U.K. Government Allots $10M for Vertical Aerospace Electric Air Taxi Propeller Project

The manufacturer has now received a total of $47 million in British government grant funding, which it will use to develop its next-generation propellers.

Jack Daleo

Tuesday, February 27, 2024 at 04:00 PM ET

Verified

Vertical Aerospace is developing next-generation propellers for its flagship, four-passenger eVTOL air taxi. [Courtesy: Vertical Aerospace] Photo by Adam Gasson / Vertical Aerospace

Key Takeaways:

Vertical Aerospace, which faced potential insolvency by September, has secured significant funding including a $10 million UK government grant and a $50 million personal investment from its founder and CEO.
The UK government grant is specifically allocated to develop next-generation, improved propellers for its VX4 eVTOL air taxi.
These new propellers will be integrated into "Aircraft Two," a full-scale prototype critical for certification testing with the UK Civil Aviation Authority (CAA).
Aircraft Two is scheduled for flight campaigns and public demonstrations this year, building on Vertical's recent achievement of CAA Design Organization Approval.

See a mistake? Contact us.

Vertical Aerospace, a U.K.-based manufacturer of electric vertical takeoff and landing (eVTOL) air taxis that previously projected it could run out of money in September, now appears to be flush with cash.

The manufacturer last week said it received a $10 million grant from the U.K. government through the Aerospace Technology Institute (ATI) program, its fourth grant award through that initiative. The award brings Vertical’s total U.K. government grant funding to $47 million and follows founder and CEO Stephen Fitzpatrick’s personal commitment to provide another $50 million.