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Editor: Huang Yarong

Map by Dong Yuxin and Tang Junzi

On July 24, 2024, 36Kr held"Transforming the Skyline: Shaping the Next Generation of Urban Air Mobility"OpenTalk live sharing event, special guestHuang Xiaofei, partner, director and senior vice president of Volant Aviation, Yang Yinghao, partner of Yintai Capital, and Xu Weiqiang, founder and general manager of Hydron TechnologyThere were three guests in total, who discussed multiple elements including the investment logic and application scenarios of eVTOL, UAM, urban navigation infrastructure, hydrogen-powered drones, green aviation, long-flight industrial drones, and interacted with the audience on the spot through Q&A.

What are the views of the three guests on the future of urban transportation? In the new air and space transportation network, which links are at the key position? In the field of air traffic and transportation, what first-hand industry insights and practical experience of technology and products will they share? The following is a summary of the key points of this live broadcast, welcome to read, share and collect:

Huang Xiaofei, Partner, Director and Senior Vice President of Volant Aviation：Measuring the world with technology——Volante Aviation’s understanding and practice of low-altitude economy

Huang Xiaofei:Partner, Director and Senior Vice President of Volant Aviation. PhD student of University of Electronic Science and Technology of China, Vice President of Shanghai General Aviation Industry Association, Executive Director of Low-altitude Economic Think Tank and General Aviation Branch of China Transportation Association, and Expert of Wuhu City Major Administrative Decision-making Consultation and Demonstration Think Tank. Rooted in the transport aviation and low-altitude economic market in China for 17 years, he has successfully started businesses many times, made breakthroughs in major areas of the aviation industry, and has rich experience in the implementation of new business models.

Share keywords: #eVTOL #key factors #investment logic #application scenarios

Huang Xiaofei, Partner, Director and Senior Vice President of Volant AviationThe sharing session comprehensively analyzed the current situation and prospects of the low-altitude economy, and demonstrated Volant Aviation's in-depth practice in this field.

5 key industry insights:Huang Xiaofei first provided a comprehensive perspective on the low-altitude economy from the perspectives of industry status, technological progress, and market potential.Industry gaps and potential.China's low-altitude economy is significantly different from that of other countries, and the number of aircraft and airports is seriously insufficient. Considering China's population size and land area, this gap is extremely mismatched with the country's economic status and people's needs, indicating huge room for development. Second,Technological competitiveness is shifting.He stressed that the "shortcomings" of China's aviation industry are evolving into "strengths". With the advancement of technology, especially the application of new energy technologies, the former limiting factors are turning into new advantages to promote the development of the industry.Exponential growth of industrial factors.Huang Xiaofei mentioned that the industrial elements such as "sky, ground, people, and machines" have changed more than 10 times, especially the application of motors and carbon fiber composite materials, which has provided the possibility for the breakthrough development of the low-altitude economy.The disruptive impact of eVTOL.He predicted that eVTOL technology is expected to bring about changes of "10 times safety, 10 times cost, and 10 times efficiency", solving the three major pain points of traditional low-altitude economy and general aviation (safety, efficiency, and cost), significantly reducing dependence on infrastructure, and improving safety. Fifth,The strategic position of low-altitude economy.After the low-altitude economy was defined as a national strategic emerging industry in 2023, it was promoted to a "new growth engine" at the 2024 National People's Congress.

Market demand and cost structureHuang Xiaofei pointed out that market demand is the key factor driving the development of the low-altitude economy. He demonstrated the potential of the low-altitude economy through six application scenarios, including aerial sightseeing, air logistics, urban point-to-point travel, social governance, short-distance transportation, and business/private flights. He particularly emphasized the importance of cost structure. For example, Volante Aviation's VE25 eVTOL can currently fly about 20 kilometers in 5 minutes at a cost of about 60 yuan per seat, and he believes that this cost structure has room for a 30% to 40% reduction.

Research and development and flight test progress:The Volante full-scale technology demonstrator (VE25X1) was successfully rolled off the production line in August 2022, and successfully completed the first round of test flights in January 2023. In September 2023, the VE25-100 passenger eVTOL type certificate application was accepted, marking that the Volante VE25-100 officially entered the type certification procedure. This is also the first passenger manned eVTOL project accepted by the East China Regional Administration of the Civil Aviation Administration of China. Currently, the VE25X1 is undergoing a new phase of intensive test flights in Zigong, Sichuan.

International progress and market prospects: Looking at the current status of the global eVTOL industry, Huang Xiaofei pointed out that Volant has competitive advantages in both R&D speed and cost-effectiveness. He also mentioned that Volant has become one of the industry standard setters and has 700 aircraft orders from important customers such as China Southern Airlines and AsiaJet Airlines, with an order value of approximately 15 billion.

Finally, Huang Xiaofei concluded that based on Volante's experience, defining products based on application scenarios and market demand, and deploying team configurations accordingly, is more likely to win in the competition. He also proposed three waves of investment opportunities in the low-altitude economy from a personal perspective: host manufacturers, upstream supply chains, and downstream application scenarios. He emphasized that with the advancement of low-altitude transportation technology and the expansion of its applications, the low-altitude economy will bring changes to cities, and we will witness the transformation from "cities on wheels" to "cities on wings."

