Category: Events

Vertical Aerospace has announced its plans to go public through a merger with Broadstone Acquisition Corp (BSN) that will give Vertical Aerospace a pro forma equity valuation of $2.2 billion USD. Expected to go through in either the third or fourth quarter of 2021, Vertical will enter the New York Stock Exchange using the ticker EVTL. Additional contributors to the $89 million private investment in public equity include American Airlines, Avolon, Honeywell and Rolls-Royce, and Microsoft’s M12. Rocket Internet and 40 North were named as key financial investors as well.

In addition, Vertical Aerospace has announced commercial deals and partnerships worth up to 1,000 aircraft pre-orders or up to $4 billion, forming relationships with American Airlines, Virgin Atlantic, and Avalan to provide Vertical’s VA-X4 eVTOL aircraft. 

Vertical Aerospace’s VA-X4
Photograph: Vertical Aerospace

According to Vertical Aerospace founder and CEO Stephen Fitzpatrick, these commercial partnerships and pre-orders will create “multiple near-term and actionable routes to market.” In addition, he also stated, “Today’s announcement brings together some of the largest and most respected technology and aeronautical businesses in the world and together we can achieve our aim of making the VA-X4 the first zero-carbon aircraft that most people will fly on.”

In the United States, Vertical looks to work with American Airlines on passenger operations and infrastructure development, while in the U.K., Vertical expects to work with Virgin Atlantic to develop a joint venture launch of a Virgin Atlantic short haul network. Both these partnerships and the pre-orders are contingent on certain conditions and milestones: American Airlines has agreed to order up to 250 VA-X4s with the option to order 100 more, while Virgin Atlantic has the option to obtain between 50 and then potentially 150 aircraft.

Photograph: Vertical Aerospace

To complete these deals, Vertical Aerospace also intends to finish the certification process for the VA-X4 with the European Union Aviation Safety Agency (EASA) and launch commercial operations by 2024. 

“Phase 1 of our spend is to build and certify the VA-X4 and that will require gross spend of around $300 million, of which we already have around $50 million of funding through cash and grants. Phase 2 of our spend is to build a state-of-the-art assembly facility and the total gross of this we estimate at around $140 million,” says Vertical Aerospace chief financial officer Vinny Casey, “We would expect some netting off against this number for in-year profits and pre-delivery payments. So we are very comfortable that our raise of $394 million gross equips us well to reach commercialization, especially when you take into account that we have the largest announced forward orderbook globally.”

According to Fitzpatrick, Vertical Aerospace’s business model allows for a build and operation cost of an estimated $1 per passenger-mile, far lower than some competitors and largely due to the contributions from Vertical’s partners such as Honeywell, Rolls-Royce, GKN, and Solvay. With this prediction, Vertical estimates show that it will be able to achieve profitability and cash flow breakeven with annual sales of less than 100 aircraft. By 2026, it is targeting annual production of 1,000 aircraft, which would translate to revenues of $3.6 billion.

Vertical expects to work with Virgin Atlantic to develop a joint venture launch of a Virgin Atlantic short haul network.
Photograph: Virgin Atlantic

Why it’s important: Vertical Aerospace’s business model, which projects sales requirement numbers lower than most competitors, is undoubtedly one of the main reasons why the merger with Broadstone has been successful. With this move, Vertical Aerospace looks to be one of the main disruptors in the transportation industry worldwide, and a top provider of eVTOL technology globally, joining companies like BETA Technologies, Joby Aviation, and more. 

Source // CNN

TransportUP has partnered with CoMotion again for its Miami LIVE conference coming June 16-17 both in person and streaming worldwide. The conference combines minds from the urban air mobility, autonomous/electric vehicles, and smart infrastructure/rideshare segments to share in a vision for the future of transportation. Due to the COVID-19 pandemic, last year’s events were completely virtual, but with increased vaccinations and declining cases in the United States, CoMotion has opted to return to Miami for its annual conference.

“We urgently need transit that brings opportunities to every neighborhood, makes movement around Miami-Dade affordable for everyone, and reduces our impact on the environment.” – Daniella Levine Cava (Mayor, Miami-Dade County)

Mayors, industry/technology leaders, investors, and government authorities will share in two full days of immersive and inspirational talks, demos, and workshops in order to chart a path forward for cities and mobility as the U.S recovers from the pandemic.

