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Vertical Aerospace is close to completion of its second-generation, full-scale piloted VX4 prototype flying vehicle.
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.
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.
