Electric Aircraft Start-Up Accuses Rival of Stealing Its Secrets

Intellectual property lawsuits are not uncommon in fast-paced and promising industries – as Mr. Page is well aware. In a recent case, Google’s parent, Alphabet-owned company Waymo, Accused his former employees and Uber of stealing trade secrets To gain an advantage in the race to develop autonomous cars. The companies settled the case in 2018, and former Wyamo employee, Anthony Lewandowski, once a Mr. Page had confidants, 18 months jail sentence from 2020. Former President Donald J. Trump Forgive him In January.

Archer announced its merger with SPAC, Atlas Crest Investment, in a deal in February The company was valued at $ 3.8 billion. Wisk said that his suspicions were confirmed when Archer released A presentation This included designs similar to a Wisk patent filing.

Wisk says its Kora aircraft can fly a pair of passengers at a speed of about 25 mph at a distance of about 25 miles. Archer says that it is developing an aircraft that can carry four people on a 60-mile journey.

It is unclear whether Wisk’s concerns arose in Archer’s evaluation of Atlas prior to the agreement between the two. SPAC has the backing of an affiliate of investment bank Moelis & Company, which has leaned on its bankers, and others to help Archer, the bank’s founder Ken Moelis told The New York Times in an interview While declaring a transaction.

“We had 35, 40 people on it – and we attacked it as if the enterprise would grow or someone else would,” Mr Moelis said. “And we did it fast too.”

A spokesperson for Moelis declined to comment.

Other companies trying to make electric aircraft include Job Aviation, which announced A. $ 6.6 billion deal With a SPAC In February, led by LinkedIn co-founder Reid Hoffman, And this German start-up Lilium, Which went public last month By merging with a SPAC led by Barry Engle, a former General Motors executive.

Those deals are only a small portion of SPAC activity this year, as investors, celebrities and athletes race to participate in Wall Street’s new favorite toy. 299 SPACs have raised $ 97 billion so far this year, According to SPAC Research – Over 2020 in all.

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