Vertical Aerospace is slated to join Joby, Archer, and Lilium as the fourth eVTOL company to go public this year via SPAC merger. Subject to shareholder approval and the satisfaction or waiver of other closing conditions, Broadstone Acquisition Corp. expects to complete its previously announced business combination with Vertical Aerospace, raising at least $300 million in gross proceeds.
Ahead of the December 16 shareholder voting results announcement, Vertical also unveiled its new full-scale eVTOL aircraft, the VX4, in a tweet earlier this week.
Vertical’s VX4 aircraft is a four passenger, one pilot eVTOL projected to be capable of transporting a pilot and four passengers across distances of a range over 100 miles at top speeds of over 200 miles per hour, while producing minimal noise and zero operating emissions, with low cost per passenger mile.
Vertical is targeting the highest global certification for its VX4, which is expected to achieve the equivalent safety standard of a passenger jet by 2024 (based on the expected standards promulgated by the CAA and EASA).
Stephen Fitzpatrick, Founder and CEO of Vertical Aerospace said: “The closing of this listing will be a landmark moment for Vertical Aerospace. We have some of the industry’s leaders as our partners and a world-class team that can make zero emission aviation a reality. It will be fantastic to reach this milestone and I am so proud of what the team has achieved.”
Hugh Osmond, Chairman of Broadstone said: “Vertical Aerospace is revolutionizing air transport and pioneering cutting-edge technologies that will change the way that people travel – and support the path towards Net Zero. We are pleased to be in a position to close this business combination and excited for the future of Vertical Aerospace.”
Why it’s important: The upcoming business combination transaction will provide the required capital to certify Vertical’s VX4, develop a manufacturing facility, and build out the Company’s commercial platform while scaling production. The VX4 is expected to open up advanced air mobility to a whole new range of passengers and transform travel infrastructure across the globe.
Source // Vertical Aerospace press release