Vertical Aerospace has told shareholders it is a few weeks away from completing the assembly of its second VX4 eVTOL aircraft prototype as it prepares to resume flight testing ahead of planned public demonstrations at London’s Heathrow Airport and during the Farnborough International air show in July. The new prototype is more advanced than the first aircraft, which was damaged in an accident last year, with more components supplied by partners that will support the manufacturing of production aircraft, including GKN Aerospace.
In a March 14 letter to investors, the UK company said that it spent £74.7 million ($92.9 million) in net cash during 2023 as it seeks to conserve capital reserves needed to complete type certification for the four-passenger aircraft. On March 13, it received an additional $25 million in funding from founder and CEO Stephen Fitzpatrick, with another $25 million to be paid on July 31.
In January, the company reported that this new funding would support the program through the second quarter of 2025. According to Vertical, it holds provisional preorders from more than 12 customers worldwide for more than 1,500 of the VX4 aircraft, which it says are worth over $6 billion.
Bristol-based Vertical is working to secure type certification with the UK’s Civil Aviation Authority, which has agreed to adopt EASA standards. Last year, the agency granted Vertical the country’s first design organization approval for an eVTOL aircraft manufacturer.
“I have never been more confident in Vertical, in our team and our technology,” Fitzpatrick commented. “We will soon be unveiling our new-generation VX4 prototype, which comprises 70 percent new components compared to the previous one, including our more advanced propellers and proprietary battery technology. This aircraft will be faster and quieter than our first prototype and is a big step towards type certification.”
Vertical will be one of the first companies to use what is set to be the UK’s first purpose-built vertiport at Bicester in central England. The facility, which is available for flight testing, is being developed by Skyports and Bicester Motion.
This week, publicly listed Vertical filed its 2023 annual report through an F-20 filing with the U.S. Securities and Exchange Commission. In December, the New York Stock Exchange warned Vertical that it would face removal from the exchange unless its shares traded above $1 over 30 days in the following six months. In trading on March 14, the stock closed at 63 cents, having not been above $1 since late October.