Post by The Dark Knight on Feb 21, 2024 9:59:03 GMT
Electric flying taxi company gets another £8m from government
Vertical Aerospace’s VX4 electric prototype. The share price is more than 90% down in a year
Vertical Aerospace’s VX4 electric prototype. The share price is more than 90% down in a year
Britain’s flying taxi pioneer, Vertical Aerospace, has been handed another £8m grant from the government, taking its total taxpayer backing to £37m as it tries to get its electric aircraft off the ground.
The company said the funding to develop the propellers for its electric vertical take-off and landing (eVtol) aircraft was a “vote of confidence” in its technology, despite recent struggles.
Vertical’s VX4 aircraft crashed in a test flight in the Cotswolds in August. Its share price is more than 90% down in little over a year, and its billionaire founder, Stephen Fitzpatrick, invested another $50m (£40m) last month to keep the business going.
The £8m grant will meet half of Vertical’s development costs for its propellers and propulsion system, which it hopes will be lighter and quieter than existing technology.
www.theguardian.com/business/2024/feb/20/uk-electric-air-taxi-government-vertical-aerospace