Vertical Aerospace reviews strategic options as funding push continues

Vertical Aerospace has released more detail on its search for new backing. The company announced a review of strategic alternatives, with investment bank Jefferies advising.

The UK-based electric vertical take-off and landing developer said the review will examine potential strategic and financial partnerships to move its next stage of development forward. Nothing has been ruled out, including a merger with another developer.

Chief executive Stuart Simpson said the company is considering a range of possible partners and is not pre-judging the process or narrowing it to one type of partner. The focus is on finding the right path for Vertical.

A financing package announced in March was intended to provide immediate working capital and flexible access to more capital as certification work continues, Simpson said. Vertical announced it had secured $850 million earlier this year, with about $750 million of that still outstanding.

The company has consistently said further funding would be required to industrialise its Valo aircraft.

Vertical launched the review on 24 September, at the same time as it officially opened its first production site. Rival eVTOL developers Archer Aviation and Joby Aviation have already secured large financial and industrial agreements with companies outside the sector, partnering with Stellantis and Toyota respectively.