American plans orders for small, electric-powered aircraft

Posted On: Jun 20, 2021   |   Posted By: My Sanantonio

FORT WORTH, Texas - American Airlines said Thursday it plans to invest $25 million in U.K.-based Vertical Aerospace Group and consider a $1 billion order for small, electric-powered aircraft that can take off and land like helicopters.
The American announcement came as Vertical Aerospace disclosed that it has agreed to merge with special-purpose acquisition company Broadstone Acquisition and become a publicly traded company later this year.
American, Microsoft's M12, Honeywell, Rolls-Royce and others will take stakes in Vertical through private investment in public equity, or PIPE transactions. Another investor, Irish aircraft leasing company Avolon, said Thursday that it placed a $2 billion conditional order for up to 500 Vertical aircraft.
Vertical is working to develop a four-passenger electric aircraft that could carry people from city centers to airports. The company said it plans to conduct its first test flight later this year and hopes to gain regulatory approvals as early as 2024.
American said...

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