Vertical Aerospace (EVTL) and Honeywell said Thursday that they agreed to expand their existing partnership to a long-term deal covering the delivery of VX4 aircraft to customers.

Honeywell will continue to provide certification and production work for the aircraft's flight control and aircraft management systems, according to the joint statement.

Vertical plans to certify the electric vertical takeoff and landing aircraft in 2028, with a target of 150 deliveries by 2030.

The expanded deal holds potential for about $1 billion in contract value over the next 10 years, the companies added.

Shares of Vertical Aerospace were down 3% in recent trading.

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