Jaunt Air Mobility Enters Into Definitive Agreement to Join the AIRO Group
LAS VEGAS, October 11, 2021 (Newswire.com) - National Business Aviation Association (NBAA) - Jaunt Air Mobility has entered into an agreement to merge with the AIRO Group (US). Jaunt joins a group of six aerospace businesses all engaged in the next generation of Advanced Air Mobility (AAM) technologies and services. The group offers commercial, military, robotics, manned/unmanned aerial systems and multi-modal aircraft and avionics systems.
Jaunt Air Mobility is the global eVTOL (electric Vertical Takeoff and Land) leader in slowed rotor compound (SRC) technology. Jaunt's patented technology slows the rotor once aloft (the rotor tip speed equaling the aircraft's speed) thereby reducing drag and associated vibration. In combination with a small wing sized for cruise, this produces a lift-to-drag ratio equivalent to a fixed-wing airplane, providing an exceptionally efficient flight with very low noise. Noise that is practically imperceptible in flight. The Jaunt Journey will certify to transport commercial certification requirements, ensuring the highest level of safety.
"AIRO has existing revenue in its current civilian and military operations and has historically reinvested earnings into Independent Research and Development (IRAD). Therefore, additional capital required to produce fully operational eVTOL aircraft is substantially reduced to our advantage compared with our competitors. The current market capitalization of companies in the eVTOL space and urban air mobility platforms are very significant. AIRO additionally delivers diversified services across the UAM/Avionics/eVTOL/Defense marketplace. AIRO is poised to be the leading publicly traded mid-tier aerospace and defense company after the void created by acquisitions in the public marketplace," said Dr. Chirinjeev Kathuria, Executive Chairman of AIRO.
"Jaunt is pleased to become part of the AIRO Group. The combined companies address many segments of the advanced aviation market and will pursue a public offering. It is undoubtedly one of the most exciting times in aerospace. The convergence of many new technologies will change the way we move people and packages while reducing the industry's carbon footprint," says Martin Peryea, CEO/CTO, Jaunt Air Mobility.
The AIRO Group aims to be a mid-market leader in a $364B growth sector and is well-positioned for accelerated growth as a public company. The AIRO Group consists of AIRO Drone, Agile Defense, Aspen Avionics, Coastal Defense, Sky-Watch, VRCO, and now Jaunt Air Mobility. The combined strength of these companies offers significant global opportunities as well as operational and financial synergies.
"Together, Jaunt and the other AIRO Group companies offer a transformational, next-generation capability for the aerospace industry that addresses high-growth markets in advanced air mobility as well as leveraging technologies across markets that benefit the general, business, commercial, and the military aviation community. Additionally, we have the resources, experience, and inherent knowledge to help streamline regulatory compliance and certification among all segments," said Joe Burns, CEO, The AIRO Group.
"Jaunt's business commitment remains unchanged along with our relationship to the Canadian government and to our Tier 1 suppliers and customers," says Eric Côté, president of Jaunt Air Mobility Canada.
About The AIRO Group
The AIRO Group brings together decades of industry-leading technology with its group companies to provide best-in-class products and services uniquely capable of addressing a wide spectrum of aerospace markets. The AIRO Group leverages technologies that span data systems, resupply package delivery, military aerospace training, military, and commercial manned/unmanned aircraft systems and avionics technologies. Together, these companies represent a transformation of the aerospace industry by providing a diversified offering of capabilities positioned to be the first mid-tier, full-spectrum aerospace company offering end-to-end solutions for the industry. The company can be found at www.theairogroup.com.
About Jaunt Air Mobility
Jaunt Air Mobility is a transformative aerospace company headquartered in Dallas, Texas. Jaunt is building the best in the next generation of eVTOL (electric Vertical Takeoff and Landing) and hybrid-electric aircraft for faster travel over urban areas, moving people and packages. Jaunt is the global leader in patented slow-rotor compound (SRC) technology. The Jaunt Journey is the world's first true aircraft combining a helicopter and fixed-wing airplane. Jaunt offers the safest, quietest, most comfortable, and operationally efficient aircraft with a zero-carbon footprint. The company can be found at www.jauntairmobility.com.
Contacts:
Dan Johnson, The AIRO Group, 612-743-9734, dan.johnson@airo.aero
Nancy Richardson, Jaunt Air Mobility 610-952-2595, nmrichardson@jauntairmobility.com
Source: The AIRO Group