Benzinga | Jul 8, 2021 03:32PM EDT

CAE Partners With Volocopter To Create Global Air Taxi Pilot Workforce Of Tomorrow

* CAE Inc (NYSE:CAE) inked a strategic partnership with Volocopter to develop an electric vertical takeoff and landing (eVTOL) pilot training program in preparation for Volocopter's first eVTOL aircraft upcoming entry-into-service.

* Volocopter is building a sustainable and scalable urban air mobility business to bring affordable air taxi services to megacities worldwide and plans to launch its services in several cities globally within the next five years.

* The eVTOL pilot training program aims to develop the future pilot workforce and ensure the safe introduction of eVTOL operations globally by leveraging CAE's advanced technologies.

* As part of the agreement, CAE to deploy training equipment and instructors in lockstep with Volocopter's growth; and Volocopter to purchase a simulator from CAE to be used in its pilot training program certification.

* CAE commits to expanding its worldwide training network with a forecasted investment of up to $40M to meet Volocopter's projected pilot demand in the early years of operation.

* Price Action: CAE shares are down 1.38 at $30.80 on the last check Thursday.