Vertical Aerospace, a global aerospace and technology company that is pioneering zero emissions aviation, announced that it has entered into an investment agreement with its CEO and founder, Stephen Fitzpatrick, who will provide up to $50 million of funding to the company in the form of an equity investment.
The investment follows a previous agreement in January 2024, where Mr. Fitzpatrick committed to fund the company. As part of the deal, Vertical will hold an extraordinary general meeting (EGM) on March 13, 2024, to vote on certain amendments to its memorandum and articles of association.
Vertical Aerospace was founded in 2016 by Mr. Fitzpatrick, who is also the founder of OVO Group, Europe’s largest independent energy retailer. The company is developing electric vertical take-off and landing (eVTOL) aircraft, which are expected to offer a sustainable and efficient alternative to traditional aviation.
Vertical has received its Design Organisation Approval from the UK Civil Aviation Authority, and has partnered with leading aerospace and technology companies, such as Honeywell, Leonardo, and GKN Aerospace. The company has a diverse global customer base, including airlines, aircraft lessors, and mobility firms, such as American Airlines, Virgin Atlantic, and AirAsia.