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Yang Yinghao, partner of Yintai Capital：UAM New Urban Infrastructure

Yang Yinghao:Partner of VentechChina, Bachelor of Electronic Science and Technology from Tianjin University, MBA from Cheung Kong Graduate School of Business. Former Managing Director of Shanghai Huarui Bank's Science and Technology Innovation Finance Division, responsible for the development of science and technology innovation finance business; Former Executive General Manager of Fosun Group, leading investment in the consumer and Internet sectors; Formerly worked at Beijing Digital Video Group, successively serving as product manager, marketing and sales director and investment director. Investment cases: Volant, Renxin Technology, Deep Vision, Incodi, Easy Hydrogen Power, Haiyi New Energy, Xianmu, etc.

Share keywords: #UAM #UrbanAviation #Infrastructure

Yang Yinghao, partner of Yintai CapitalThe sharing session discussed in depth the potential and prospects of Urban Air Mobility (UAM) as a new urban infrastructure.

The history of UAM:Yang Yinghao mentioned that the history of UAM can be traced back to the era of airships in the mid-19th century, emphasizing that it is not a new concept, but has a history of more than 100 years of evolution. German businessman Zeppelin used airships to open routes and provide aerial sightseeing services for the upper class and journalists, which was a popular city sightseeing project at the time. He pointed out that although airships had safely operated more than 35,000 passengers before World War I, they eventually withdrew from the stage of history due to economic and safety issues, which also indicates that cost control and safety improvement will be two key points that cannot be avoided in future aircraft manufacturing. He then discussed the rise of modern civil aircraft, especially the Boeing 707 that appeared in 1958, and in terms of helicopters, Sikorsky's VS-300 helicopter successfully developed in 1939, all of which marked the gradual growth of the modern aviation industry.

UAM industrialization has reached an important node:Yang Yinghao believes that the maturity of technology, supply chain and other aspects is driving the upgrading and replacement of the industry, and the gradual improvement of safety and economy also indicates a wider application prospect. Yang Yinghao analyzed various aspects of the UAM industry chain in detail, which has driven the development of a series of industry chains such as flight control systems, avionics systems, materials, power, navigation and communication, and energy. With the application of new energy technologies such as hydrogen energy, hybrid power and methanol, the energy system of UAM will be more diversified. In addition, the demand for related supporting facilities such as aprons, charging systems and cleaning services will also increase accordingly. When demand increases and more flights need to be produced, there will be more links and more people joining the industry chain, and economies of scale will drive further cost reductions. This industry will hopefully have greater room for imagination in the future.

Taking Boeing's supply chain system as an example, Yang Yinghao demonstrated the complexity of the aviation manufacturing industry and its dependence on the upstream supply chain. From design software to material supply, to batteries and accessory systems, Boeing's supply chain involves many companies and practitioners. This shows that as the UAM industry matures, it will bring huge impetus to the economy, employment and society.

Passenger transportation and air cargo:At present, the main applications of UAM are manned transportation and aerial cargo transportation. With the advancement of urbanization, the three-dimensional utilization of urban space has become increasingly important. For example, Meituan's drone food delivery service has appeared in parks in Shanghai. In the future, man-machine will play an increasingly important role in the sky above the city, especially in the monitoring, maintenance and cleaning of high-rise buildings and bridges. Regarding eVTOL, Yang Yinghao believes that due to its safety, cost-effectiveness and ease of use, it will be the main force in the future development of UAM, especially in urban scenarios.

Potential of China’s UAM industry:Although China's UAM industry started late, it has great potential. According to the "Overview of General and Small Transport Operations in 2023", by the end of 2023, there will be 2,141 aircraft in operation in my country. Compared with the United States, there is also a large gap in the number of general aviation airports and general aviation aircraft in China, and the number of pilots is far from enough. But this also provides a broad space for the development of the UAM industry, and it also means that the demand for professional talents will increase. In addition, by comparing the data on global aircraft deliveries, it is not difficult to see that China's aviation manufacturing industry still has great potential and space for development, and the growth of aircraft deliveries will bring huge space to the market.

At the end of his sharing, Yang Yinghao pointed out that innovators and entrepreneurs in the industry are the key forces driving the development of the industry, and their success will lead the entire industry forward. With the continuous advancement of technology and the improvement of market awareness, UAM will undoubtedly become an important part of urban development, bringing revolutionary changes to future urban transportation and lifestyles.

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Founder and General Manager of Hydron TechnologyXu Weiqiang: Hydrogenpeng Technology - the leader in hydrogen-powered long-flight UAVs

Xu Weiqiang:Founder and general manager of Hydron Technology, postdoctoral fellow at Beijing University of Aeronautics and Astronautics. Former deputy director of the Department of Aircraft at Beihang University, member of the National Fuel Cell Standardization Committee, drafter of national standards related to hydrogen drones, and vice president of the Guangdong Battery Industry Association.

