by Michael Willoughby
Hanwha Systems announced that its $25 million investment in US-based air taxi startup, Overair, had received final approval, according to the Korea Herald.
Hanwha and Overair plan to jointly develop personalised aerial vehicles following the US Committee on Foreign Investment’s greenlight, the paper says.
Overair is one of the core partners of the Uber Elevate project for commercial flying taxis.
“With the investment, the South Korean firm is set to participate in Overair’s project to develop a passenger air vehicle named Butterfly,” the Herald claims.
Hanwha Systems CEO Kim Youn-chul said the company was financially ready to enter the flying taxi market following its recent initial public offering, adding “We will actively forge global partnerships to foster the air taxi business as our future growth engine.”
“Butterfly is an electric powered vertical takeoff and landing (eVTOL) aircraft with an optimum speed tilt rotor technology. It makes minimal noise, is safe and green, and therefore an optimal mobility service for an urban environment,” the company said.
It can fly at a speed of over 240 kilometers per hour, and travel for over 100 kilometers. Including the pilot, a total of five persons can be accommodated onboard, the report claims.
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