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<\/p>\n
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.<\/p>\n
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. <\/p>\n
\"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.<\/p>\n
\"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.\"<\/p>\n
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.<\/p>\n
Analysts say a key question is how long it will take for the new electric aircraft to be certified by aviation authorities.<\/p>\n
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<\/a>)<\/p>\n 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.<\/p>\n 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.<\/p>\n Microsofts venture fund M12, investment manager 40 North and venture capital firm Rocket Internet SE are also some of Verticals investors, the company said.<\/p>\n Reporting by Ankit Ajmera in Bengaluru; Editing by Krishna Chandra Eluri<\/p>\n Our Standards: The Thomson Reuters Trust Principles.<\/p>\n <\/p>\n Originally posted here: <\/p>\n Vertical Aerospace to go public in $2.2 billion SPAC deal - Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A rendering of Vertical Aerospace's VA-X4 aircraft is seen in this image obtained by Reuters on June 11, 2021. Continue reading