Share keywords: #hydrogen energy #green aviation #long-flight industrial drone

Xu Weiqiang, founder and general manager of Hydron TechnologyThe presentation detailed how hydrogen energy, as a clean and efficient energy source, can provide drones with longer flight time and lower operating costs. In the future aviation sector, hydrogen energy has broad application prospects.

Breakthrough in Hydrogen Aviation:Hydrogen Peng Technology focuses on the research and development of hydrogen-powered aircraft and airborne hydrogen power systems. Its main products are long-flight hydrogen-powered industrial drones. In the future, it will expand into the field of vertical fixed-wing and large drones, and cooperate with OEMs to provide hydrogen power systems. In terms of form, hydrogen energy has two main applications in aircraft: hydrogen internal combustion engines and hydrogen fuel cells. The principle of hydrogen internal combustion engines is similar to that of gasoline and diesel internal combustion engines, while hydrogen fuel cells generate energy through electrochemical reactions, with high conversion efficiency (theoretically up to 85%), no combustion process, and no rotating parts. It is suitable for industrial drones, vehicles, submarines, etc.

The inevitability of the development of new energy:From the law of changes in human energy consumption, Xu Weiqiang captured the trend of energy development. From firewood, coal, oil to natural gas, and then to new energy and renewable energy, he found that the hydrogen-carbon ratio of fuels is always increasing. Human energy consumption is a process of hydrogenation and decarbonization, and also a process of pursuing higher energy conversion efficiency. Therefore, hydrogen energy, as the energy with the highest hydrogen content and energy conversion efficiency, is called the ultimate energy of the future. In addition, the concept of "Earth Overshoot Day" also emphasizes the importance of energy conservation and emission reduction to the sustainable development of the earth. Hydrogen energy, as a zero-emission clean energy, has significant environmental advantages and is an important supporting technology for achieving the "dual carbon" goal.

Advantages of hydrogen-powered drones:At present, the common pain points faced by electric drones are battery life and low temperature adaptability. Hydrogen-powered drones have obvious advantages, with a battery life of up to 3-5 hours (more than 6 times that of traditional drones), a flight distance of up to 300km, a work efficiency of more than 8 times that of traditional drones, and lower overall costs. In terms of safety, hydrogen storage bottles can undergo rigorous tests including fire, shooting, falling, blasting, fatigue and environmental testing. Compared with lithium batteries, hydrogen power systems are safer and are especially suitable for outdoor application scenarios such as forest patrols in high temperature environments. In addition, hydrogen-powered drones have high accuracy in predicting battery life, and can achieve consistency between theoretical battery life and actual battery life, solving the mileage anxiety problem of lithium batteries.

Cost-benefit analysis: He pointed out that although the cost of hydrogen-powered aircraft is higher than that of electric aircraft at present, with the realization of mass production, the cost will be on par with that of electric aircraft. In addition, battery depreciation accounts for a large part of the cost of electric aircraft, while the cost of hydrogen fuel cells and hydrogen is more advantageous in long-term use. Taking the drone of Hydrogen Peng Technology as an example, only 200 grams of hydrogen is used in a 3-hour flight, and its terminal market price is only about 10 yuan.

Hydron Technology UAV and its applications：Hydrogenpeng Technology's professional industrial drone XC04 is the world's first foldable mass-produced hydrogen-powered drone. It has the characteristics of portable disassembly and assembly, integrated fuselage structure, intelligent parachute and rapid hydrogen refueling. It can complete hydrogen refueling within 3 minutes and support 3 hours of flight. In addition, the model has passed the environmental test of minus 40 degrees, demonstrating its endurance in extremely cold environments. Hydrogenpeng Technology's drones have been used in many scenarios such as unmanned cargo transportation, emergency lighting, forest search and rescue, and oil and gas pipeline inspections. It has achieved one-button takeoff and landing and inspection capabilities of more than 100 kilometers. At the same time, it can transmit data and images in real time, changing the application mode of traditional drones.

Finally, Xu Weiqiang envisioned the widespread application and long-term development of hydrogen-powered drones in the low-altitude economy. As a clean and efficient energy source, hydrogen energy provides drones with longer endurance and lower operating costs while reducing environmental impact. He hopes that practitioners with technology and passion can explore the potential of hydrogen-powered drones and jointly promote the maturity and development of the market.

Click to enlarge and view the details of the mind map

In the live broadcast room, the three guests also gave wonderful one-on-one answers to the questions from the online audience, and carried out continuous technical exchanges and business discussions with the audience on related topics in the event community. The above is the essence of this OpenTalk. For more details, you can scan the QR code below to watch the video review.

On August 13, 36氪OpenTalk will continue to hold a low-altitude economic expert sharing event. Detailed guest information and event arrangements will be released first in the 36氪OpenTalk exchange group. Please stay tuned. If you have professional exchanges and cooperation needs, you are welcome to initiate discussions in the event group at any time.

OpenTalk

"OpenTalk" is an online live exchange activity under the 36Kr Innovators Club. Focusing on cutting-edge topics in the fields of technology and venture capital that community members are concerned about, community talkers are regularly organized to share and exchange ideas, and practical content is regularly shared and fed to community members, and finally returned to the community. Here, different viewpoints will confront each other head-on, their respective explorations can collide directly, and their practices will lead to more cooperation.