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On April 25, 2022, Jaunt Air Mobility had agreed to invest over $100 million across several years in L&T Technology Services Limited (LTTS), an Indian engineering firm, to establish a new research and development facility in Montreal. This facility was dedicated to electric vertical take-off and landing (eVTOL) aircraft. The collaboration involved LTTS providing Jaunt with comprehensive engineering support, including structural design analysis and certification processes.
Eric Côté, President of Jaunt Air Mobility Canada, highlighted in a press release the strategic advantage of the location. He credited the Canadian federal and Quebec provincial governments' green aerospace strategy for making Montreal an ideal site for the R&D facility. Côté emphasized the shared commitment of Jaunt and the governments to promote electric transportation, enhance environmental sustainability, and boost the Canadian aerospace sector.
Amit Chadha, CEO and Managing Director of LTTS, remarked on the significance of the agreement. He pointed out the deal as a key milestone for LTTS, considering the growing opportunities in urban air mobility (UAM) and drone services. These sectors are increasingly viewed as viable alternatives to the mounting issues of ground mobility congestion in urban areas.
Parties
Company
Jaunt Air Mobility Canada
Company
L&T Technology Services Limited (LTTS)
Deal Type
Financing/InvestmentIndustry
TransportationTransaction
$ 100,000,000Deal Status
ActiveClosing Date