The maker of the world’s largest aircraft is planning a London flotation as it seeks funds for its plan to bring about a new dawn for the airship.
Hybrid Air Vehicles (HAV) is in talks with Zeus Capital, the investment bank, over advising on a listing to raise up to £50 million, most likely on the Alternative Investment Market. The fundraising for the Bedford-based company is scheduled for late 2017 or early 2018.
HAV makes the Airlander 10, a football-pitch sized hybrid of an airship and plane nicknamed the “flying bum”.
Stephen McGlennan, chief executive, said the flotation would follow confirmation of the first orders for the 302ft (92m) long craft. HAV is understood to be in talks with potential customers including the Chinese state for its first orders. The equity raised by the flotation would be supported by about £30 million of debt.
The Airlander was developed for the US government for surveillance purposes but the project was cancelled in 2013 after defence cutbacks. HAV bought the assets and is attempting to sell the Airlander for $40 million each to industries ranging from the military to coastguards, tourism operators and freight companies.
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However, the company hit the headlines last August after the aircraft was damaged when it nosedived on landing during its second test flight, causing significant damage to the cockpit.
The majority of the damage has been repaired and HAV, which has been backed by the UK government as well as private investors including Iron Maiden singer Bruce Dickinson, expects test flights to resume in the spring.
