SEOUL, Oct. 24, 2023 — Overair, an emerging global leader in advanced air mobility (AAM) and a developer of all-electric vertical takeoff and landing (eVTOL) aircraft, today announced that the company and its strategic partner, Hanwha Systems, have signed a letter of intent (LOI) and two memoranda of understanding (MOU) with key Korean partners to accelerate AAM in the region.

These agreements were signed jointly during public ceremonies at last week’s Seoul International Aerospace and Defense Exhibition (ADEX), attended by defense officials from more than 57 countries. This news follows the company’s recently announced MOU between Overair, Jeju Island, and Hanwha to bring an AAM ecosystem to the South Korean region.

“Overair is committed to supporting South Korea’s strong AAM ambitions through partnerships like these that ensure all facets of the ecosystem are considered. Local governments, operators, and infrastructure providers will play an integral role as we enter this new era of transportation,” said Overair CEO Ben Tigner. “We look forward to collaborating with our partners at Hanwha Systems on these exciting new projects, which will bring real benefits to the communities they impact and provide a solid foundation to further AAM adoption across Southeast Asia.”

An LOI for the purchase of 20 Butterfly aircraft was signed with HeliKorea, a leading air transportation company for Korea’s helicopter industry. The aircraft will integrate seamlessly into HeliKorea’s current business model and will be used for medical, executive, and cargo transport, as well as firefighting, high-voltage power line inspection, and other applications. Overair will also provide pilot and maintenance training.

Overair’s MOU with South Korean construction convergence innovator Daewoo E&C establishes a plan to jointly develop a series of AAM networks across East South Asian markets. The companies will develop and implement a concept of operations (CONOPS), select local operators and vertiport sites, establish urban air traffic management (UATM) systems, and engage with local aviation and government authorities to create a viable regulatory framework for AAM operations. Daewoo E&C will focus on vertiport establishment, while Overair will provide operational guidance and aircraft integration expertise.

Finally, an MOU with the Korean Police aims to integrate AAM within the agency. The Police Department’s Human Resources Development Institute will focus on developing comprehensive training programs to support vertiport development and AAM deployment. Both Overair and the Police Human Resources Development Institute will collaborate on AAM operational training within the organization, which includes vertiport integration, pilot training, maintenance, community education, and more.

All of the agreements will leverage Hanwha Systems’ expertise in UATM, software management systems, communication, navigation, surveillance, information hardware (CNSI equipment), and air travel infrastructure. Hanwha Systems will support each project with systems and operational support to ensure UATM certification and safe, efficient operation.

“Overair is a company with global ambitions. Announcing these agreements at Seoul ADEX 2023 not only shows the importance of these partnerships in Korea but also exemplifies our commitment to supporting all aspects of AAM worldwide,” added Tigner.

About Overair

Overair (https://overair.com) is positioned to be a global leader in advanced air mobility. Spun out of Karem Aircraft in 2020, the Santa Ana, California-based company announced the design of its vehicle, Butterfly, in 2021. Butterfly is a breakthrough electric vertical takeoff and landing (eVTOL) aircraft. Butterfly’s proprietary technologies, derived from the Overair team’s decades of aerospace experience, create critical power reserves using today’s commercially available battery cells, which translate into advances in safety and a superior experience for riders and communities. With eVTOL adoption set to revolutionize aerial mobility, Butterfly is positioned to set the bar on real-world dependability, with best-in-class payload, sound emissions, and weather capability. Overair has operating partnerships with companies such as Hanwha Systems and Bristow Group, and the team completed its full-scale propulsion testing in the second quarter of 2022. Overair’s full-scale prototype is in its final assembly and will begin flight testing in 2024.

About Hanwha Systems

Hanwha Systems (https://www.hanwhasystems.com) is the representative company of the Republic of Korea with world-class companies in various business areas based on avionics and space, security and safety, and information systems service. Hanwha Systems has a Defense Division and an ICT Division, with customer value being the top priority.

Hanwha Systems also offers the next-generation transportation system that will change our future lifestyle with UAM (Urban Air Mobility). As a global total solution provider for urban air mobility, Hanwha Systems intends to provide the safest and most convenient mobility services.

Hanwha Systems is developing Low-Earth Orbit (LEO) satellite communication antennas based on its high-tech communication, sensor, and ITC capabilities. LEO satellite constellations communication is one of the most promising future technologies that will provide 5G-LTE level high-speed internet services via satellite constellations circling the Earth and realize the vision of the space internet.

About Daewoo Engineering & Construction Co.,Ltd

Daewoo E&C (https://www.daewooenc.com) has always been with Korea at the moment of rapid economic growth achieved in the past half-century. Daewoo E&C is positioned as a leader in the global construction market, from infrastructure construction projects focusing on roads, bridges, tunnels, petrochemical plants, and industrial facility EPC projects to high-tech complex skyscrapers. Recently, Daewoo E&C has been expanding the value chain by investing in offshore wind power systems, hydrogen business, recycling waste batteries/waste plastics business, and mobility charging infrastructure business.

Daewoo E&C will continue to create a valuable environment and space beyond construction by thoroughly preparing for the creation of the highest corporate value and a better life for humanity.

About HeliKorea

HeliKorea (http://www.helikorea.co.kr) was established in July 1996 and has grown to become the largest commercial helicopter services company in the Republic of Korea. It has expanded its business into various fields both domestically and internationally through differentiated business strategies. HeliKorea is at the forefront of aviation industry development and contributes to the welfare of the people through operations such as helicopter emergency medical services (HEMS), personal transportation service, firefighting missions, helicopter maintenance (MRO), and pilot training (ATO). HeliKorea operates a fleet of more than 20 helicopters – AW169, AW109, KA-32A(11BC), Bell214, Bell407, S-76C+, BK-117.

About Korean Police Human Resources Development Institute 

Korea’s Police Human Resources Development Institute was established in 1945 as the Chosun Police Academy. Due to its organizational growth, it had undergone numerous name changes, including the National Police Academy, the National Police Professional Academy, and the Policy University, until it received its current name in March 2018.

Today, PHRD is a specialized educational institution responsible for training more than 20,000 active-duty police officers as well as other rank-and-file government employees for their refresher courses. PHRD announced its vision to “cultivate competent and proud police officers and create an ‘Ease of Mind Community’ that can be a source of trust for the public.” To achieve this, PHRD is developing an optimal training environment based on actual public safety enforcement scenes, which is instrumental in nurturing a highly skilled police force.

Media inquiries:
Kim Jennett
Head of Marketing and Communications
Overair
408-375-4758
kjennett@overair.com