A rendering of Vertical Aerospace's VA-X4 aircraft is seen in this image obtained by Reuters on June 11, 2021. Vertical Aerospace/Handout via REUTERS
June 10 (Reuters) - Vertical Aerospace, an electric vertical takeoff and landing aircraft (eVTOL) maker backed by investors such as American Airlines (AAL.O), will go public through a merger with a blank-check firm in a deal valued at $2.2 billion, the company said on Thursday.
Vertical Aerospace said it has pre-orders for up to 1,000 eVTOL aircraft with launch customers Avolon and American Airlines, along with a pre-order option from Virgin Atlantic, all valued at up to $4 billion.
"If you think about transportation strategically this is the next big frontier," Domhnal Slattery, chief executive of Avolon, the world's third-largest aircraft leasing company, told Reuters in an interview.
"Whether it is airlines operating this as an add-on product or ride sharing businesses in different jurisdictions, I think it is going to take a lot of different forms over time."
Investment in the zero-emission electric aircraft comes at a time when aviation companies are under mounting pressure from investors to help decarbonize the sector and boost their environmental, social and governance (ESG) scores.
Analysts say a key question is how long it will take for the new electric aircraft to be certified by aviation authorities.
Europe's top regulator said last month the region could see the first flying taxis enter service as early as 2024. (https://reut.rs/3cyehAh)
Vertical will be listed on the New York Stock Exchange under the ticker 'EVTL', following a deal with Broadstone Acquisition Corp (BSN.N). The deal is expected to close in the second half of 2021.
American Airlines and Avolon, as well as Honeywell and Rolls-Royce (RR.L), have invested in Vertical via a private investment in public equity transaction, the company said.
Microsofts venture fund M12, investment manager 40 North and venture capital firm Rocket Internet SE are also some of Verticals investors, the company said.
Reporting by Ankit Ajmera in Bengaluru; Editing by Krishna Chandra Eluri
Our Standards: The Thomson Reuters Trust Principles.
Originally posted here:
Vertical Aerospace to go public in $2.2 billion SPAC deal - Reuters
- why can't i print in the message area? - November 7th, 2009 [November 7th, 2009]
- smoke detectors - November 7th, 2009 [November 7th, 2009]
- Insulation drawings - November 7th, 2009 [November 7th, 2009]
- Boiler. - November 7th, 2009 [November 7th, 2009]
- Electrical Harmonics - November 7th, 2009 [November 7th, 2009]
- axial thrust - November 7th, 2009 [November 7th, 2009]
- Pl inform which make suitable for this specification - November 7th, 2009 [November 7th, 2009]
- CapsLock - November 7th, 2009 [November 7th, 2009]
- How to Calculate Drag Reduction Factor for surge analysis - November 7th, 2009 [November 7th, 2009]
- cable..pls help - November 7th, 2009 [November 7th, 2009]
- 11Kv joints - November 7th, 2009 [November 7th, 2009]
- how to calculate required torque? - November 7th, 2009 [November 7th, 2009]
- IP rating for enclosures - November 7th, 2009 [November 7th, 2009]
- 11kv JOINTS SPACING ON PARALLEL CABLES - November 7th, 2009 [November 7th, 2009]
- beep sounds - November 7th, 2009 [November 7th, 2009]
- Increse speed of pneumatic cylinder - November 7th, 2009 [November 7th, 2009]
- Pipe fittings-Manufacturing/Quality Assurance - November 7th, 2009 [November 7th, 2009]
- kango memolition hammer - November 7th, 2009 [November 7th, 2009]
- Loss calculation in undergound Transmission Cables - November 7th, 2009 [November 7th, 2009]
- Design in ASP.NET - November 7th, 2009 [November 7th, 2009]
- axial pump - November 7th, 2009 [November 7th, 2009]
- Auger bit - November 7th, 2009 [November 7th, 2009]
- Pipe - November 7th, 2009 [November 7th, 2009]
- Centrifugal oil filter ideas - November 7th, 2009 [November 7th, 2009]
- When to install Horizontal Condensate Pot (Probably also called Spun Type) ?? - November 7th, 2009 [November 7th, 2009]
- Confusion about a Resistance Bulb - November 7th, 2009 [November 7th, 2009]
- Loop testing for a NON-HART 4 wire instrument - November 7th, 2009 [November 7th, 2009]
