Vertical Aerospace has secured $50 million in new financial backing that should see it through into Q2 of 2025. The funding allows the eVTOL start-up to continue the development of the certification aircraft design.
The backing comes from founder and CEO Stephen Fitzpatrick. He is providing a first tranche of $25 million for $10 per share, which is expected to close in March. No later than July 31, a second tranche of $25 million is due at a share price that is to be determined. The second tranche could be reduced if Vertical secures alternative equity funding by late July.
Active as a journalist since 1987, with a background in newspapers, magazines, and a regional news station, Richard has been covering commercial aviation on a freelance basis since late 2016.
Richard is contributing to AirInsight since December 2018. He also writes for Airliner World, Aviation News, Piloot & Vliegtuig, and Luchtvaartnieuws Magazine. Twitter: @rschuur_aero.
