Vertical Aerospace secures US$50 million in financing for its eVTOl VX
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UNITED STATES - Vertical Aerospace announced a US$50 million committed financing from its founder, majority owner and CEO, Stephen Fitzpatrick. This investment not only provides a solid platform for future rounds of financing, but also extends the cash flow forecast through the second quarter of 2025.
Thus supporting the continued development of the electric vertical take-off and landing (eVTOL) aircraft certification design following prototype testing scheduled for this year. Once completed, the aircraft will move on to final regulatory testing prior to production.
The capital injection comes at a crucial time, as Vertical Aerospace is nearing completion of construction of its second-generation, full-scale VX4 prototype at GKN Aerospace's Global Technology Center.
This aircraft will conduct key public flight demonstrations in 2024, including participation at the Farnborough International Airshow and flights to and from Heathrow Airport.
These events are intended to showcase the technical and engineering advances achieved on the VX4. Following these demonstrations, Vertical expects to refine and finalize the design of its innovative aircraft.
Stephen Fitzpatrick, Vertical's founder and CEO, expressed his confidence in the team and the company, highlighting the significant technical advances made in the last year. Mike Flewitt, Vertical's president, praised Fitzpatrick's vision and eagerly anticipated demonstrations and future funding rounds to meet the VX4's expectations.
The funding follows several key milestones in 2023, including the opening of the Vertical Energy Centre, design organization approval by the UK Civil Aviation Authority, completion of thrust testing of the VX4 prototype, anticipated orders worth more than US$5 billion, and progress on technical familiarization with regulatory bodies around the world.