraft
  • The team has over 400 years of lighter-than-air experience combined
  • Airlander 10 will provide a 90% reduction in CO2 than conventional aircraft from 2025 and zero emissions by 2030

Hybrid Air Vehicles (HAV) has been developing the technology at the heart of Airlander since 2007 and has an established global lead. Airlander is a new approach to aviation that provides low-carbon regional mobility, airborne cruises, remote-area logistics, and communications and surveillance solutions. Airlander offers up to 10x improvements in cost and capability in these markets.

Our path to zero-carbon aviation:

  • Conventional version planned in service from 2024
  • Hybrid electric version with 90% lower emissions planned in service from 2025
  • By 2030 we plan an all-electric Airlander 10 with zero emissions

Airlander 10's route to zero emissions flight

The market for Airlander technology has been independently valued at over US$50 billion over the next 20 years. HAV is now focused on securing launch orders for the production Airlander 10. We hold letters of intent for 15 commercial aircraft, with nearly 100 aircraft currently under discussion with customers worldwide and across sectors. Airlander 10 will be in service with customers from 2025.

HAV is the only company in the world to have flown a full-scale prototype hybrid aircraft. Over the past 10+ years, we have invested more than £116m in the development of Airlander. We're now production ready with a clear path to certification.

Airlander 10 Prototype in flight, Bedford.

Traction

  • HAV teams with 2Excel Aviation to offer customers joint proposals for operating Airlander aircraft

    September, 2020
  • HAV joins Telecom Infra Project to improve internet connectivity for millions of people

    August, 2020
  • Letters of Intent secured covering 15 aircraft

    March, 2020
  • Vertex Aerospace Signs MOU with Hybrid Air Vehicles to Deliver Missionized Airlander 10 to the U.S. Department of Defense

    September, 2019
  • Production Standard Design Freeze

    July, 2019
  • Hull shape optimisation completed at Mercedes Benz Grand Prix facilities

    February, 2019
  • Secured our Production Organisation Approval (POA) from the UK's Civil Aviation Authority (CAA) in December 2018

    December, 2018
  • Secured our Design Organisation Approval from the European Aviation Safety Agency (EASA) in October 2018

    October, 2018
  • Prototype Flight Test Programme concluded

    November, 2017
  • First UK Flight of Airlander

    August, 2016
  • US budget sequestration and fiscal cliff cancels US Army programme permitting Hybrid Air Vehicles to purchase Airlander outright.

    January, 2013
  • First Flight of US Army programme aircraft (the LEMV HAV-304, which later became the Airlander 10 prototype).

    August, 2012
  • Hybrid Air Vehicles Ltd wins contract with Northrop Grumman to provide Persistent Wide Area Surveillance aircraft in $517m US Army program.

    July, 2010
  • Hybrid Air Vehicles founded. Undertakes development and flight testing of sub-scale demonstrator aircraft.

    July, 2007

Press Mentions

Key Customers & Partners

Vertex Aerospace LLC 2Excel Aviation Telecom Infra Project

Testimonials

Stuart O. Witt
Stuart O. Witt
CEO of Mojave Air and Space Port 2002 to 2016
"Airlander is a “back to the future technology” capable of disruptively altering logistics and mobility. If COVID-19 has taught humanity anything as we enjoyed clean air first time in a century, it is simply “a smarter, cleaner, safer way of mobility is possible”. Sectors across the globe will be embracing the carbon free Airlander for a variety of transportation needs. Aerospace tends to focus on higher, faster, further - but in 2020 the words efficiency, economy and clean are more relevant. "
Lieutenant General (Rtd) Richard Zahner
Lieutenant General (Rtd) Richard Zahner
Formerly Deputy Chief of Staff, G-2, US Army
"During thirty-six years in Military Intelligence, I saw innumerable initiatives promising to revolutionize the quality of intelligence afforded Army Soldiers and Joint Forces. Almost without exception they delivered, at best, marginal gains at ever-increasing cost. Airlander, backed by an innovative and customer-outcome focused team is a notable exception – world-class capabilities are now available at a fraction of the cost of today’s ISR platforms, addressing essential threats and needs."
Scott Loughran
Scott Loughran
Commercial Director, 2Excel Aviation
"We have observed the development of Hybrid Air Vehicles and the Airlander with great interest. The aircraft offers the potential for an exciting low carbon alternative to many aspects of aviation and we're pleased to be able to contribute to the next stage of Airlander 10's journey."

Previous Funding

  • $3,754,080 Convertible Note
  • Raise Source: Investors
  • March 2020
  • $993,944 Equity
  • Raise Source: Investors
  • March 2019
  • $3,189,655 Debt
  • Raise Source: Investors
  • October 2018
  • $6,911,094 Equity
  • Raise Source: Investors
  • July 2017
  • $5,979,599 Other
  • Raise Source: Other
  • June 2016
  • $4,234,345 Equity
  • Raise Source: Investors
  • July 2016
  • $5,971,854 Equity
  • Raise Source: Investors
  • August 2015
  • $3,017,672 Other
  • Raise Source: Other
  • June 2015
  • $5,796,389 Equity
  • Raise Source: Investors
  • June 2014
  • $580,785 Other
  • Raise Source: Other
  • June 2014
  • $929,433 Equity
  • Raise Source: Investors
  • June 2013
  • $3,527,174 Equity
  • Raise Source: Investors
  • June 2012
  • $1,317,878 Equity
  • Raise Source: Investors
  • June 2011
  • $1,592,341 Equity
  • Raise Source: Investors
  • June 2010
  • $655,178 Equity
  • Raise Source: Investors
  • June 2009
  • $1,062,557 Equity
  • Raise Source: Investors
  • June 2008

Frequently Asked Questions

What is a hybrid aircraft?

