Virgin Atlantic, places bets on Bristol’s ‘Flying Taxis’ Start-up
Bristol-based flying car company, Vertical Aerospace, has successfully secured one of the largest pre-orders, by American Airlines and Virgin Atlantic, in this new sector of ‘Air Taxi’s’ in the automotive industry. Britain’s first flying taxi is officially called the VA-X4 and is said to be a “near silent” flight, travelling up to an impressive 200 miles per hour for up to 100 miles.
Vertical Aerospace revealed last week that it has obtained initial commitments for the purchase of up to 1,000 vehicles. Lucky customers will experience the new aero-powerhouse consisting of a five-seat, electric-powered aircraft from the two main airlines as well as a third, Avalon, which is a large aircraft leasing group based in Ireland.
Virgin Atlantic has been given the opportunity to pre-order up to 150 of Vertical Aerospace’s VA-X4 vertical-take-off units. As a result, they have been exploring plans for customers to be picked up from designated spots and delivered directly to the airport.
Not only have both American Airlines and Avalon pledged to purchase from the 5-year-old start-up, but they also have plans later in the year to invest in the company as part of a planned stock listing through a merger with a special purpose acquisition company (SPAC).
Broadstone Acquisition, the SPAC that is acquiring Vertical, was created last year and the deal will value Vertical at a whopping $2.2 billion.
Other’s investing in the ground-breaking company include industry giants such as Rolls Royce, Honeywell as well as Microsoft’s venture arm M12. The company is also receiving funding from the Berlin start-up incubator Rocket Internet and venture capital firm 40 North.
Following Vertical’s merger with Broadstone, entrepreneur Stephen Fitzpatrick who is established as the founder of the UK’s second-largest energy retailer will remain the majority shareholder of the company.
The company aims to have its aircraft flying commercial flights as soon as 2024. Will you be a passenger on the VA-X4?