In addition to the line-up of speakers, the conference will also host the 2021 iteration of the Miami Mobility Challenge. The Miami Mobility Challenge – M2 – is an opportunity for innovative companies to engage in Florida’s fast-expanding and dynamic new mobility ecosystem — and aids Floridian students in developing their skills and network. The winning team will be invited to collaborate with the City of Gainesville and/or Miami-Dade County on a pilot implementation of the winning concept.

Tickets are free to the public for limited access and those in the public sector or academia. Premium, all access passes can be purchased at the registration link below.

Why it matters: The COVID-19 pandemic has made it difficult for mobility to network as an industry. CoMotion’s 2021 virtual and in-person conference will be invaluable to aerial mobility enthusiasts, industry leaders, and investors alike. For those not located in Miami, register today to get in on one of the first large scale conferences on aerial mobility of 2021.

LinkedIn founder Reid Hoffman and Zynga founder Mark Pincus are nearing a deal that would merge their blank check company with Joby Aviation, a move that would value Joby Aviation at $5.7 billion USD. Reinvent Technology Partners, Hoffman and Pincus’ special purpose acquisition company which recently raised $690 million USD in a public listing in 2020, is now finalizing financing for this deal, and an official agreement could be released later this month. A successful merger would provide Joby Aviation with a listing on the New York Stock Exchange.

The success of this deal depends on when Reinvent Technology Partners can raise additional funding from institutional and private investors, according to a source for the Financial Times. The source continued that while close, the deal could still fall through if Hoffman and Pincus cannot obtain additional funding.

Founded in 2009, Joby Aviation is an aerial mobility company based in Santa Cruz, and has made waves recently with their acquisition of Uber Elevate in late 2020. Their prototype has currently undertaken more than 600 successful flights, received airworthiness certification from the U.S. military, and looks to obtain FAA certification by 2023 to begin commercial operations by 2024.

While Joby Aviation remained secretive for much of its existence, the company is now leading the market for eVTOL aircraft in the United States. Uber Elevate was the world’s largest focused effort to make eVTOL available commercially, bringing together stakeholders in local and state governments, and real estate and technology companies around the world. In addition, airworthiness certification from the U.S military gives Joby access to both direct and indirect funding, allow it to even more greatly prove safety during service for military operations, and help it bridge the gap into FAA certification for commercial operations. With these moves, Joby places itself at the front of the market for eVTOL within the U.S, and among the top companies in the world globally, a strong indicator that this deal has high potential to go through.

Why it’s important: Joby Aviation has raised $803 million USD to date, and can be considered one of the top candidates to go public in 2021, along with German aviation startup Lilium. While the first to do so was Archer with their astonishing $3.8 billion USD public listing as well as a $1 billion USD deal with United Airlines, a successful merger with Reinvent may launch Joby Aviation back to the top.

Source // Financial Times

With the sudden unexpected onset of the COVID-19 pandemic, the future of the aerial mobility sector was very much in question during early mid-2020. According to a recent article from AIN Online, with the start of a new year, while the general fallout from the pandemic did hinder some progress from smaller aerial mobility companies, several notable aerial mobility firms such as Volocopter, Lilium, and Joby Aviation continued to forge ahead. 

The start of a new year could see several companies pull ahead from the rest, as the consensus among independent observers seems to be that no more than a dozen or so of these new aircraft will see the commercial light of day. As the pandemic dies down during the course of this year, there will also be more scrutiny as to whether many of these aircraft developers will meet the timelines proposed when first introducing their aircraft; the earliest dates for commercial release is near the end of 2023, just 24 months away. 

Joby Aviation acquired Uber Elevate near the end of 2020, as one of the major events of the aerial mobility industry

2021 will also likely clarify the regulatory outlook for these new aerial mobility aircraft, giving developers a clearer path to type certification. As 2020 closed, there were reasons for optimism that leading regulators FAA and EASA were edging closer to defining safety means of compliance to cover new architectures and propulsion systems. While the consensus for approval of operation for these new aircraft are not yet resolved, optimism is high.

The continued development of the aerial mobility industry also saw a slight shift in focus away from solely focusing on urban air mobility models, as several companies began looking at a broader range of applications that may be easier to implement in the short-term, such as operations in less densely populated areas for emergency medical support or freight deliveries. These applications also seem to favor fixed-wing designs using conventional or hybrid propulsion for which the technology risks of getting to market are lower. It also saw the more inclusive designation advanced air mobility increasingly vie for favor with the more specific urban air mobility.

Lilium stays as one of the most promising aerial mobility companies to enter 2021.