- My VAWT Project, next phase - November 7th, 2009 [November 7th, 2009]
- voltage doubler - November 7th, 2009 [November 7th, 2009]
- How to build corners and joints using Red Oak timbers? - November 7th, 2009 [November 7th, 2009]
- THERMAL OIL BOILER - November 7th, 2009 [November 7th, 2009]
- How Do You Get a Degree in Green Energy? - November 7th, 2009 [November 7th, 2009]
- deareator pegging - November 7th, 2009 [November 7th, 2009]
- 99 ford ranger with no brake pedal at all - November 7th, 2009 [November 7th, 2009]
- CAD tool for electronic circuitry design - November 7th, 2009 [November 7th, 2009]
- hvac - November 7th, 2009 [November 7th, 2009]
- Unfinalized video miniDVD data recovery - November 7th, 2009 [November 7th, 2009]
- eletronics - November 7th, 2009 [November 7th, 2009]
- codless phones programming - November 7th, 2009 [November 7th, 2009]
- Effectiveness in cooling a drink with ice than water? - November 7th, 2009 [November 7th, 2009]
- Free Vibration Analysis of Tapered Composite Wings - November 8th, 2009 [November 8th, 2009]
- Can You Treat Composite Beams or Wings Mathematically like Isotropic Wings? - November 8th, 2009 [November 8th, 2009]
- Particle, Particle in Space, Tell Me About Earthquakes - November 8th, 2009 [November 8th, 2009]
- Russian Rocket Engine – Best in the World - November 8th, 2009 [November 8th, 2009]
- New Online Evaluation of Laminated Composite Stiffnesses - November 8th, 2009 [November 8th, 2009]
- 'Autonomous' helicopters teach themselves to fly - November 8th, 2009 [November 8th, 2009]
- Next Target – Jupiter - November 8th, 2009 [November 8th, 2009]
- NASA's FERMI, Space, and Time - November 8th, 2009 [November 8th, 2009]
- Lunchtime Salon Today in L.A. - November 8th, 2009 [November 8th, 2009]
- A vote for McCain is a vote against science - November 8th, 2009 [November 8th, 2009]
- NASA Study Investigates Mental Overload in Pilots - November 8th, 2009 [November 8th, 2009]
- NASA Releases Columbia Crew Safety Report - November 8th, 2009 [November 8th, 2009]
- What the Stimulus Package Means for Science - November 8th, 2009 [November 8th, 2009]
- All Scientists Have Conflicts of Interest (Duh) - November 8th, 2009 [November 8th, 2009]
- Congress Considers Killing Open-Access Journals - November 8th, 2009 [November 8th, 2009]
- Transmission Swing Angle - December 12th, 2009 [December 12th, 2009]
- Long Weld Neck Flanges - December 12th, 2009 [December 12th, 2009]
- Super Critical Fluid Extraction for Rose Oil - December 12th, 2009 [December 12th, 2009]
- Capacitor Bank Calculations - December 12th, 2009 [December 12th, 2009]
- Power Supplies and Dummy Loads - December 12th, 2009 [December 12th, 2009]
- Standards for Piping Vibration - December 12th, 2009 [December 12th, 2009]
- Automatic Generator Changovers - December 12th, 2009 [December 12th, 2009]
- Synchronous Generators - December 12th, 2009 [December 12th, 2009]
- Suzuki Swift Brakes - Squeaks and Whistles - December 12th, 2009 [December 12th, 2009]
- Flange Serration - December 12th, 2009 [December 12th, 2009]
- Hydraulic Shapes and Reciprocating Machines - December 12th, 2009 [December 12th, 2009]
- No Shortage of Engineers After All! - December 12th, 2009 [December 12th, 2009]
- Delta Starter Diagram - December 12th, 2009 [December 12th, 2009]
- 2002 Chevy Duramax Diesel - Low Voltmeter Reading - December 12th, 2009 [December 12th, 2009]
- Energy Survey and Consumer Mapping Methodoogy - December 12th, 2009 [December 12th, 2009]
- Setback for Geothermal Energy - December 12th, 2009 [December 12th, 2009]
- Darlington Amplifier - December 12th, 2009 [December 12th, 2009]
- Diesel Storage Tank Design - December 12th, 2009 [December 12th, 2009]
- Car MPG Questions - December 12th, 2009 [December 12th, 2009]
- Dark LCD Display - December 12th, 2009 [December 12th, 2009]
- Calculating the Strength of Concrete Floors - December 12th, 2009 [December 12th, 2009]
- Hitachi Projection TV - December 12th, 2009 [December 12th, 2009]
- WW II Water-Injected Engines - December 12th, 2009 [December 12th, 2009]
- Soap to Prevent A1H1N1 Contamination - December 12th, 2009 [December 12th, 2009]
- Car won't shift out of first gear - December 12th, 2009 [December 12th, 2009]