A hybrid aircraft derives its lift from a combination of aerodynamic lift (like an aeroplane), lifting gases (like an airship) and vectored thrust (similar to a helicopter). Airlander generates up to 40% of its lift from aerodynamics by the passage of air over the hull and the remainder from buoyant lift from the helium. At lower speed and closer to the ground, vectoring engine power is used to provide additional lift and manoeuvrability for take-off, landing and ground handling.

What makes Airlander green?

One of the biggest challenges for aviation is finding ways to replace energy-dense kerosene (typical aircraft fuel) with environmentally friendly alternatives. Airlander requires significantly less thrust to fly than conventional aircraft, thanks to its helium-filled hull. That makes it possible for us to adopt technologies like hydrogen fuel cells while still delivering large payloads. Even before we adopt electric propulsion, we burn 75% less fuel than other aircraft in comparable passenger-carrying roles - and deliver better than this in many other roles. With our hybrid-electric configuration we achieve 90% reduction in passenger transport, and we have a pathway to all-electric, zero-emission aviation.

What happens in bad weather?

Like any other commercial aircraft, Airlander will be type certified and capable of flying in a wide range of weather conditions. The aircraft can safely take off and land in up to 30 knots of wind. Unlike other large aircraft, Airlander is not cross-wind restricted, as it can simply turn into the wind and take off in any direction. The aircraft will also be capable of withstanding lightning strikes and icing conditions. This is a requirement for all type certified commercial aircraft.

How is Airlander different to the numerous eVTOL companies which are out there?

The biggest difference between Airlander and eVTOLs is scale. Most eVTOLs are for 2-6 passengers, while Airlander will be able to fly with 90 passengers. We have also flown Airlander 10 as a full-scale prototype and are ready to enter production. We have strong, established relationships with regulators, a plan for Type Certification, and both Design and Production Organisation Approvals. These are critical steps on the journey to bringing a new aircraft type to market and will see Airlander 10 available for operation within just a few years. There are some eVTOL aircraft that are in early flight testing now, but most are earlier in their development. Most eVTOLs are intended for use in cities, as “flying taxi” type concepts. Airlander can serve as the connection between two cities. The hybrid-electric Airlander 10 will produce a fraction of the emissions of a comparable fixed-wing airplane. We often think of Airlander as a "fast ferry" in the way that it will provide connections city to city.

How does the aircraft operate in remote locations?

In many operational scenarios there is no need to moor Airlander at a remote location. The aircraft can land, unload and load, and then take off again. However, there may be occasions when mooring at a remote site is needed or desirable. Airlander has an Expeditionary Mooring Mast (EMM) system, which weighs approximately 1000kg, or less than 10% of Airlander 10’s payload capacity. It can be stowed aboard the aircraft with minimal impact to the accommodation or freight area. The EMM is designed to operate in up to 70 knots of wind, so it is as capable from a loading and weather standpoint as our standard Mobile Mooring Mast (MMM). It could be carried on the first flight into a location and left erected for subsequent flights, if that location were to be in frequent use. The MMM is a tracked all-terrain vehicle and is not currently designed to be deployed using Airlander.

Do you plan to make larger variants of Airlander?

Our future plans include larger Airlanders, including Airlander 50 and Airlander 200, with the number approximating to tonnes of lift. These larger aircraft benefit from all of the same efficiency advantages as Airlander 10, but can carry significantly larger payloads. Airlander 50 is in the early stages of design, but we anticipate that we could deliver an all-electric Airlander 50 in the early 2030s. This aircraft, with approximately 50 tonnes of point-to-point lift capability and a range of 4,000 nautical miles, will be the future of heavy lift freight transport. The aircraft’s ability to operate without a conventional runway avoids intermodal hubs and delays, as well as opening up inaccessible or hard to reach locations.

What is the fastest speed Airlander can travel and what is the longest duration it can stay in the air?

Airlander 10 has a top speed of 130kph and can stay airborne for up to 5 days. For our customers, speed is not Airlander’s most important feature. In communications & surveillance applications, the key feature is the ability to stay in the air for long periods of time. This provides continuity of coverage that no other aircraft can currently provide. In luxury ecotravel, travelling slowly allows passengers to enjoy the landscape beneath the aircraft. It also makes the flight much more comfortable. In mobility, Airlander can fly point-to-point rather than relying on traditional transport infrastructure. This makes total journey time for shorter routes competitive against other options. Importantly, Airlander will do these journeys with very low carbon footprint. In logistics, Airlander is more efficient than air freight and faster than sea freight. Airlander’s ability to operate without traditional fixed infrastructure also provides an advantage, making remote operations possible.

How can Airlander avoid detection during its surveillance roles and how secure is it in respect to attack from the ground?

Aircraft using lighter-than-air technology like Airlander have been in use in defence applications for decades. Airlander’s construction results in a relatively low radar return and a low heat signature. The aircraft is very durable and can in fact fly on just one of its four engines. Helium leaks very slowly from the hull, so the aircraft can stay airborne even after being punctured by a projectile. More information can be found on our website. The aircraft can fly at up to 20,000 feet and typically operates at altitudes above the range of small arms fire and most man-portable air defence systems. In practice, missions will be specifically designed to make use of the aircraft’s strengths and protect it from potential enemy engagement, which is true of all aircraft. Airlander’s ability to carry and maintain large sensor payloads for long periods of time is a significant advantage. During 2018, Airlander was modelled in a NATO trial, the results of which showed just how transformative it can be.

Risks & Disclosures

Risk Factors

Investors should be aware that the Company is at an early stage in its development. The Company's risk factors are detailed in the Information Memorandum.



Documents

Confidential

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