Financial news reports or company announcements

UK's Vertical Aerospace Gets $50M from Mudrick Capital for Flying Taxis

Nov 25, 2024, 10:25 AM

Vertical Aerospace, a UK-based startup focused on developing flying taxis, has secured up to $50 million in new funding from Mudrick Capital. This financial injection is part of a larger $180 million transaction aimed at strengthening the company's financial position and advancing its Flightpath 2030 strategy. The funding will provide Vertical Aerospace with the necessary resources to test and certify its first model. This comes at a time when the air taxi industry faces challenges, with competitors like Lilium and Volocopter experiencing financial difficulties.