Latest news with #Vertical
Yahoo
12-06-2025
- Business
- Yahoo
Vertical Aerospace, Bristow expand partnership to accelerate commercial air taxi launch
By Anshuman Tripathy (Reuters) -British electric-aircraft developer Vertical Aerospace said on Thursday it has expanded its partnership with helicopter ride operator Bristow Group as it aims to bring air taxi services into commercial operation. U.S.-listed shares of Vertical were up 1.5% in premarket trade. Texas-based Bristow Group - which offers short-distance helicopter rides in several countries, including the UK and the U.S. - has also ordered up to 50 of Vertical's VX4 aircraft, with the option to purchase 50 more. Air taxi startups are heavily investing to secure approvals and commercialize electric vertical takeoff and landing (eVTOL) aircraft, to meet the growing demand for faster, more sustainable urban transportation amid a stringent regulatory environment. The deal provides Vertical's customers a scalable eVTOL platform, without the need to build operational infrastructure from scratch, the companies said. "We eVTOL aircraft will be a 60% to 70% reduction in direct operating cost," Chris Bradshaw, CEO of Bristow Group, told Reuters in an interview. The partnership also includes access to certified aircraft, trained pilots, maintenance and insurance, with both companies managing aircraft operations for Vertical's customers. "This strategic partnership ... mirrors what already successfully works in aviation today," said Vertical Aerospace CEO Stuart Simpson, adding that it will lower barriers to market entry and accelerate eVTOL service adoption worldwide. Last month, Vertical said it deepened ties with Honeywell to take key air taxi systems to certification and was developing a long-range hybrid-electric variant of its VX4 in an attempt to widen market reach.
Yahoo
12-06-2025
- Business
- Yahoo
Vertical and Bristow Partner to Deliver Full Service 'Ready-to-Fly' eVTOL Operations for VX4 Customers
Strategic partnership will accelerate global eVTOL adoption by combining Vertical's category leading aircraft with Bristow's global vertical lift operational and safety track record and experience "Ready-to-fly" model provides Vertical's customers with turnkey access to aircraft, pilots, maintenance, and insurance – lowering barriers to entry Bristow places pre-order for up to 50 VX4, with option to purchase up to 50 more Companies exploring Maintenance, Repair and Overhaul (MRO) services, including battery swapping and field maintenance solutions LONDON & HOUSTON, June 12, 2025--(BUSINESS WIRE)--Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company pioneering electric aviation, and Bristow Group Inc. [NYSE: VTOL], the leading global provider of innovative and sustainable vertical flight solutions, today announced an expansion of their strategic partnership to bring advanced air mobility (AAM) into commercial operation. The companies will develop a scalable, capital-light eVTOL operations platform, designed to reduce barriers to adopting these aircraft by providing Vertical's current and future customers with fully integrated solutions to launch services without building operational infrastructure from scratch. This "ready-to-fly" model, which mirrors existing, successful operating models adopted by regional airlines, includes access to certified aircraft, trained pilots, maintenance, and insurance – allowing VX4 customers to focus on customer experience, sales, and network integration, while Vertical and Bristow manage aircraft operations on their behalf. Under the memorandum of understanding between the companies, Bristow has also placed a pre-order for up to 50 VX4, with the option to purchase up to 50 more. This expanded pre-order builds on the strategic partnership launched in 2021 and reflects Bristow's confidence in the potential of Vertical's VX4 aircraft, including its commercial viability, certification path, and delivery roadmap. Chris Bradshaw, President and CEO of Bristow Group, said: "We are excited about expanding our relationship with Vertical and helping move the future of advanced air mobility forward. Bristow has over 75 years of providing critical safety, operational, certification, and logistics expertise, and this agreement outlines a framework to help scale these new aircraft globally, offering customers a seamless path from concept to revenue." Stuart Simpson, CEO of Vertical Aerospace, said: "This strategic partnership is about execution and mirrors what already successfully works in aviation today. It will lower barriers to market entry and accelerate the adoption of eVTOL services worldwide. Together, we're making it easy for customers to adopt electric flight, allowing them to focus on what they are best at – customer service, loyalty and sales." Bristow will leverage its global operational footprint, including multiple Air Operator Certificates (AOCs) and Bristow's global MRO network approvals, to offer fully managed operations for Vertical's current and future customers. Target customers include airlines, logistics operators and rescue services – sectors where Bristow has over seven decades of mission-critical experience across the world. As part of the strategic partnership, the companies will harmonize their respective safety management systems and utilize the VX4's cloud-connected