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SPECIAL FEATURE<br />
TCab Tech<br />
TCab Tech accelerated its financing efforts in <strong>2023</strong>, successfully<br />
completing a pre-Series A financing round of USD $13.89 million<br />
in February and securing a credit line of USD $139 million from<br />
the Bank of China in May. Supported by substantial funding, the<br />
company unveiled its E20 eVTOL prototype in June <strong>2023</strong>. The<br />
E20 is a long-range passenger tilted eVTOL aircraft, featuring a<br />
fuselage made of carbon fiber composite material, which is known<br />
for its high strength and low weight. The aircraft’s designed<br />
cruising speed is 260 km/h, with a range of up to 200 km. It can<br />
accommodate one pilot and four passengers. In October, TCab<br />
announced that the prototype had successfully completed its<br />
maiden test flight and that the company had already applied for<br />
the aircraft’s Type Certificate.<br />
more development opportunities and held a strategic cooperation<br />
and signing ceremony with Heli-Eastern in Shenzhen in November.<br />
Heli-Eastern is a public transport aviation company located in<br />
Shenzhen. Its services include emergency rescue, business travel,<br />
and aerial tours. This also marked the first customer of TCab in<br />
the Greater Bay Area.<br />
In February <strong>2023</strong>, Asian Express Aviation Group, a diversified<br />
aviation industry company in China, which currently operates<br />
more than thirty Pilatus aircraft, signed a purchase agreement<br />
with TCab for 50 E20 aircraft. TCab has been actively seeking<br />
Vertaxi<br />
Vertaxi is an eVTOL developer established in Zhuhai in 2021,<br />
although its research and development center, aircraft test field,<br />
and assembly factory are in Shanghai.<br />
maintenance equipment and training services in a deal worth<br />
around USD $32 million .<br />
Since the release of its Martrix 1 in March <strong>2023</strong>, Vertaxi has<br />
received positive reviews in the market, especially since the M1<br />
completed its first test flight in October <strong>2023</strong>. The company also<br />
secured several orders within the year. In September, it announced<br />
an intended order worth approximately USD $25 million . Then, in<br />
November, Longhao Aviation Industry Investment, a company in<br />
Guangzhou engaged in airport investment, cargo, general aviation<br />
operation and related activities, expressed its intention to purchase<br />
15 M1 eVTOLs, five M1H hybrid-powered eVTOLs, along with some<br />
44 | <strong>YE</strong> <strong>2023</strong> ASIA-PACIFIC CIVIL HELICOPTER FLEET REPORT
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