Vertical Aerospace Ltd. - EVTL STOCK NEWS

Vertical Aerospace [NYSE: EVTL] has achieved a significant milestone in its journey towards eVTOL certification. The company's latest VX4 prototype has completed its first tethered piloted flight, marking the beginning of the 'wheels up' phase of testing. This achievement follows the UK Civil Aviation Authority issuing a Permit to Fly for the aircraft.

During the flight, over 20,000 flight and system parameters were measured to verify thrust, handling qualities, and system performance. The VX4's advanced powertrain, featuring proprietary battery packs capable of delivering 1.4 MW of peak power, had previously undergone successful ground testing. The next phases of testing will include thrustborne flight, wingborne flight, and ultimately, piloted transition flight, subject to CAA approval.

Vertical Aerospace [NYSE: EVTL] has begun testing its new, more advanced VX4 eVTOL prototype. Initial powered ground tests, including propeller balancing, have been completed at the company's Flight Test Centre. The next phase involves powered propulsion system testing of the advanced powertrain, featuring proprietary battery packs capable of 1.4 MW peak power.

The new VX4 boasts a 20% increase in power-to-weight ratio, enabling speeds up to 150mph. Vertical plans to progress to tethered and untethered flight tests once the UK Civil Aviation Authority (CAA) issues a Permit to Fly. The aircraft, designed with global aerospace partners, incorporates next-generation propellers and new battery technology developed at Vertical's Energy Centre near Bristol.

Vertical Aerospace (NYSE: EVTL) has unveiled its next-generation full-scale VX4 prototype, an advanced electric take-off and landing vehicle (eVTOL) designed and built in the UK. This prototype features a 20% increase in power-to-weight ratio, enabling speeds up to 150mph. It incorporates technology from strategic partners like GKN Aerospace, Honeywell, and Leonardo, with 60% of components sourced from these partners.

The VX4 includes Vertical's proprietary battery technology, developed at their Vertical Energy Centre, and new carbon fiber composite propellers. The company is working with the UK Civil Aviation Authority (CAA) to obtain a Permit to Fly, after which it will begin a robust flight test programme. Vertical is also developing an identical prototype to accelerate testing and demonstration capabilities.

Vertical Aerospace, listed on NYSE with ticker EVTL, has announced an expanded scope of its Design Organisation Approval (DOA) by the UK Civil Aviation Authority (CAA). This extension allows Vertical’s engineers to sign off on more technical areas, streamlining the certification process for its VX4 aircraft. The CAA and the European Union Aviation Safety Agency (EASA) have agreed on collaborative procedures for the VX4's certification, aiming for concurrent validation. Vertical also has similar validation projects with five major regulatory agencies globally. The company will soon commence piloted flight tests for its most advanced full-scale VX4 prototype at Cotswold Airport.

Vertical Aerospace (NYSE: EVTL) reported financial results for Q1 2024, highlighting a net operating loss of £20 million, an improvement from last year's £23 million loss. The company secured a £10 million grant, bolstering their total grant funding to £47 million, and received an additional £19.5 million investment. The VX4 aircraft prototype is nearing completion, with test flights planned for later this year. Vertical's partnership with Rolls-Royce ended, but the financial impact is mitigated. The company plans further fundraising efforts in 2024 to meet capital requirements and address NYSE listing compliance issues, potentially through a reverse share split.

Vertical Aerospace has made leadership appointments to drive the certification and commercialization of its VX4 aircraft. Stuart Simpson, a seasoned executive, is appointed CEO, while the founder, Stephen Fitzpatrick, remains on the board. Ben Story, with extensive experience, joins the board. The company is preparing for a pivotal phase with the VX4 prototype nearing completion.