architecture to deliver predictive maintenance, enhanced reliability, and data-driven fleet insights. The companies are also exploring Maintenance, Repair and Overhaul (MRO) services, including battery swapping and field maintenance solutions This agreement is a key enabler of Vertical's Flightpath 2030 strategy - its roadmap to delivering scalable, certified, and commercially viable eVTOL operations globally. It also builds on Vertical's recent completion of the first-ever wingborne flight of a winged eVTOL in European open airspace - a critical step toward certification and commercial launch that reflects growing regulatory confidence in the capabilities of the VX4. About Vertical Aerospace Vertical Aerospace is a global aerospace and technology company pioneering electric aviation. Vertical is creating a safer, cleaner and quieter way to travel. Vertical's VX4 is a piloted, four passenger, Electric Vertical Take-Off and Landing (eVTOL) aircraft, with zero operating emissions. Vertical will also be launching a hybrid-electric variant, offering increased range and mission flexibility to meet the evolving needs of the advanced air mobility market. Vertical combines partnering with leading aerospace companies, including GKN, Honeywell and Leonardo, with developing its own proprietary battery and propeller technology to develop the world's most advanced and safest eVTOL. Vertical has c.1,500 pre-orders of the VX4, with customers across four continents, including American Airlines, Japan Airlines, GOL and Bristow. Certain customer obligations are expected to be fulfilled via third-party agreements. Headquartered in Bristol, the epicentre of the UK's aerospace industry, Vertical's experienced leadership team comes from top tier automotive and aerospace companies such as Rolls-Royce, Airbus, GM and Leonardo. Together they have previously certified and supported over 30 different civil and military aircraft and propulsion systems. About Bristow Group Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of offshore energy companies and government entities. Bristow's aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed-wing transportation, unmanned systems and ad hoc helicopter services. Bristow's business is comprised of three operating segments: Offshore Energy Services, Government Services and Other Services. Bristow's energy customers charter its helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Bristow's government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Bristow's other services include fixed wing transportation services through a regional airline and dry-leasing aircraft to third-party operators in support of other industries and geographic markets. Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the United Kingdom ("UK") and the United States ("U.S."). Forward-Looking Statements This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that relate to Vertical's current expectations and views of future events. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act and 21E of the Exchange Act. Any express or implied statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding the expected benefits of the strategic partnership between Vertical and Bristow disclosed herein, Bristow's purchase of aircraft from Vertical, the design and manufacture of the VX4, the features and capabilities of the VX4 and the hybrid-electric variant, expectations surrounding pre-orders and commitments, business strategy and plans and objectives of management for future operations, including the building and testing of Vertical's prototype aircrafts on timelines projected, completion of the piloted test programme phases, selection of suppliers, certification and the commercialization of both the VX4 and the hybrid-electric VX4 variant, and Vertical's ability to achieve regulatory certification of Vertical's aircraft products on any particular timeline or at all, Vertical's ability to integrate hybrid technology into the VX4 on any particular timelines or at all, the ability of the hybrid-electric VX4 variant VX4 to be applied in defense, cargo, logistics and emergency services sectors, Vertical's ability to scale the hybrid-electric VX4 upon the VX4, the transition towards a net-zero emissions economy, Vertical's future results of operations and financial position and expected financial performance and operational performance, liquidity, growth and profitability strategies, business strategy and plans and objectives of management for future operations, Vertical's ability and plans to raise additional capital to fund Vertical's operations, Vertical's plans to mitigate the risk that we are unable to continue as a going concern, Vertical's plans for capital expenditures, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate," "will," "aim," "potential," "continue," "is/are likely to" and similar statements of a future or forward-looking nature. These forward-looking statements reflect Vertical's current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the important factors discussed under the caption "Risk Factors" in Vertical's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") on March 11, 2025, as such factors may be updated from time to time in Vertical's other filings with the SEC. Any forward-looking statements contained in this release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Vertical disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this release whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. This Press Release also contains "forward-looking statements" representing Bristow Group Inc.'s ("Bristow") current expectations or forecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project," or "continue," or other similar words, and include statements regarding the expected benefits of the fleet support and training agreements disclosed herein. These statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, reflect Bristow management's current views with respect to future events and therefore are subject to significant risks and uncertainties, both known and unknown. Without limiting the generality of the foregoing, such forward-looking statements include statements regarding the capabilities, development, certification, marketing, and future operations of Vertical's VX4 aircraft, Bristow's purchase of aircraft from Vertical, and the anticipated benefits of the collaboration between Bristow and Vertical. Bristow's actual results may vary materially from those anticipated in forward-looking statements. Bristow cautions investors not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. Bristow disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in Bristow's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based that occur after the date hereof, except as may be required by applicable law. You should not place undue reliance on Bristow's forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties, and other unpredictable factors, many of which are beyond Bristow's control. New risks and uncertainties arise from time to time, and it is impossible for Bristow to predict these matters or how they may affect Bristow. Bristow has included important factors in the section entitled "Risk Factors" in Bristow's Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report") which Bristow believes over time, could cause Bristow's actual results, performance, or achievements to differ from the anticipated results, performance or achievements that are expressed or implied by Bristow's forward-looking statements. You should consider all risks and uncertainties disclosed in the Annual Report and in Bristow's filings with the SEC, all of which are accessible on the SEC's website at View source version on Contacts For more information about Vertical Aerospace: Justin Bates, Head of Communications +44 7878 357 463Samuel Emden, Head of Investor Affairs +447816 459 904 Investors Bristow Group Inc. Jennifer Media Bristow Group Inc. Adam Sign in to access your portfolio
Business Wire
12-06-2025
- Business
- Business Wire
Vertical and Bristow Partner to Deliver Full Service 'Ready-to-Fly' eVTOL Operations for VX4 Customers
LONDON & HOUSTON--(BUSINESS WIRE)--Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company pioneering electric aviation, and Bristow Group Inc. [NYSE: VTOL], the leading global provider of innovative and sustainable vertical flight solutions, today announced an expansion of their strategic partnership to bring advanced air mobility (AAM) into commercial operation. The companies will develop a scalable, capital-light eVTOL operations platform, designed to reduce barriers to adopting these aircraft by providing Vertical's current and future customers with fully integrated solutions to launch services without building operational infrastructure from scratch. This "ready-to-fly" model, which mirrors existing, successful operating models adopted by regional airlines, includes access to certified aircraft, trained pilots, maintenance, and insurance – allowing VX4 customers to focus on customer experience, sales, and network integration, while Vertical and Bristow manage aircraft operations on their behalf. Under the memorandum of understanding between the companies, Bristow has also placed a pre-order for up to 50 VX4, with the option to purchase up to 50 more. This expanded pre-order builds on the strategic partnership launched in 2021 and reflects Bristow's confidence in the potential of Vertical's VX4 aircraft, including its commercial viability, certification path, and delivery roadmap. Chris Bradshaw, President and CEO of Bristow Group, said: 'We are excited about expanding our relationship with Vertical and helping move the future of advanced air mobility forward. Bristow has over 75 years of providing critical safety, operational, certification, and logistics expertise, and this agreement outlines a framework to help scale these new aircraft globally, offering customers a seamless path from concept to revenue.' Stuart Simpson, CEO of Vertical Aerospace, said: 'This strategic partnership is about execution and mirrors what already successfully works in aviation today. It will lower barriers to market entry and accelerate the adoption of eVTOL services worldwide. Together, we're making it easy for customers to adopt electric flight, allowing them to focus on what they are best at – customer service, loyalty and sales.' Bristow will leverage its global operational footprint, including multiple Air Operator Certificates (AOCs) and Bristow's global MRO network approvals, to offer fully managed operations for Vertical's current and future customers. Target customers include airlines, logistics operators and rescue