Bristol electric 'flying taxi' firm gets £39m cash lifeline

Published On Nov 26, 2024, 3:58 AM

Vertical Aerospace has secured a $50 million investment from Mudrick Capital, helping the company continue its development of an electric flying taxi, the VX4, which aims to carry four passengers for up to 100 miles. This investment addresses the firm’s previous financial struggles and converts a portion of its debt into equity, granting Mudrick Capital a 70% stake in the company. The team at Vertical is optimistic about achieving full certification by 2028 after successfully conducting untethered flight tests, positioning itself as a competitor in the eVTOL market.

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With a significant new investment, the future development of Vertical Aerospace looks more promising. The conversion of debt into equity and the upcoming certification process are likely to catalyze investor confidence, especially as the market for sustainable aviation technologies grows. This positions Vertical as a potential leader in the eVTOL sector, especially considering their existing orders from major aerospace companies.

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