Vertical Aerospace Founder Backing Company With $50 Million Investment Commitment
Summary
This investment provides the platform for further funding rounds.It extends Verticals projected cash runway into the second quarter of 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 inflection point for the company as it nears the completion of its second-generation, full-scale piloted VX4 prototype at GKN Aerospaces Global Technology Centre. And 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. Following this flight test program and planned public demonstrations, Vertical expects to be in a position to refine and finalize its aircraft design.The funding comes off the back of several major milestones achieved by the company last year: 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 $5 billion from more than a dozen customers worldwide by October Completing initial Technical Familiarisations with five global aviation regulators and proceeding to a key design review for the VX4 Starting final assembly for the second VX4 full-scale piloted prototype which includes the technologies from the majority of the VX4s certification aircraft partners Strengthening the senior engineering team with hires across aircraft design, flight test, airworthiness and powertrainVertical has an asset-light, lower capital approach to eVTOL aircraft development, which is supported by its tier-one aerospace partner ecosystem and global operating partners. 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.