Latest news with #StephenFitzpatrick
The Irish Sun
6 days ago
- Automotive
- The Irish Sun
Incredible moment Britain's first ever flying taxi takes to UK skies with speeds of 150mph and room for four passengers
BRITAIN'S first ever flying taxi has taken to the skies in a successful flight over the Cotswolds. The electric aircraft has room for four passengers, can reach speeds of 150mph and can take of and land vertically like a 4 The aircraft use a bank of propellers on each wing Credit: Vertical Aerospace 4 The innovative craft can take off and land vertically Credit: Vertical Aerospace Group Ltd The prototype VX4 Footage of the flight showed the aircraft spinning up its rotors and taking to the skies. With propellers that can hold the craft in a hovering pattern or rotate and perform like a traditional plane the aircraft can use a runway or take off vertically. It boasts a range of up to 100 miles which it can cover in less than an hour of flying. Read more in Motors Developed by Bristol-based Video footage of the flight showed off the aircraft's impressive capabilities in its first flight outside of strictly controlled test conditions. It comes after the government set a target to make flying taxis a reality by 2028. Vertical Aerospace's VX4 flight marked the first open airspace flight of a flying taxi in Europe. Most read in Motors A hover test of the aircraft was carried out in January and rivals have undertaken test flights in the US and Dubai. Vertical Aerospace has received millions of pounds in UK Government funding to develop the aircraft. The company has also received tens of millions of pounds of funding from private investors. Last month the Government announced £20 million of funding for the Civil Aviation Authority to make flying taxis a reality. Further flights of the VX4 are expected later this year with the craft's transition from hovering to cruising using its wings set to be tested. A group of several companies in the UK are currently working on developing flying taxis. 4 The aircraft have a range of 100 miles and can reach speeds of 150mph Credit: Not known, clear with picture desk 4 The craft, powered by electricity, are designed to be quiet Credit: Not known, clear with picture desk It is hoped that the The aircraft are designed to be quiet, zero emission modes of transport. A trip from Liverpool to Leeds in a flying taxi could take as little as 26 minutes. Flying car promises to transform into plane in two minutes Pilot Simon Davies said: 'Taking the aircraft beyond the airfield and cruising over the Cotswolds for the first time was truly special and a career highlight for me. 'Our performance predictions were absolutely spot on, and the aircraft took off as a natural extension of all the ground tests and preparation we've done.' Earlier this year, Founder Stephen Fitzpatrick ceded control of the business as part of the rescue plan.
Belfast Telegraph
6 days ago
- Business
- Belfast Telegraph
Electric air taxi company founded by Belfast man completes landmark flight
Vertical Aerospace, the electric air taxi company founded by Belfast man Stephen Fitzpatrick, has completed what it says is the first piloted flight of such an aircraft in European open airspace. It makes a landmark step for the company, which has endured a tumultuous few years that saw it undergo a major restructuring as it continued development of its aircraft. Vertical is one of a number of firms developing vertical take-off and landing electric air taxis that they are hoping will become major green transport modes in busy cities across the world. The company was founded by Stephen Fitzpatrick – also the founder of Ovo Energy – and was heavily backed by Dublin-based jet lessor Avolon. Mr Fitzpatrick stepped down as Vertical's CEO in 2023. Dómhnal Slattery, CEO of Avolon until 2022, stepped down as Vertical's chairman in 2023, before being reappointed to the role this year. The landmark flight of the VX4 prototype in the UK on Tuesday, piloted by chief test pilot Si Davies, saw the aircraft take off, fly and land like a conventional aircraft, with lift generated by the wing. In phase three testing – wingborne flight – the VX4 operates like a conventional aircraft using lift generated by its wings, rather than relying solely on rotor thrust. This low-power, quiet mode of flight is key to making electric air travel practical, scalable and economically viable, according to Vertical Aerospace. The UK Civil Aviation Authority (CAA) approved the flight through open airspace at Cotswold Airport by extending Vertical's permit to fly. 'Achieving piloted wingborne flight in open airspace under the oversight of the UK CAA is an important moment in our certification journey,' said Vertical Aerospace CEO Stuart Simpson. 'Operating under the UK's rigorous regulatory framework means we share the burden of safety with our regulator – every step must be approved, and that's by design. It amounts to a mini-certification of our prototype and gives us a clearer, faster path to type certification.' Last year, Vertical Aerospace sued a British company that was involved in the development and manufacture of major components for its prototype aircraft. Vertical Aerospace floated in New York in 2021, valuing it at $2.2bn. The company's market capitalisation slumped to as low as $162m last year, but has since risen to $455m.
