LONDON & NEW YORK - Vertical Aerospace [NYSE: EVTL], a leader in zero-emissions aviation, announced the forthcoming completion of its second full-scale VX4 eVTOL prototype. The advanced prototype, which includes over 60% new components from aerospace partners, is on track for its flight test program and public demonstrations scheduled at Farnborough and Heathrow.
The company's disciplined financial approach is reflected in its FY23 net cash used in operating activities, totaling £74.7 million ($92.9 million). Stephen Fitzpatrick, Vertical's founder and CEO, has shown his commitment by investing $25 million on March 13, 2024, and pledging an additional $25 million for July 31, 2024.
Fitzpatrick expressed confidence in Vertical's team and technology, highlighting that the latest VX4 prototype will be faster and quieter than its predecessor, with 70% new components, including advanced propellers and proprietary battery technology. He emphasized that 2024 is pivotal for the eVTOL industry and looks forward to demonstrating the piloted VX4.
Vertical's achievements in 2023 include becoming one of the few eVTOL developers to fly a full-scale vectored-thrust electric aircraft and the only one with active certification efforts with five regulators. The company also secured a Design Organisation Approval from the UK Civil Aviation Authority and opened a state-of-the-art battery facility in Bristol, UK. These milestones contribute to Vertical's growing order book, now exceeding $6 billion.
The company's partnership ecosystem, featuring Honeywell (NASDAQ:HON) Aerospace, Leonardo, Hanwha, and others, aims to de-risk operational execution and facilitate certification, allowing for production at scale. Vertical boasts a diverse global customer base, with pre-orders from airlines, aircraft lessors, and mobility firms.
The information in this article is based on a press release statement.
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