Vertical Aerospace, an aerospace tech company headquartered in Bristol, secured $50 million in funding from Mudrick Capital. The capital commitment is part of a transaction that projects to add a total of $180 million in funding to the company’s balance sheet, including $130 million in convertible notes.
Vertical Aerospace specializes in electric aviation. The company’s VX4 aircraft is a piloted machine that seats four passengers and operates with zero emissions. The electric vertical take-off and landing, or eVTOL, aircraft is intended to be a safer, quieter and cleaner mode of transportation than traditional airplanes.
The company’s new capital will support its market growth and product advancement strategy through 2030. Vertical Aerospace is investing in further developing its VX4 aircraft and obtaining certification. The company is working with the U.K. Civil Aviation Authority to secure permits to move the VX4 prototype into the third phase of its piloted flight test program.