services – sectors where Bristow has over seven decades of mission-critical experience across the world. As part of the strategic partnership, the companies will harmonize their respective safety management systems and utilize the VX4's cloud-connected architecture to deliver predictive maintenance, enhanced reliability, and data-driven fleet insights. The companies are also exploring Maintenance, Repair and Overhaul (MRO) services, including battery swapping and field maintenance solutions This agreement is a key enabler of Vertical's Flightpath 2030 strategy - its roadmap to delivering scalable, certified, and commercially viable eVTOL operations globally. It also builds on Vertical's recent completion of the first-ever wingborne flight of a winged eVTOL in European open airspace - a critical step toward certification and commercial launch that reflects growing regulatory confidence in the capabilities of the VX4. About Vertical Aerospace Vertical Aerospace is a global aerospace and technology company pioneering electric aviation. Vertical is creating a safer, cleaner and quieter way to travel. Vertical's VX4 is a piloted, four passenger, Electric Vertical Take-Off and Landing (eVTOL) aircraft, with zero operating emissions. Vertical will also be launching a hybrid-electric variant, offering increased range and mission flexibility to meet the evolving needs of the advanced air mobility market. Vertical combines partnering with leading aerospace companies, including GKN, Honeywell and Leonardo, with developing its own proprietary battery and propeller technology to develop the world's most advanced and safest eVTOL. Vertical has c.1,500 pre-orders of the VX4, with customers across four continents, including American Airlines, Japan Airlines, GOL and Bristow. Certain customer obligations are expected to be fulfilled via third-party agreements. Headquartered in Bristol, the epicentre of the UK's aerospace industry, Vertical's experienced leadership team comes from top tier automotive and aerospace companies such as Rolls-Royce, Airbus, GM and Leonardo. Together they have previously certified and supported over 30 different civil and military aircraft and propulsion systems. About Bristow Group Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of offshore energy companies and government entities. Bristow's aviation services include personnel transportation, search and rescue ('SAR'), medevac, fixed-wing transportation, unmanned systems and ad hoc helicopter services. Bristow's business is comprised of three operating segments: Offshore Energy Services, Government Services and Other Services. Bristow's energy customers charter its helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Bristow's government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Bristow's other services include fixed wing transportation services through a regional airline and dry-leasing aircraft to third-party operators in support of other industries and geographic markets. Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the United Kingdom ('UK') and the United States ('U.S.'). Forward-Looking Statements This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that relate to Vertical's current expectations and views of future events. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act and 21E of the Exchange Act. Any express or implied statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding the expected benefits of the strategic partnership between Vertical and Bristow disclosed herein, Bristow's purchase of aircraft from Vertical, the design and manufacture of the VX4, the features and capabilities of the VX4 and the hybrid-electric variant, expectations surrounding pre-orders and commitments, business strategy and plans and objectives of management for future operations, including the building and testing of Vertical's prototype aircrafts on timelines projected, completion of the piloted test programme phases, selection of suppliers, certification and the commercialization of both the VX4 and the hybrid-electric VX4 variant, and Vertical's ability to achieve regulatory certification of Vertical's aircraft products on any particular timeline or at all, Vertical's ability to integrate hybrid technology into the VX4 on any particular timelines or at all, the ability of the hybrid-electric VX4 variant VX4 to be applied in defense, cargo, logistics and emergency services sectors, Vertical's ability to scale the hybrid-electric VX4 upon the VX4, the transition towards a net-zero emissions economy, Vertical's future results of operations and financial position and expected financial performance and operational performance, liquidity, growth and profitability strategies, business strategy and plans and objectives of management for future operations, Vertical's ability and plans to raise additional capital to fund Vertical's operations, Vertical's plans to mitigate the risk that we are unable to continue as a going concern, Vertical's plans for capital expenditures, as well as statements that include the words 'expect,' 'intend,' 'plan,' 'believe,' 'project,' 'forecast,' 'estimate,' 'may,' 'should,' 'anticipate,' 'will,' 'aim,' 'potential,' 'continue,' 'is/are likely to' and similar statements of a future or forward-looking nature. These forward-looking statements reflect Vertical's