Jaunt’s parent firm Airo Group to go public via SPAC
Airo Group, the parent company of Jaunt Air Mobility, is to go public via a special purpose acquisition company (SPAC) known as Kernel Group Holdings.
The SPAC announced today that it has entered into a definitive business combination agreement with AIRO Group. The merger agreement gives AIRO a path to become a publicly-listed company through a new Delaware holding company, AIRO Group, that will acquire both Kernel and AIRO.
AIRO’s executive chairman, Dr. Chirinjeev Kathuria said the attractiveness of AIRO is based on four key factors; 1) the strength of the brands and existing orders and contracts, 2) a diversified yet synergistic portfolio that is already proving its robustness with AIRO’s support of drone technologies in Ukraine, 3) a training division that is participating in a $6.4bn US Department of Defense programme to provide Close Air Support, Intelligence, Reconnaissance, Surveillance and Adversary Air training, and 4) a management team with significant experience and global successes that span an evolving defence and aerospace marketplace that’s changed significantly over the last four decades.
AIRO CEO, Joe Burns, said: “Operators are looking for a pedigree of certification and safety as well as robust, dynamic capabilities, efficiencies, and quiet operations. AIRO is proud to have received numerous pre-order commitments as well as multiple US DoD contracts aimed at optimising eVTOL speed and minimising acoustic signatures for quiet operations. Aircraft certification is driven out of AIRO’s Electric Mobility Office in Montreal, and the certification will be validated through the Federal Aviation Administration (FAA) and European Aviation Safety Authority (EASA) shortly thereafter.”
AIRO is targeting four key divisions:
● Advanced Avionics: Highly critical electronic systems used in aircraft. Areas of application include: communications, navigation, monitoring, flight-control system, AI, collision-avoidance systems, radar, and electro-optics
● Electric Air Mobility: Urban transport systems that move passengers or cargo by air in urban/suburban areas. eVTOL (electric vertical take off & landing) aircraft are expected to be used for fixed route flights, on-demand trips, and military operations
● Uncrewed Air System: UAS platforms and services used for civilian/commercial and military applications. Areas of application include: reconnaissance, attack, surveillance, inspection, weather analysis, and healthcare
● Training: Professional and military aviation training for clients within wider A&D sector. Areas of application include: customer specific solutions, close air support, aircraft leasing, pilot training, and aviation consulting services.
Suren Ajjarapu, chairman and CEO of Kernel, said: “AIRO leverages decades of industry expertise across the drone services, aviation, and avionics markets to offer a sector-leading enterprise providing innovative aerospace, urban air mobility, and UAS products and services. We think that the combination will result in positive valuations and long term growth, as we build the leading mid-market publicly traded aerospace and defence company.