Irish Times
7 days ago
- Business
- Irish Times
Vertical Aerospace passes milestone flight test
An air taxi built by Irish-backed Vertical Aerospace passed a key milestone with a successful test of its ability to fly like a conventional aircraft, according to company chairman Dómhnall Slattery. Founded by Belfast man Stephen Fitzpatrick, New York-listed Vertical Aerospace is developing electric vertical take-off and landing (EVTOL) aircraft at its base in Bristol in England. The company recently demonstrated that its EVTOLs can take off, fly with a pilot and land using their wings, like conventional passenger jets, a key requirement imposed by regulators at the UK's Civil Aviation Authority (CAA). Mr Slattery, former chief executive of Irish aircraft leasing giant Avolon, said on Tuesday that Vertical Aerospace was the first EVTOL developer in Europe, 'if not globally' to have passed this test. READ MORE 'You have to be able to prove that you can take off, fly and land conventionally,' he explained. 'That's a difficult thing to do. We are the first EVTOL to achieve this milestone with a pilot on board.' Mr Slattery added that the successful test put the company in a unique position globally and kept it on track to meet its target of gaining full safety certification in 2028. The CAA is working with the European Union Aviation Safety Agency (EASA) to certify the EVTOLs. According to Mr Slattery, the regulators have imposed 'exactly the same standards' as those that apply to the Airbus and Boeing passenger jets on which most Europeans fly. Its next stage is 'transition', that is moving from thrust-borne flight, like a helicopter, to wing-borne flight, like a plane, and back again. Vertical Aerospace aims to complete that phase later this year, said its chairman. Vertical's EVTOL, the VX4, is battery powered and designed to fly four passengers over short distances, making them ideal for providing quick transport in crowded cities. One application is likely to be transporting passengers from airports to city centres. It has already drawn interest from airlines in Brazil and Turkey, home to 'mega cities' São Paulo and Istanbul, which have busy airports. Vertical is also developing a hybrid gas-electric version of the VX4 that will increase its range from 160km (100 miles) to 1,600km, and its payload to 1,000kg from 500kg. That will open cargo and defence markets to the company. The range and ability to fly silently make it attractive for military use, while Mr Slattery said that several navies had expressed interest in the hybrid, which could be used for ship-to-ship or ship-to-land transport. Mr Slattery's old company, Avolon, is a shareholder in Vertical. It has an initial order for 500 of the electric VX4s, should they gain the necessary certification. The company has a total of 1,500 such orders, which would take it into the middle of the next decade. Avolon has placed its VX4s with GOL in Brazil, Gözen Holdings, owner of Freebird Airlines, in Turkey, and Japan Airlines among others. Former Irish Aviation Authority and Eurocontrol chief executive Eamonn Brennan joined Vertical this year as an adviser to its board.
