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 significant new funding, including a $10 million UK government grant and a $50 million personal investment from its CEO, alleviating a previous cash shortage concern.
This funding will be primarily allocated to developing advanced, safer, quieter, and lighter next-generation propellers for its VX4 eVTOL, to be integrated into the upcoming Aircraft Two prototype.
Aircraft Two, a full-scale prototype crucial for certification, is nearing completion and is expected to undergo flight testing and public demonstrations this year, extending the company's cash runway into mid-2025.
Despite a prior prototype crash and certification delays, Vertical Aerospace recently achieved Design Organization Approval (DOA) from the UK CAA, an essential step in the eVTOL certification process.

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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.