Vertical Aerospace, the Bristol-based company developing an all-electric vertical take-off and landing (EVTOL) aircraft, has secured a $100m cash injection. The New York-listed firm said the finance package will support a design review, the opening of a new energy centre for battery production, and the retrofit of its third prototype for hybrid-electric flight testing in the first half of 2027. The company also plans to fund a production facility in the UK in the future.
Finance package details
The funding comprises $40m from US-based Mudrick Capital Management, a $25m issuance from Yorkville Advisors, and a $35m equity investment from new and existing investors. Both Mudrick and Yorkville are major current stakeholders in the company. The deal is being managed by bankers at Jefferies, according to reports.
Stuart Simpson, chief executive of Vertical Aerospace, said: “We are focused on converting operational progress and partner engagement into continued advancement of our certification and commercialisation strategy. The support, reflected in these financings via new investors alongside further commitments from existing investors, demonstrates strong confidence in Vertical’s market position and progress, providing near-term flexibility to execute the next phase of our plan.”
Company background and momentum
Vertical Aerospace was founded by Ovo Energy founder Stephen Fitzpatrick a decade ago and is based on Chapel St in Bristol. The company floated on the New York Stock Exchange in 2021 and is leading the race to develop an all-electric vertical take-off and landing (EVTOL) aircraft.
The latest capital injection follows a period of operational and commercial momentum. Earlier this year, Vertical became only the second firm of its kind to complete a piloted transition flight in a full-scale tiltrotor eVTOL. In July, the company carried out demonstrations at the Farnborough Air Show, including the first public piloted eVTOL flight, showcasing how its aircraft will operate in real-world environments.
Future production and government interest
Last year, the company said its aircraft could be ready for commercial use by 2028 if it secured financing. Vertical is planning to build a factory at Cotswold Airport, near Kemble in Gloucestershire, next to its existing flight test centre. The business is in advanced discussions with the UK government about a grant worth up to £10m to support the development of production facilities in Britain. This week, it also received “confirmed interest” from the Ministry of Defence in its hybrid-electric and autonomous capabilities.