Another trend to be alert to is more of the long-anticipated consolidation involving start-ups either being acquired by larger entities with deeper pockets or disappearing after running out of financial runway. 2020 began with Japanese carmaker Toyota spending $394 million to partially acquire Joby Aviation as part of a $590 million Series C funding round. No sooner had that happened than Korean rival Hyundai announced it had allocated $1.5 billion to buy a place in the eVTOL stakes with a direct investment in a new aircraft program. This trend seems likely to continue.

Hyundai joins in the race to develop the aerial mobility sector, and looks to only improve in 2021.

Why it’s important: 2020 brought many changes to the aerial mobility industry, and 2021 looks to be similar. With the COVID pandemic as well as the general growth of the aerial mobility industry, we are quickly seeing how the aerial mobility industry develops, as well as which companies look to be the most promising. 

Source // AIN Online

TransportUP has partnered with CoMotion LA in anticipation of their annual event showcasing prominent figures and companies in the aerial mobility space. This year, the conference will be streamed online due to the ongoing COVID-19 pandemic, but will feature no shortage of speakers and sessions for those interested in learning about the future of urban mobility.

“This year’s CoMotion LA gathering is so important. As we recover from the crisis it’s critical that we rebuild our transportation systems in green, healthy and sustainable ways that better serve cities and citizens – that is why we are calling for a bold New Deal for Mobility. We hope you join us, and thousands of other leaders from the public and private sectors, as we work to transform cities and transform lives,” said John Rossant, CEO, CoMotion.

This year’s conference themes will feature the following themes:

• Impacts: Equity and action
• Ecosystems: Data, privacy, and cities of tomorrow
• Innovations: New energy and sustainable solutions
• Advancements: Venture capital and scaling future mobility

Speakers will span the public and private sectors, ranging from mayors, policymakers, leading technologists, operators, and venture capitalists alike. This year’s virtual conference will include 90 speakers across 100+ sessions and workshops. Over 125 industry and media partners, representing over 75 countries.

This year’s CoMotion LA conference will be 100% with free access to keynote speakers and select panels.

Why it matters: The COVID-19 pandemic has made it difficult to connect as an industry. CoMotion has found a way to continue sharing a vision for the future of urban mobility and its 2020 virtual conference will be invaluable to aerial mobility enthusiasts, industry leaders, and investors alike. In light of the pandemic, CoMotion is offering a free pass for industry panels and keynote speakers and a premium pass to unlock all sessions/speeces/panels/demos in addition to VIP networking opportunities. Book tickets at www.CoMotionLA.com/book-tickets

Jaunt Air Mobility announced on October 5th, 2020, that their board would be elevating former Chief Technical Officer Martin Peryea as Jaunt’s interim CEO. The press release cited that the change in leadership was made for the sake of the development of the Jaunt Journey aircraft. According to Peryea, who held over 33 of engineering experience at Bell Helicopters, “On behalf of the company, I am pleased to lead Jaunt at this critical juncture. Our confidence in our technology remains high and our working relationships with our key suppliers are stronger than ever. We understand that Kaydon Stanzione will be pursuing other endeavors.”

The Jaunt Journey
Photograph: Jaunt Air Mobility

Jaunt Air Mobility LLC is an air taxi development company focused on creating unique air vehicles that provide the highest levels of operational efficiencies, safety, and community acceptance. A promising startup as well as a current partner of Uber Elevate, the company is a leader in vertical flight with the design and development of its Reduced Rotor Operating Speed Aircraft (ROSA™) solution.

The Jaunt Journey, designed to meet Uber’s noise and performance requirements, was originally designed by Carter Aviation, which was recently acquired by Jaunt Air Mobility. The Jaunt Journey eVTOL utilizes Carter Aviation’s slowed-rotor compound (SR/C) technology  to provide lift from the vertical rotor even in horizontal flight, and to decrease noise while increasing efficiency and safety. The Jaunt eVTOL is unique among the Uber Elevate partners in that it features only a single lift rotor.

Martin Peryea, the new CEO of Jaunt Air Mobility
Photograph: Jaunt Air Mobility

Why it’s important: Jaunt Air Mobility has undergone a leadership change, but is still committed to its vision, as well as its investors, suppliers, customers, and all other stakeholders. The company remains confident that the change will only benefit the company and all stakeholders, and has high hopes for Martin Peryea, former CTO of Jaunt and a long-time expert in vertical lift technologies.

Source // Jaunt Air Mobility Press Release (10/5/2020)