Vertical Wins New UK Government Backing to Transform the Future of Flight

Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company that is pioneering zero emissions aviation, today announces it has been awarded £8 million ($10 million) in grant funding by the UK Government, through the Aerospace Technology Institute (ATI) Programme, to develop its next-generation propellers for use on its VX4 aircraft.

The project is the third awarded to Vertical by the ATI Programme and brings total UK Government grant funding to £37 million ($47 million). This demonstrates a significant vote of confidence in Vertical’s potential to lead the next generation in aviation.

The award puts the UK at the heart of the future global market in urban air mobility, which promises to transform how people move around and between cities, providing a clean, green and low-noise means of travel. Vertical is pioneering these efforts through the VX4, with a new, more advanced and full-scale prototype currently in production.

Industry Minister Nusrat Ghani MP added: “This exciting sustainable propeller project is a fantastic example of our commitment to our world-leading aviation sector, supporting high-skilled, high-paid jobs across the UK while developing technologies of the future.”

“When government and industry collaborate like this, we help our aerospace sector soar to new heights, leading the charge towards net zero air travel by 2050.”

The UK is a global leader in aerospace R&D and manufacturing, continuing its proud history in aviation. This specific project will bring together the UK’s foremost experts and technical partners to further develop Vertical’s eVTOL propellor technology and propulsion system. The final technology will be lower in weight, inertia and noise than their existing propellers, and be delivered to a higher safety standard than any model currently on the market.

“This project will be another major step towards delivering the next generation of novel electric aviation technologies in Britain,” said Stephen Fitzpatrick, Founder and CEO of Vertical Aerospace. “With the support of the ATI Programme and our consortium partners, this project will keep the UK and Vertical at the forefront of aerospace innovation, electric aviation, and urban air mobility.”

This award follows Vertical’s recent announcement that Stephen Fitzpatrick has committed to invest a further $50 million into the business to support the continued development of the aircraft programme. Taken together, Vertical’s announcements over the last month deliver approximately $60 million in additional committed funding.