Vertical Aerospace (Vertical), a global aerospace and technology company specialising in zero-emissions aviation, has secured over USD200 million in additional financing to support its path to scale production and certification of the VA-X4 electric vertical take-off and landing (eVTOL) aircraft.
Vertical is targeting the highest global certification for its VA-X4, which is expected to achieve the equivalent safety standard of a passenger jet by 2024 (based on the expected standards promulgated by the CAA and EASA).
Mudrick Capital Management (Mudrick Capital) will invest USD200 million in Vertical through convertible senior secured notes. In addition, Kouros SA, a firm specialising in investments to decarbonise transport and energy production, will invest USD5 million in Vertical’s PIPE alongside American Airlines, Avolon, Honeywell, Microsoft’s M12 and Rolls-Royce.
Stephen Fitzpatrick, CEO and Founder of Vertical, says:“We are delighted to welcome Mudrick Capital and Kouros as new partners to Vertical Aerospace. Their investments are more expert validation of our technology and approach to the exciting future of zero emissions flight. We look forward to working together in the years to come to bring Urban Air Mobility to cities all over the world.”
Jason Mudrick. Founder and CIO of Mudrick Capital, says: “We are very excited to be partnering with Vertical Aerospace as it executes on its well-defined plan to certify and produce eVTOL aircraft. The company is led by an exceptional team, developing an innovative aircraft, that has created an unrivalled partner ecosystem, with what we believe is the largest announced conditional pre-order book in the industry. With this investment, the company now has the proper capitalisation to bring electric flight into commercial operation by the middle of this decade and move towards high-scale production. Vertical is on the right side of the movement towards Net Zero – cutting carbon by reducing reliance on short-haul flights and other modes of transport. This is essential and it is a key consideration in our investment.”
Florent Bergeret, Head of Strategy and Investments of Kouros France, says: “Kouros SA is thrilled to invest in Vertical Aerospace, a pioneer company leading the way to electric aviation.”
