LONDON, Dec. 16, 2021 /PRNewswire/ -- Vertical
Aerospace Group Ltd. ("Vertical"), a global aerospace and
technology company that is pioneering zero-emissions aviation,
announced today the closing of a business combination with
Broadstone Acquisition Corp. ("Broadstone") (NYSE: BSN), a special
purpose acquisition company. Vertical Aerospace Ltd.'s ordinary
shares will begin trading today under the ticker (EVTL) on the New
York Stock Exchange ("NYSE").
Stephen Fitzpatrick, CEO, and
Founder of Vertical said "This listing is a landmark moment for
Vertical Aerospace. We have global leaders in aviation as partners
and a world-class team that can make zero emissions flight a
reality for millions of people around the world. It is fantastic to
reach this milestone and I am so proud of what the team has
achieved."
Vertical recently announced an additional $205 million in funding led by Mudrick Capital,
alongside new strategic agreements with Heathrow Airport and
Ferrovial. This builds on Vertical's industry-leading ecosystem of
partners including American Airlines, Virgin Atlantic, Avolon,
Rolls-Royce, Honeywell, GKN, and Microsoft. Vertical has continued
to assemble and build its team of senior experienced engineers and
seasoned aviation executives and expects its customers to be flying
commercial missions in the mid-2020s.
The growing sustainability challenges of cities caused by
urbanization and a lack of transit options have increased
investment from the private and public sector in the
electrification of transportation, and Vertical sees the aviation
sector, a market estimated at $1
trillion, as a key part of the transition. Vertical, with
its market-leading pre-order book, is poised to be a leader in the
future of advanced aerial mobility. Its piloted VX4 aircraft is
projected to reach up to 200 mph, transporting four passengers a
hundred times quieter than a helicopter, a hundred times safer, all
with zero operating emissions and at costs comparable to riding a
taxi. Watch the film of the launch of its full-scale aircraft here
[link].
Derek Kerr, Chief Finance Officer
of American Airlines, said "On behalf of American Airlines, I
would like to congratulate Vertical on its listing a public company
on the New York Stock Exchange. We are excited to partner with
Vertical as we continue to work towards the development of emerging
technologies that reduce carbon emissions in the aviation
industry."
Dómhnal Slattery, Chief Executive of Avolon, said "Today is
an important milestone for Vertical on its journey and we in Avolon
are delighted to be part of it. In Vertical, we have identified a
team that shares our ambition to reshape air travel. They have the
right aircraft, deep industry experience and the financing in place
to achieve the highest global safety certification; and scale
production to meet demand.
Our confidence in the VX4 is underpinned by the level of
demand we see in the market. We were the first lessor to order
eVTOL aircraft with Vertical in June, the majority of those 500 VX4
aircraft are already placed. As we transition towards a net zero
carbon economy, we are excited about the future for zero emissions
aircraft and our partners Vertical will be, we believe, the
long-term winner in the eVTOL sector."
Warren East, Chief Executive of
Rolls-Royce, said "Congratulations to Vertical Aerospace on this
important strategic step on its journey to pioneer zero emissions
flight. We are delighted they have chosen to work with our
technology. We have a joint ambition to lead the way in the
exciting Urban Air Mobility market and our partnership reinforces
our position as the leading supplier of all-electric and
hybrid-electric propulsions systems for aviation."
Mike Madsen, President of
Honeywell Aerospace, said ""Honeywell and Vertical Aerospace
envision an exciting and more sustainable new era of flight, which
is powered by electricity. Vertical's step forward today with the
NYSE further proves we're very close to that reality. Honeywell's
state-of-the-art flight controls and avionics systems will help
navigate Vertical's VX4 electric aircraft. We're thrilled to see
how our work together shapes a new future for aviation with broadly
adopted vehicles, which are cleaner, smarter and more efficient
than ever before."
Matthew Goldstein, Managing
Director of Microsoft's venture fund M12, said "City populations
continue to grow, and there's a clear opportunity for urban air
mobility together with eVTOLs to augment constrained transportation
systems. What sets Vertical apart is their focus on what's
certifiable—not just what's possible. Vertical is making important
technology investments to realize trusted and sustainable aviation.
We're proud to support this world-class team, pioneering the
electrification of flight."
Shai Weiss, Chief Executive of
Virgin Atlantic, said "Today is an exciting next step for our
partners at Vertical Aerospace and we want to congratulate them on
reaching the milestone of today's listing. We look forward to
working together towards our collective mission to make short haul,
zero emission electric vehicle connectivity across the UK a
reality. Virgin Atlantic is proud to be partnering with the
pioneering team at Vertical to make this happen."
Hugh Osmond, Chairman of
Broadstone, said "Vertical Aerospace is at the forefront of
electric aviation, a fast-growing sector that will dramatically
reimagine the entire aviation market. With the endorsement of key
partners, suppliers, and investors we are confident that our
partnership with Stephen and Vertical's gifted team of innovators
will disrupt transportation over the next decade to come."
To celebrate the closing of the merger, Vertical will ring the
Opening Bell on the NYSE on Friday, December
17, the same day as the Wright Brothers' first flight 118
years ago. A live stream of the event and replay can be accessed by
visiting https://www.nyse.com/bell
For more information
Vertical Aerospace – Investors
investors@vertical-aerospace.com
Media
Vertical Aerospace – UK/Europe - Nepean
Gavin Davis
– gdavis@nepean.co.uk
Samuel Emden
– semden@nepean.co.uk / +447816 459 904
Vertical Aerospace – USA -
FTI
Hamm Hooper & Kayt Pritts –
verticalaerospace@fticonsulting.com / +1 773 786 7286
Broadstone - Edelman
Iain Dey – Broadstone@Edelman.com / +44 7976
295906
About Vertical Aerospace
Vertical Aerospace is
pioneering electric aviation. The company was founded in 2016 by
Stephen Fitzpatrick, an established
entrepreneur best known as the founder of the Ovo Group, a leading
energy and technology group and Europe's largest independent energy retailer.
Over the past five years, Vertical has focused on building the most
experienced and senior team in the eVTOL industry, who have over
1,700 combined years of engineering experience, and have certified
and supported over 30 different civil and military aircraft and
propulsion systems.
Vertical's top-tier partner ecosystem is expected to de-risk
operational execution and its pathway to certification, allow for a
lean cost structure and enable production at scale. Vertical has
received conditional pre-orders for a total of up to 1,350 aircraft
from American Airlines, Avolon, Bristow and Iberojet, which
includes conditional pre-order options from Virgin Atlantic and
Marubeni, and in doing so, is creating multiple potential near term
and actionable routes to market. (NYSE: EVTL). Find out more:
www.vertical-aerospace.com
About VX4 eVTOL Aircraft
The four passenger, one
pilot VX4 is projected to have speeds up to 200mph, a range over
100 miles, near silent when in flight, zero operating emissions and
low cost per passenger mile. The VX4 is expected to open up
advanced air mobility to a whole new range of passengers and
transform how we travel. Find out more:
www.vertical-aerospace.com
About Broadstone Acquisition Corp.
Broadstone
Acquisition Corp. (NYSE: BSN) was set up by serial entrepreneurs,
operators and investors, Hugh
Osmond, Edward Hawkes and
Marc Jonas. It was established to
combine with a UK/European business with a strong management team,
significant growth prospects, and the opportunity to become a
market leader in its sector. Broadstone's executive team has an
extensive track record in value creation. The combination of a
strong internal team, a network of external resources and the
experience of the management team enables us to support rapid,
substantial, and lasting growth.
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SOURCE Vertical Aerospace