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

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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 has secured $60 million in new funding, including a $10 million U.K. government grant and a $50 million investment from its founder, resolving a projected cash shortage and extending its financial runway into mid-2025.
The funding will primarily be used to develop next-generation, quieter, lighter, and safer propellers for its VX4 eVTOL air taxi, with over $25 million dedicated to this project.
The advanced propellers will be integrated into Aircraft Two, a full-scale prototype currently in production, which is intended for critical flight campaigns, public demonstrations, and type certification testing with the U.K. Civil Aviation Authority this year.
The company recently received Design Organization Approval (DOA) from the U.K. CAA, a key step in its certification process, despite previous delays and a crash involving its Aircraft One prototype.

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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.