Britain's flying taxi champion has made a significant commitment to building its aircraft at home, promising thousands of new jobs and a boost to the country's aerospace supply chain. The company, one of the first beneficiaries of a new government pledge, will now create up to 1,000 direct jobs and support a further 2,000 to 3,000 in the supply chain.
The £10 million funding for Vertical Aerospace, a Bristol-founded firm, takes the total taxpayer investment in the programme to £48 million. This latest commitment builds on earlier rounds of government backing for the electric vertical take-off and landing aircraft.
For the small and medium-sized engineering firms that make up the backbone of Britain's aerospace supply chain, the numbers are the story. Vertical says anchoring the business in the UK will create up to an initial 1,000 direct jobs and support a further 2,000 to 3,000 in the supply chain.
The company's chief executive, Stuart Simpson, said the funding, alongside promises of lending support from UK Export Finance, means the company will now begin scouting for a British aircraft production site and a location for a battery gigafactory. Simpson added that the funding is a major vote of confidence from the UK government in Vertical, allowing the company to begin building aircraft that will be exported to customers around the world.
Vertical plans to build its first Valo flying taxis at its development facilities at Cotswold airport in Gloucestershire, targeting certification in 2029 and service entry soon after. The six-seater Valo, with a top speed of 150mph and a 100-mile range, is seen in time as a replacement for noisy, gas-guzzling helicopters.
The company passed a further milestone at the Farnborough Airshow with the first public flight of the Valo's predecessor prototype, the VX4. The decision to expand in Britain also lands in an industry already struggling to fill 10,000 vacancies a year, a reminder that the promised jobs will need a skills pipeline to match.
The real question had been whether Vertical would be forced abroad to fund a new manufacturing facility. The answer matters for a sector ministers have been courting, with a £46.5 million package to fast-track drones and flying in May. Business owners tempted by the flying taxi gold rush should note the turbulence en route.
Vertical has weathered the operational failure of a prototype, the withdrawal of support from Rolls-Royce and a cash crunch that forced its founder to cede control. Valued at more than $2 billion when it joined the New York Stock Exchange, its market value is now a tenth of that. Simpson insisted the company has access to $800 million in potential funding to reach certification, at which point it will need to raise more to get into production.
