Vertical Aerospace in Britain, the pioneer of flying taxis, has received another £8m from the government. This brings its total taxpayer support to £37m, as it attempts to get its electric plane off the ground.
The company claimed that the funding for the development of propellers for the electric vertical takeoff and landing (eVtol), aircraft, was a “vote” of confidence in its technology despite recent difficulties.
Vertical’s VX4 crashed during a test in the Cotswolds, England in August. The share price of Vertical has dropped by more than 90% in just over a year. Its billionaire founder Stephen Fitzpatrick invested an additional $50m (£40m), last month, to keep the company going.
Vertical will receive a grant of £8m to cover half the development costs of its propellers, propulsion system and other components. The company hopes that this technology will be lighter than current technology and quieter.
Fitzpatrick is best known for being the creator of Ovo Energy, a gas and electricity provider, and former owner of Manor Formula One. He said that the project was “another significant step in delivering novel electric aviation technology to Britain”.
Vertical will lead a consortium of aviation engineers, including those from British universities. The UK is looking to secure a position in a “future global market in urban air mobility”, in which eVtols would replace helicopters as a faster and more socially acceptable way to travel between cities.
Nusrat Ghani said, “This exciting, sustainable propeller project is an excellent example of our commitment towards our world-leading aerospace sector. It supports high-skilled and high-paid employment across the UK, while developing the technologies of tomorrow.”
The UK Aerospace Technology Institute is responsible for the grant. It said that the funding would “enable the development of ultra efficient and cross-cutting technology in a global market with a high level of competition, expected to bring £24bn worth to the UK by 2050”.
Vertical is one of the more prominent firms in this fledgling industry. Last year, it received design approval from regulator Civil Aviation Authority for a five seater flying taxi that can fly at speeds up to 200mph.
Investors have been sceptical despite the fact that American Airlines and Virgin Atlantic are amongst those who have placed orders. Vertical shares trade at less than 70c in New York, after reaching a peak of more than $10 in December 2021, when it will be listed on the stock market.
At the Singapore airshow, Lilium, a German competitor of Its, announced on Tuesday a provisional purchase order for ten eVtol Jets. PhilJets hopes to establish a network that will serve the Philippines’ numerous islands.