Vertical closes critical $850m funding package

Fresh from the 14 April success of its first two-way transition flight, UK electric air taxi developer Vertical Aerospace has received a further boost with the closing of the outstanding elements of a finance package worth $850 million.

First announced on 30 March, the package included an $800 million agreement in principle with majority shareholder Mudrick Capital and Yorkville Advisors Global, plus an already completed $50 million capital raise.
It will provide the company with access to sufficient funds to complete the development of its Valo electric vertical take-off and landing (eVTOL) aircraft, while also maintaining the flexibility to access other capital sources if required.
Vertical says it will have around $160 million of near-term working capital and has drawn down $30 million of the newly announced financing.
“The close of this comprehensive financing package allows us to build on our strong operational momentum, most recently demonstrated with the successful achievement of full-scale piloted two-way transition flight.
“With this funding in place, Vertical is well positioned to continue executing against our roadmap to 2028 certification.”