Vertical Aerospace (Vertical), a global aerospace and technology company pioneering electric aviation, has signed an agreement in principle as part of a financing package totalling up to US$850 million.
The comprehensive package provides the company with a strengthened capital runway to build on recent operational progress and support key strategic milestones over the next 12 months and beyond. These include completing a piloted transition flight, conducting public flight demonstrations of the current prototype, advancing its hybrid-electric demonstrator, expanding the Vertical Energy Centre, progressing construction of its aircraft manufacturing facility, and commencing production of the first full-scale Valo certification aircraft.
The company expects to have approximately US$160 million in working capital in the near term. This includes US$50 million in equity capital raised today, US$30 million to be drawn immediately under the facilities upon execution, existing cash reserves, and anticipated tax relief and government grants.
Stuart Simpson, Chief Executive Officer of Vertical Aerospace, said: “Today marks a new dawn for Vertical Aerospace. We have assembled a comprehensive, flexible financing package designed to execute our strategic plan and materially strengthen our ability to build and certify Valo. We are grateful to Mudrick Capital and Yorkville for their support of our technology, team and mission.”
