Vertical Aerospace will seek new investments later this year to make sure that it is adequately funded to meet its objectives for 2024 and beyond. The Advanced Air Mobility (AAM) start-up says existing funding is sufficient for 2023 and 2024, as it has a net cash position of almost £123 million last December. But it likes to have a more robust position, Vertical says in its shareholder letter and annual report that were released this week. Vertical Aerospace seeks new funding through additional share capital.
“We expect our investment in the 12 months following the date of this letter to be approximately £90 million, which will be used primarily to fund the creation and testing of the prototype aircraft, support the certification process and invest in additional personnel across both engineering and support function,” Chief Financial Officer John Martin says in the shareholder letter.
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