Shares in Bristol-based Vertical Aerospace have begun trading on the New York Stock Exchange following its merger with Broadstone Acquisition Corp.
Vertical is developing a four-passenger electric vertical take-off and landing (eVTOL) aircraft, which it has now rebranded as the VX4.
Previously known as the VA-X4, the winged design features four tilting rotors at the front and four stowable rotors at the rear.
Vertical recently unveiled a full-scale mock-up of the VX4, as it presses ahead with development of the aircraft.
First flight is expected in early 2022, with certification targeted for 2024.
Suppliers to the programme include GKN, Honeywell and Rolls-Royce.
Vertical has yet to decide on a location for the VX4’s final assembly line. However, Domhnal Slattery, chief executive of lessor Avolon, which has ordered up to 500 examples of the VX4, says he is pressing for the production facility to be in Ireland.
Quoted in the Irish Times, Slattery says that Vertical – to which he is an adviser – has begun early engagement with Ireland’s Industrial Development Agency which has identified a potential site. A decision is expected in 2022.
Broadstone is a special purpose acquisition company, or SPAC – a listed entity that raises money for the acquisition of an existing operating business.
Vertical says proceeds raised from the listing, and related financial elements, totals around $300 million, above the $250 million required to get the VX4 to certification and into serial production.