LONDON / NEW YORK – Vertical Aerospace said Monday it has secured financing commitments of about $100 million as the electric airplane developer moves toward certification and commercial production.
The financing includes $40 million from Mudrick Capital Management, $35 million through a planned equity offering and $25 million from the company’s preferred equity facility with Yorkville Advisors Global.
The funding is intended to support Vertical’s certification program and development of manufacturing capabilities for Valo, its four-passenger electric vertical takeoff and landing aircraft.
Vertical said the money will help fund completion of the aircraft’s Critical Design Review, expand battery production capacity at its Energy Centre and develop future production capabilities in the United Kingdom.
The company also plans to retrofit its third prototype for hybrid-electric flight testing in the first half of 2027.
The financing announcement comes after Vertical completed piloted transition flights at the Farnborough International Airshow. A transition flight is an early test in which an eVTOL shifts from vertical lift generated by its lift rotors to forward flight using a rear-mounted pusher propeller.
The company has secured some 1,500 orders for Valo.
“Following the momentum generated by our progress over the last six months, we are focused on converting operational progress and partner engagement into continued advancement of our certification and commercialization strategy,” Chief Executive Stuart Simpson said.
The eVTOL sector is moving closer to commercial operations, with manufacturers advancing aircraft development and certification programs while working with regulators to establish the standards and infrastructure needed to bring electric aircraft into commercial service.
The proposed Mudrick financing is subject to definitive agreements, and Vertical said there is no assurance it will close on the announced terms.
Vertical is based in Bristol, England, and trades on the New York Stock Exchange under the ticker EVTL.