Irish Independent
7 days ago
- Business
- Irish Independent
Electric air taxi company Vertical Aerospace completes key flight
It makes a landmark step for the company, which has endured a tumultuous few years that saw it undergo a major restructuring as it continued development of its aircraft. Vertical is one of a number of firms developing vertical take-off and landing electric air taxis that they are hoping will become major green transport modes in busy cities across the world. The company was founded by Belfast-born businessman Stephen Fitzpatrick and was heavily backed by Dublin-based jet lessor Avolon. Mr Fitzpatrick stepped down as Vertical's CEO in 2023. Mr Slattery, CEO of Avolon until 2022, stepped down as Vertical's chairman in 2023, before being reappointed to the role this year. The landmark flight of the VX4 prototype in the UK, piloted by chief test pilot Si Davies, saw the aircraft take off, fly and land like a conventional aircraft, with lift generated by the wing. In phase three testing – wingborne flight – the VX4 operates like a conventional aircraft using lift generated by its wings, rather than relying solely on rotor thrust. This low-power, quiet mode of flight is key to making electric air travel practical, scalable and economically viable, according to Vertical Aerospace. The UK Civil Aviation Authority (CAA) approved the flight through open airspace at Cotswold Airport by extending Vertical's permit to fly. 'Achieving piloted wingborne flight in open airspace under the oversight of the UK CAA is an important moment in our certification journey,' said Vertical Aerospace CEO Stuart Simpson. 'Operating under the UK's rigorous regulatory framework means we share the burden of safety with our regulator – every step must be approved, and that's by design. It amounts to a mini-certification of our prototype and gives us a clearer, faster path to type certification.' Last year, Vertical Aerospace sued a British company that was involved in the development and manufacture of major components for its prototype aircraft. Vertical Aerospace floated in New York in 2021, valuing it at $2.2bn (€1.9bn). The company's market capitalisation slumped to as low as $162m last year, but has since risen to $455m.
Yahoo
20-04-2025
- Business
- Yahoo
British flying taxi pioneer facing cash crunch despite £70m bailout
A British flying taxi company backed by the millionaire founder of Ovo Energy is set to run out of cash within eight months despite a near-£70m bailout at the start of the year. Bristol-based Vertical Aerospace warned that its existing resources would not last beyond the fourth quarter, despite a $90m (£68m) refinancing earlier this year. Its British founders ceded control to a US vulture fund – an investment firm that buys securities in struggling companies – as part of the deal. In its annual report, Vertical said: 'The group requires additional capital to continue to fund its ongoing operations beyond that point.' It raises the prospect that the company, which employs around 300 people, could collapse without further support. It warned: 'The timely completion of financing in 2025 is critical to the group's ability to continue as a going concern.' Vertical Aerospace was founded by Ovo tycoon Stephen Fitzpatrick in 2016 and is listed on the New York Stock Exchange. The company has spent tens of millions of pounds pioneering the idea of flying taxis. However, the loss-making business has struggled in recent years as interest rates have risen. Mr Fitzpatrick left the board as part of the January fundraising, which comprised $60m from new investors and around $25m from distressed-debt specialist Mudrick Capital, together with the conversion of $130m of debt into equity. Vertical has cash reserves of £65m following a deal, which handed control to Mudrick. However, the start-up said it was is set to burn through £100m in the next 12 months. The company lost £65m last year and has yet to earn any revenue. High levels of spending are required to develop and test further prototypes as Vertical seeks to bring its first commercial model – the four-passenger, 150 mph VX4 – into service by 2028, the company said. It has so far produced two full-scale prototypes that have conducted hovering trials but not yet made actual test flights. The programme suffered a setback in 2023 when the first of the craft crashed at an airfield in Gloucestershire after a propeller blade failure. While the company says it has around 1,500 pre-orders from customers including American Airlines, Japan Airlines and helicopter operator Bristow, it was revealed last month that one interested party, Virgin Atlantic, had jumped ship to Vertical's US rival Joby Aviation. Virgin, whose part owner Delta Air Lines has a stake in Joby, will have UK exclusivity over the California-based firm's flying-taxi model for five years and plans to offer flights to passengers using its hubs at Heathrow and Manchester airports. Vertical claimed it was ahead of rivals in the process of gaining regulatory approval to airliner-level safety standards, which should make the VX4 more appealing internationally. Proponents of flying taxis, known in the industry as eVTOLs – electric vertical take-off and landing – argue that they could replace taxi cabs for some journeys, reducing travel times and slashing CO2 emissions. However, critics say the market for the craft will be limited and that they will find themselves in competition with helicopters, which are generally faster and have a greater capacity. Vertical Aerospace is not alone in battling to raise funds. Munich-based Lilium made its second insolvency filing in five months in February and has ceased operations. Volocopter, also based in Germany, went into insolvency in January after plans for high-profile flights at last year's Paris Olympics were scaled back, before last month announcing a takeover by a subsidiary of a Chinese carmaker. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
