Vertical Aerospace to go public in $2.2 billion SPAC, will get American Airways funding

Vertical Aerospace, an electrical vertical takeoff and touchdown plane (eVTOL) maker backed by buyers
resembling American Airways, will go public via a merger with a blank-check agency in a deal valued at $2.2 billion, the corporate mentioned on Thursday.

Vertical Aerospace mentioned it has conditional pre-orders for as much as $4 billion and 1,000 eVTOL plane, from plane lessor Avolon and American Airways, and a pre-order possibility from Virgin Atlantic.

“If you concentrate on transportation strategically that is the following massive frontier,” mentioned Domhnal Slattery, chief government of Avolon, the world’s third-largest plane leasing firm.

Vertical Aerospace mentioned it has additionally raised funds from different firms together with Honeywell and Rolls-Royce.

Vertical might be listed on the New York Inventory Trade underneath the ticker ‘EVTL’, following a cope with Broadstone Acquisition Corp. The deal is anticipated to shut within the second half of 2021.