Core Insights - Shanghai Volant Aviation Technology Co., Ltd. has completed a multi-billion RMB Series B financing round, which will accelerate product development, airworthiness certification, and commercialization processes [1] - The low-altitude economy is experiencing unprecedented financing enthusiasm, with "low-altitude economy" being included in the government work report for the first time in 2024 as a "new growth engine" [2] - The company has faced significant challenges in obtaining the necessary airworthiness certifications, which are crucial for the commercialization of eVTOL [3] - Volant has secured over 860 intention orders worth 22 billion RMB, but the gap between intention orders and confirmed orders remains substantial [4] - The company has previously faced a critical moment of survival due to an accident that damaged an aircraft, leading to a withdrawal of financing from investors [5] Financing and Investment - Volant has completed 10 rounds of financing in four years, with six rounds occurring in 2024 alone, supported by prominent investors [2] - The founder explained the strategy of securing basic funding quickly to ensure the safety of the aircraft model [2] Certification Challenges - The airworthiness certification process is a significant hurdle for eVTOL commercialization, with Volant's application for the VE25-100 model still pending after two years [3] - The case of European eVTOL company Volocopter, which went bankrupt due to delays in certification, highlights the risks associated with this process [3] Order Conversion Issues - The company has received a large number of intention orders, but these do not have legal binding and typically do not involve upfront payments from customers [4] - The transition from intention orders to confirmed orders is complex and lengthy, with the first confirmed order only announced in January 2024 [4] Historical Context - Volant has experienced a critical crisis in 2023, where an accident led to a loss of investor confidence and a withdrawal of funding [5] - A strategic partnership with a bank provided a 1 billion RMB credit line, helping the company navigate through its challenges [5]

Core Viewpoint - The successful acquisition of the airworthiness certificate (AC) for the V2000CG Kai Rui Ou by Fengfei Aviation marks a significant milestone in the commercial operation of eVTOLs, as it completes the three necessary certifications: Type Certificate (TC), Production Certificate (PC), and AC [1][2]. Company Summary - Fengfei Aviation's V2000CG Kai Rui Ou is an eVTOL with a maximum takeoff weight of 2 tons, a maximum payload of 400 kg, a maximum cruising speed of 200 km/h, and a range of 200 km, primarily aimed at low-altitude logistics, emergency material transport, and rescue operations [1]. - The first delivery of the fully certified eVTOL was made to He Li Intelligent, which will utilize it for various transportation scenarios, including mountainous, marine, island, and intercity cargo transport [2]. - Fengfei Aviation has over 1,000 orders, including framework procurement agreements, intent orders, and actual payment orders, with ongoing exploration of overseas markets such as Japan and Southeast Asia [3]. - The company is also developing a five-seat manned aircraft, Shengshi Long, which has received several approvals and is entering the compliance verification stage [4]. Industry Summary - The certification process for eVTOLs is accelerating, with companies like Hefei Lanyi Aviation Technology also obtaining TC for their passenger-grade eVTOL, LE200 [5]. - The table provided outlines the certification timelines for various companies, highlighting that Fengfei Aviation's V2000CG is the first eVTOL over one ton to achieve the three necessary certifications [6]. - The certification of eVTOLs over one ton is more challenging due to increased structural strength, energy system, and flight control verification requirements, necessitating more testing and R&D investment [7].