Flying Vehicle Company Gets $50M More Funding

Vertical Aerospace, an eVTOL (electric vertical takeoff and landing) vehicle maker, has received additional funding of $50 million. 

The funding came from Stephen Fitzpatrick, the company founder and CEO.

Vertical is nearing the completion of its second-generation, full-scale piloted VX4 prototype at GKN Aerospace’s Global Technology Center in the U.K. 

“Since founding Vertical Aerospace in 2016, I have continued to believe in the enormous potential the company has to pioneer zero carbon aviation, “said Fitzpatrick. “The company has achieved significant technical progress both in its prototype program and its certification plans in 2023, that I believe is not reflected in our share price. Given the success I have seen in the past 12 months, I am more confident than ever in our world-class team, and I am delighted to further support the company with additional funding.”

“Fitzpatrick will commit an initial tranche of $25 million, which is expected to close by March 2024, for a mixture of ordinary shares at $10 per share and warrants with a $5 exercise price, and a second tranche of $25 million by 31 July 2024 for ordinary shares at a price per share to be determined,” states the funding announcement.

Vertical Aerospace has flown its electric aircraft uncrewed at Cotswold Airport in Kemble U.K.

Related:Vertical Aerospace Flies Full-Scale Electric Aircraft

The remotely controlled plane, powered solely by the battery-powered propulsion system, 
lifted, hovered, flew and landed.

The VX4 test vehicle reached speeds of 40 mph through a series of remotely piloted thrust-borne test flights. 

Vertical’s partners have included Honeywell, which is designing the aircraft control system, and Rolls Royce, also an investor in Vertical. 

However, late last year, Rolls-Royce decided to leave the electric flight business and put its advanced electric propulsion systems business up for sale.

Vertical is building a flying vehicle to feature more advanced technology and is aiming for certification by the end of 2026.

Vertical already has received design organization approval (DOA) from the U.K. Civil Aviation Authority (CAA).

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