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Vertical Aerospace will be publicly available for a $ 2.2 billion SPAC deal



Vertical Aerospace, a maker of electric vertical take-off and landing aircraft (eVTOL), backed by investors such as American Airlines (AAL.O), will be publicly available through a $ 2.2 billion merger with a blank check company. the company. in Thursday.

Vertical Aerospace says it has pre-orders for up to 1

,000 eVTOL aircraft with launch clients Avolon and American Airlines, along with a pre-order option from Virgin Atlantic worth up to $ 4 billion.

“If you’re thinking about transportation strategically, that’s the next big line,” Domhnal Slattery, CEO of Avolon, the world’s third-largest aircraft leasing company, told Reuters.

“Whether it’s airlines that use this as an ancillary product or to share traffic in different jurisdictions, I think it will take many different forms over time.”

Investments in zero-emission electric aircraft come at a time when airlines are under increasing pressure from investors to help decarbonise the sector and increase their environmental, social and management assessments (ESGs).

Analysts say a key question is how long it will take for the new electric plane to be certified by aviation authorities.

The best regulatory body in Europe said last month that the region could see the first flying taxis put into operation in 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 through a private investment in a public equity transaction, the company said.

The Microsoft M12 venture capital fund, 40 North investment manager and venture capital firm Rocket Internet SE are also among Vertical’s investors, the company said.

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