current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the important factors discussed under the caption 'Risk Factors' in Vertical's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the 'SEC') on March 11, 2025, as such factors may be updated from time to time in Vertical's other filings with the SEC. Any forward-looking statements contained in this release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Vertical disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this release whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. This Press Release also contains "forward-looking statements" representing Bristow Group Inc.'s ("Bristow") current expectations or forecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project," or "continue," or other similar words, and include statements regarding the expected benefits of the fleet support and training agreements disclosed herein. These statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, reflect Bristow management's current views with respect to future events and therefore are subject to significant risks and uncertainties, both known and unknown. Without limiting the generality of the foregoing, such forward-looking statements include statements regarding the capabilities, development, certification, marketing, and future operations of Vertical's VX4 aircraft, Bristow's purchase of aircraft from Vertical, and the anticipated benefits of the collaboration between Bristow and Vertical. Bristow's actual results may vary materially from those anticipated in forward-looking statements. Bristow cautions investors not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. Bristow disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in Bristow's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based that occur after the date hereof, except as may be required by applicable law. You should not place undue reliance on Bristow's forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties, and other unpredictable factors, many of which are beyond Bristow's control. New risks and uncertainties arise from time to time, and it is impossible for Bristow to predict these matters or how they may affect Bristow. Bristow has included important factors in the section entitled "Risk Factors" in Bristow's Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report") which Bristow believes over time, could cause Bristow's actual results, performance, or achievements to differ from the anticipated results, performance or achievements that are expressed or implied by Bristow's forward-looking statements. You should consider all risks and uncertainties disclosed in the Annual Report and in Bristow's filings with the SEC, all of which are accessible on the SEC's website at
Yahoo
09-06-2025
- Entertainment
- Yahoo
Vertical Acquires ‘The Twin,' Sets July Release Date (EXCLUSIVE) – Film News in Brief
Vertical is set to release J.C. Coler's horror film 'The Twin' on July 1, following the company's acquisition of North American rights. The cast includes Logan Donovan ('Magnum P.I.'), Robert Longstreet ('The Fall of the House of Usher') and Aleksa Palladino ('The Penguin'). More from Variety Bill Condon Developing 'A Christmas Carol' Musical for Disney Scrooge & Marley Marley The film, which draws from Irish folklore, follows Donovan's character Nicholas, who deals with grief and starts to have visions of a mysterious figure with his likeness. Palladino plays Nicholas's wife, Charlie, while Longstreet plays Nicholas's psychiatrist Dr. Beaumont. 'J.C.'s atmospheric direction, paired with Logan's haunted and physically impressive performance, has resulted in a deeply chilling story that horror fans will love. We look forward to presenting the film to North American audiences this summer,' Vertical senior vice president of acquisitions Tony Piantedosi said in a statement. Producers include Doler, Donovan, Alexander Jeffery, Paul Petersen, Brittany Fallow and Chris Alan Evans. 'After such a long journey, I'm incredibly proud to finally share 'The Twin' with horror audiences everywhere,' Doler, who makes his directorial debut with the film, said in a statement. 'It's a story about the things we try to bury that somehow find a way to dig themselves out.' Blue Fox Entertainment, Regal Cinemas to Re-Release Documentary 'Marley' for Bob Marley's 80th Birthday (EXCLUSIVE) In celebration of what would have been Bob Marley's 80th birthday, the documentary 'Marley' will return to theaters across the country via Blue Fox Entertainment and Regal Cinemas. Originally released in 2012 with Kevin Macdonald directing, 'Marley' features rare footage, never-before-seen performances and interviews with the reggae icon's family, friends and collaborators. It will be presented as exclusive single-screening events in cities around the country. Fans can visit to request a screening in their city. Ziggy Marley said in a statement, 'We are joyful to re-introduce the definitive documentary about my father. I'm glad we are able to bring this experience again to new audiences as we celebrate the 80th anniversary of his birth. Best of Variety 25 Hollywood Legends Who Deserve an Honorary Oscar New Movies Out Now in Theaters: What to See This Week Emmy Predictions: Animated Program — Can Netflix Score Big With 'Arcane,' 'Devil May Cry' and the Final Season of 'Big Mouth?'
