IP Group plc - Australian portfolio company AMSL Aero's all-electric aircraft takes maiden flight

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which develops world-changing science and technology businesses, is pleased to note that Australian portfolio company AMSL Aero has announced that Vertiia has successfully completed its maiden test flight. This is the first ever flight by an Australian-designed and built eVTOL, which is the new generation of aircraft that take off and land like a helicopter but fly like a plane.

Vertiia completed its tethered hover by remote control in the Central West region of New South Wales in strict accordance with Civil Aviation Safety Authority (CASA) regulations.

The flight marks a vital milestone for Vertiia, which has zero carbon emissions and will carry four passengers and a pilot at a cruising speed of 300kph. Vertiia will be able to fly up to 1,000km, three times the range of any eVTOL. AMSL Aero expects to commence deliveries of the Vertiia in 2026 to customers in the aeromedical, cargo, emergency, and regional air mobility sectors.

IP Group Australia has an undiluted holding of 35.2% in AMSL Aero.

The full release follows below.

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Notes for editors

About IP Group

IP Group develops world-changing science and technology businesses across life sciences, technology and cleantech (through Kiko Ventures). The Group has a strong track record of success, having been the founder investor in a number of high-profile companies including Oxford Nanopore Technologies plc, and has one of the most exciting portfolios of high-growth businesses in Europe. The Group also owns Parkwalk, the UK's largest growth EIS fund manager which backs world-changing technologies emerging from the UK's leading universities and research institutions. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.

For more information, please visit our website at www.ipgroupplc.com.

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"VERTIIA" ALL-ELECTRIC AIRCRAFT TAKES MAIDEN FLIGHT IN HISTORIC FIRST FOR AUSTRALIAN AVIATION

Sydney, Australia - 21 February 2023 - Australian green aerospace company AMSL Aero today announced that Vertiia, the world's most efficient and longest-range Electric Vertical Take Off and Landing (eVTOL) aircraft, has successfully completed its maiden test flight. This is the first ever flight by an Australian-designed and built eVTOL, which is the new generation of aircraft that take off and land like a helicopter but fly like a plane.

Vertiia completed its tethered hover by remote control in the Central West region of New South Wales in strict accordance with Civil Aviation Safety Authority (CASA) regulations.

The flight marks a vital milestone for Vertiia, which has zero carbon emissions and can carry four passengers and a pilot at a cruising speed of 300kph. Vertiia will be able to fly up to 1,000km, three times the range of any eVTOL, which makes it the most efficient eVTOL in the world. AMSL Aero expects to commence deliveries of the Vertiia in 2026 to customers in the aeromedical, cargo, emergency, and regional air mobility sectors.

AMSL Aero CEO and Vertiia inventor Andrew Moore noted that it is nearly 130 years since Australian aeronautical pioneer Lawrence Hargrave invented the box kite, upon which the Vertiia's unique "box wing" design is based. "As Vertiia lifted off, we felt the same rush of adrenaline that Lawrence Hargrave must have felt nearly 130 years ago. The Vertiia prototype flew better than we expected. It was remarkably smooth and a delight to fly," said Moore.

AMSL Aero will now conduct more test flights and begin CASA certification for Vertiia, which is on display at the Avalon International Airshow in Victoria from 28 February to 5 March 2023, as it continues discussions with future customers and builds a sovereign aviation capability for Australia.

According to AMSL Co-Founder Siobhan Lyndon, Vertiia will enable greater access to medical services for vulnerable remote, rural and regional communities, offering new models of care through rapid and low-cost connectivity. "Vertiia is not only safe and quiet, but it was also developed for the harsh long-distance conditions in Australia.  If it can work in Australia, it can work anywhere," she said.

Lyndon added: "Unlike aeromedical aeroplanes that require a runway, Vertiia will carry patients directly from any location straight to the hospital, significantly reducing the complexity and time often required to transport vulnerable patients. It will also be quieter and safer than helicopters and will eventually cost as little as a car to maintain and run, transforming aeromedical transport into a far more affordable, accessible, safer and reliable option."

Moore and Lyndon said: "We would like to take this opportunity to thank our talented and committed team, our investors: IP Group Australia, TelstraSuper, Hostplus and St Baker Energy Innovation Fund, and our many key suppliers and contractors throughout Australia who have helped contribute to the development and flight of Vertiia".

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Media Contact

Dominic White

Dominic.white@allisonpr.com

0439 269 615

A Media Kit with Images of the Vertiia hovering and of Andrew Moore and Siobhan Lyndon with the aircraft can be found here. Please request access if necessary.

About AMSL Aero

AMSL Aero is a sustainable development aerospace company founded in 2017 by Andrew Moore (Co-Founder and CEO), an aeronautical engineer with 20+ years' experience in the aircraft industry, and Siobhan Lyndon (Co-Founder and COO), who has 20+ years' experience in the technology, telecommunications, and professional services sectors, including 11 years at Google. AMSL Aero is a home-grown Australian aerospace company, with headquarters in Bankstown, New South Wales and flight test facilities in Wellington, New South Wales. The name "AMSL Aero" is derived from the initials of the founders, husband and wife team, Andrew Moore ('AM') and Siobhan Lyndon ('SL'). AMSL also refers in aviation speak to 'Above Mean Sea Level'.  The team at AMSL Aero comprises experienced aerospace, electrical, avionics, and mechanical engineers, all of whom have contributed to this amazing new aircraft. AMSL Aero is privately backed by investors including IP Group Australia, Telstra Super, Host Plus and St Baker Energy Innovation Fund.

AMSL Aero "Vertiia" Fact Sheet

·      Vertiia is "the world's longest range and most efficient eVTOL (Electric Vertical Take Off and Landing)" aircraft due to the unique combination of its aerodynamic efficiency and structural design. It uses less energy per seat than a high-speed train

·      Vertiia takes off and lands vertically like a helicopter, but flies fast and efficiently like a plane. It is safer, quieter and more efficient than a helicopter

·      Vertiia produces zero carbon emissions

·      Vertiia's commercial market entry following certification is planned for 2026

·      The initial aircraft will be certified for piloted flight, with autonomy systems installed for future remote piloted applications

·      Vertiia has a cost to operate comparable with short-range (domestic) airliners but has the advantage of taking passengers from door to door due to not requiring a runway

·      Vertiia's aeromedical setup will seat a pilot, a paramedic and/or doctor and patient, or it will be configured to carry passengers (1 pilot + 4pax)

·      Vertiia will cruise at 300km /hour and its initial range will be 250km on battery and 1,000km on hydrogen power

·      AMSL Aero holds international patents for Vertiia, protecting its core technological features, including its unique wing tilting mechanism, combined with its box wing design and control system

·      Vertiia is an eight electric motor tilting wing aircraft that can operate from a helipad or similar size landing site

·      Vertiia has the capability to connect Australian regional hubs such as Armidale to Coffs Harbour or Dubbo to Sydney and due to the small number of seats it can conduct on-demand (unscheduled) services to reduce excess capacity