Shares in eVTOL aircraft developer Vertical Aerospace began trading today on the New York Stock Exchange after shareholders in special-purpose acquisition company (SPAC) Broadstone Acquisition Corp. yesterday approved a merger with the UK-based startup eVTOL manufacturer. Around $300 million is expected to be raised from the flotation and the issuance of convertible senior secured notes.
Vertical said that amount will more than cover the estimated $250 million it needs to complete EASA type certification of its four-passenger eVTOL by 2024 and start commercial operations in “the mid-2020s.” Last week, Vertical Aerospace unveiled the prototype of the newly renamed VX4 aircraft, which is expected to start flight testing next year.
Vertical recently announced an additional $205 million funding round led by Mudrick Capital, along with new strategic partnerships to develop vertiports with London Heathrow Airport and infrastructure group Ferrovial.
Provisional orders for the fixed-wing eVTOL, which will have a range of over 100 miles and speeds of 200 mph, now total 1,350 units with a list price combined value of $5.4 billion (implying a $4 million price tag). Rolls-Royce is developing an electric propulsion system for the VX4, with the first units to be delivered in 2022. Other leading partners in the program include Honeywell Aerospace, which is providing flight controls and avionics.
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