Vertical Aerospace (Vertical) a global aerospace and technology company that is pioneeringzero-emissions aviation, announces that it has secured $50 million in committed funding from founder, majority owner and CEO, Stephen Fitzpatrick. The investment provides the platform for further funding rounds and extends Vertical’s projected cash runway into Q2 2025, supporting the continued development of the certification aircraft design following prototype testing this year. This certification aircraft will then go into final regulatory testing before production.
This funding comes at an important period for the company as it nears the completion of its second generation, full-scale piloted VX4 prototype at GKN Aerospace’s Global Technology Centre. The aircraft will conduct a series of key public flight demonstrations in 2024, including the intention to fly at Farnborough International Airshow and to and from Heathrow Airport. These flights are expected to demonstrate the significant technical and engineering advancements made to the VX4. Following this flight test programme and planned public demonstrations, Vertical expects to be in position to refine and finalise its aircraft design.
Stephen Fitzpatrick, CEO & Founder of Vertical, said: “Since founding Vertical in 2016 I have continued tobelieve in the enormous potential the company has to pioneer zero carbon aviation. The company has achieved significant technical progress both in its prototype programme 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.”
Mike Flewitt, Chairman of Vertical, said: “I am delighted that Stephen has committed to further fundingVertical. His vision and funding to date have enabled Vertical to be a frontrunner in the Advanced AirMobility industry and I look forward to both our demonstrations and the completion of additional funding rounds to deliver on the promise the VX4 has to offer our customers and their passengers. We are on track to deliver a transformative UK developed electric aircraft to our customers across the globe.”
The funding comes off the back of several major milestones achieved by the company in 2023:
Opening the Vertical Energy Centre in January and building a complete battery powertrain with Molicel cells
Receiving Design Organisation Approval (DOA) from the UK Civil Aviation Authority (CAA) in March
Completing the thrustborne test campaign with the full-scale VX4 prototype by August
Pre-orders for 1500 VX4 aircraft worth over $5bn from more than a dozen customers worldwide by October
Completing initial Technical Familiarisations with five global aviation regulators and proceeding to a keydesign review for the VX4
Starting final assembly for the second VX4 full-scale piloted prototype – which includes the technologies from the majority of the VX4’s certification aircraft partners
