- Rolls-Royce's (OTCPK:RYCEF +2.0%) first all-electric aircraft, the 'Spirit of Innovation,' completed its first flight, taking off from the UK Ministry of Defence’s Boscombe Down site and flying for about 15 minutes.
- The small battery-powered propeller aircraft can reach speeds of over 300 mph. If successful, Rolls-Royce will break the world record for fastest electric flight, which currently stands at 210 mph.
- “The first flight of Rolls-Royce’s revolutionary Spirit of Innovation aircraft signals a huge step forward in the global transition to cleaner forms of flight," said a spokesperson. Roughly 2.8% of global CO2 emissions from fossil fuel combustion come from the aviation industry, according to the International Energy Agency.
- Half of the funding for the project is provided by the Aerospace Technology Institute in partnership with the U.K. government’s Department for Business, Energy & Industrial Strategy and Innovate UK.
- The success is a step towards Rolls-Royce's goal to be net zero by 2050, in line with Britain's target.