Sept 12 (Askume) – Britain’s Vertical Aerospace (M00.F) said on Thursday its air taxi VX4 prototype had completed the first phase of pilot testing, sending the company’s shares up 3.9% in U.S. pre-market trade.
The VX4 has secured 1,500 bookings worth $6 billion from companies such as Virgin Atlantic, American Airlines and Japan Airlines.
The first phase of testing involved multiple manned flights and ground operations. It completed 70 different test points to verify its safety in real-life flight scenarios.
The company is currently preparing for the second phase of testing, which will include vertical takeoff and landing as well as low-speed flight maneuvers using lift generated by the propellers.
Founded in 2016, Vertical is developing the VX4 as a manned, four-passenger electric vertical takeoff and landing (eVTOL) aircraft.
The company is one of a handful of electric vertical take-off and landing manufacturers hoping to disrupt urban mobility by offering ride-hailing services. But the industry needs to clear regulatory hurdles and overcome battery limitations. They also have to convince the public that their planes are safe.
At the same time, some eVTOL manufacturers need to raise capital to continue testing and build manufacturing facilities.
Bloomberg reported earlier this month that Vertical founder Stephen Fitzpatrick had missed a previously agreed deadline to inject some cash as promised, saying that without the funds, Vertical could run out of cash by March 2025.
“Vertical’s discussions with Stephen continue. Stephen fully supports the company,” the company said in a statement.
The company said Vertical brought in capital during the first half, including additional cash from Rolls-Royce, boosting its cash reserves to $84 million as of June 30.