Mint
08-06-2025
- Business
- Mint
Meme stocks made him a fortune. Now he's betting on flying taxis.
After booking a nine-figure profit by riding the meme-stock craze for old-school bricks-and-mortar businesses, hedge-fund manager Jason Mudrick was looking for his next big bet. He was as surprised as anyone that he settled on flying taxis. Mudrick specializes in distressed companies, often established businesses that have fallen out of favor. But when late last year he became the biggest shareholder of a British aerospace startup and forced out its founder, he was making a long-shot play on a futuristic industry that for years has seemed just around the corner—yet still hasn't arrived. The company, Vertical Aerospace, is aiming to bring one of the world's first so-called 'electric vertical takeoff and landing aircraft" to market by 2028. Its aircraft is akin to a battery-powered helicopter that is much quieter, safer and cheaper to operate than its conventional counterpart, while carrying up to six passengers and their suitcases. Called the VX4, it has a range of about 100 miles, able to get a New Yorker to the Hamptons in about 40 minutes. Vertical says the cost-per-mile will rival that of an Uber Black, the ride-hailing app's premier service. Mudrick is aware that, to many, the idea still seems far-fetched. 'We have aircraft, like, they're flying, this industry has sort of become real," he said in an interview. 'I grew up watching the Jetsons but I never thought, 'Hey, someday I'm gonna be involved in creating one of those little craft.'" Aerospace executives have spent years pitching a world where flying taxis are crisscrossing the skies above major cities, ferrying passengers between airports and city centers, and used as ambulances to transport patients and organs. Some envision entirely new commuter towns where residents begin each workday with a short flight to the office. That dream is inching closer. In April, San Jose, Calif.-based Archer Aviation shared flight paths for New York, and last August did the same for Los Angeles. Beta Technologies, out of Burlington, Vt., has installed about 50 charging stations across 22 states and recently flew passengers on an initial version of its aircraft. And over in Dubai, construction has started on the United Arab Emirates' first 'vertiport" ahead of plans for Joby Aviation to begin flying there later this year. Even with the collapse of three of its biggest European competitors over the past year, Vertical remains, in many ways, the underdog. Its primary three U.S. rivals boast bigger budgets and bigger investors. Vertical raised some $90 million in January, enough to help tide it over while it continues with fresh fundraising and the search for a major industrial partner this year. By comparison, Amazon-funded Beta, Toyota– and Delta Air Lines-backed Joby, and Archer—which has joined with Stellantis and United Airlines—have raised some $1.4 billion combined over the past 12 months. All three say they also expect to begin flying passengers in the U.S. as soon as in the next year or two if they can get the blessing from the Federal Aviation Administration. Mudrick says his rivals are being too optimistic, but even so, acknowledges that his aircraft, which has to meet higher European safety standards, will likely come a bit later with deliveries starting in 2028. It isn't clear whether cities and the general public will embrace a new aircraft humming around their homes and offices, adding to already crowded skies, says Adam Cohen, a researcher at the University of California at Berkeley. Among other things, they will add demands to already-stretched air-traffic controllers. Cohen says he expects they will be operational on a 'very small scale" by the end of the decade, with emergency services as one likely way they could be effectively deployed. Still, Mudrick believes the upside justifies the financial risk. 