Jaunt Air Mobility has entered into an agreement to merge with the AIRO Group (US). Jaunt joins a group of six aerospace businesses all engaged in the next generation of Advanced Air Mobility (AAM) technologies and services. The group offers commercial, military, robotics, manned/unmanned aerial systems and multi-modal aircraft and avionics systems.
The companies will use the capital raised through the merger to support the development of the all-electric, five-seat eVTOL Jaunt aims to bring into commercial service by 2026. While several eVTOL aircraft developers, including Joby, Archer, and Lilium, have raised large amounts of capital by going public via special purpose acquisition companies (SPACs), AIRO has opted to proceed straight to an IPO on its own.
Recently, Jaunt Air Mobility was also awarded an Air Force Contract for eVTOL Noise Reduction Research. The eVTOL developer’s patented slowed rotor compound (SRC) technology decelerates the rotor once aloft (the rotor tip speed equaling the aircraft’s speed) thereby reducing drag and associated vibration. In combination with a small wing sized for cruise, this produces a lift to drag ratio equivalent to a fixed wing airplane providing an exceptionally efficient flight with very low noise – noise that is practically imperceptible in flight, according to the company. Jaunt also touts that its Journey aircraft is poised to certify to transport commercial certification requirements, ensuring the highest level of safety.
“AIRO has existing revenue in its current civilian and military operations and has historically reinvested earnings into Independent Research and Development (IRAD). Therefore, additional capital required to produce fully operational eVTOL aircraft is substantially reduced to our advantage compared with our competitors. The current market capitalization of companies in the eVTOL space and urban air mobility platforms are very significant. AIRO additionally delivers diversified services across the UAM/Avionics/eVTOL/Defense marketplace. AIRO is poised to be the leading publicly traded mid-tier aerospace and defense company after the void created by acquisitions in the public marketplace,” said Dr. Chirinjeev Kathuria, Executive Chairman of AIRO.
Why it’s important: As stated by AIRO Group CEO Joe Burns: “together, Jaunt and the other AIRO Group companies offer a transformational, next generation capability for the aerospace industry that addresses high growth markets in advanced air mobility as well as leveraging technologies across markets that benefit the general, business, commercial, and the military aviation community. Additionally, we have the resources, experience, and inherent knowledge to help streamline regulatory compliance and certification among all segments.”
Source // AIRO Group press release