Log-in here if you’re already a subscriber
Vertical Aerospace founder Stephen Fitzpatrick has yet to provide the second half of a promised $50 million equity investment in the company, but a substantial payout from Rolls-Royce means the U.K.-based electric vertical take-off and landing developer is not hurting for cash in the meantime.
Fitzpatrick announced in March that he would invest another $50 million in Vertical, including an initial $25 million investment completed on March 13. His agreement obligated him to provide the second $25 million by Aug. 14 if the eVTOL company did not secure that amount in alternative equity funding by the end of July.
Related: Vertical CEO makes $50 million wager on flight test progress
As Fitzpatrick previously explained to The Air Current, his investment reflected a wager that the piloted flight test campaign of Vertical’s second full-scale VX4 prototype would meaningfully boost the company’s battered stock price and attract new investment. While that campaign is finally under way as of late July, it kicked off several months later than originally expected, and new outside equity investment has not been forthcoming.
Continue Reading