'This is one of those bets that you make, and if it works, it's one you'll talk about for the next 20 years," he said. Originally from Washington, D.C., Mudrick is a Harvard Law School graduate and a former investment banker. He started his eponymous hedge fund in 2009 with $5 million at only 34 years old, and soon after made Business Insider's 'Sexiest Hedge Fund Managers Alive" list. (Mudrick says the article was 'a long time ago.") With a focus on companies that are typically unsexy, his firm's managed funds had soared to $3.2 billion by the end of March. Mudrick's Vertical adventure started in summer 2021. The executive was wrapping up a meeting at his offices on New York's Madison Avenue when Vertical's chairman, Dómhnal Slattery, quietly pulled him aside. ''I'm working on something interesting, I think you should take a look,'" Mudrick recalled being told. Vertical was months away from listing via a special-purpose acquisition company at a $2.2 billion valuation, but needed a cash injection to get there. Mudrick, meanwhile, had only just emerged from his bets on the theater chain AMC and videogame retailer GameStop, which were among the most high-profile meme stocks at the time. The bets netted him roughly $250 million in profits and led to his firm's best month ever, but also ended up evoking the ire of online traders. (He woke up one day to find his firm's Wikipedia page defaced with profanity and insults). He was eager to get Mudrick Capital back to its core strategy: providing debt financing to distressed companies. So he shut Slattery down: 'Not interested." Weeks later, Vertical's chairman tried again, enticing Mudrick with a different offer: forget an equity injection, how did he feel about debt? It worked. Mudrick and his team set about researching the much-hyped industry and found that the proposition was surprisingly simple. Megacities across the globe are plagued with congestion that is only set to worsen. Streets lined with old buildings can't be widened and tunneling is prohibitively expensive. That left one option: 'You've got to go up," Mudrick said. Vertical itself was born out of a traffic jam. A serial entrepreneur, Stephen Fitzpatrick was the new owner of a small Formula One team and had spent four hours in a car trying to make it to the 2015 São Paulo Grand Prix on time. When he got there, he discovered that other team executives had chartered expensive helicopter rides. It gave him an idea. Fitzpatrick created Vertical the next year, redeploying engineers from his F1 team to design a flying taxi. He based it out of Bristol in southwest England, near the area where Britain's first military helicopters were built after World War II. The company for years burned through cash and a collapse in its post-SPAC listing share price dragged its total value to a meager $82 million. After an acrimonious and public battle, Mudrick forced Fitzpatrick out, and in December converted $130 million of his debt to equity and took control of the company. 'Vertical wouldn't be here if he hadn't come up with the idea," Mudrick said of Fitzpatrick. 'But at the end of the day, what the company needs now are not skills that he possesses." Fitzpatrick, who still holds a minority stake, declined to comment. The company now has enough money to make it through the end of this year, but expects to run more investment rounds to get it through the roughly $1 billion certification process it has to complete before it can start delivering the craft, Chief Executive Stuart Simpson said in a separate interview. Vertical's business strategy is simple: It just wants to sell its aircraft like an Airbus or Boeing. Those sales then lock customers into lucrative maintenance contracts which includes the supply of replacement batteries roughly every year. That is different from some other competitors such as Joby, whose strategy is to also operate its own aircraft and establish itself as an Uber of the skies. Vertical has spent most of this year courting potential partners and pitching the business at investor conferences as its aircraft shifts to its final major test phase. It is a role reversal for Mudrick, who is more used to companies coming to him hat in hand and asking for money. 'What we need now is capital, capital and capital," he said.
