Vertical not cleared for take-off yet | Business

Read more at www.thetimes.co.uk

More proof that you can get just about any business airborne nowadays and claim it’s worth $2.2 billion. Look at this: Vertical Aerospace, the flying taxi brainchild of Ovo Energy founder Stephen Fitzpatrick.

Apart from a couple of prototypes, it’s yet to build a proper version of its four-passenger, electric aircraft aiming to put helicopters out of business. Or, more crucially, get the plane certified by aviation regulators. And while Fitzpatrick may claim to have “a forward order book of up to 1,000 aircraft valued at approximately $4 billion”, even he knows that’s purely notional. None of American Airlines, Virgin Atlantic or leasing outfit Avolon have made anything like a contractual commitment to buy.

Even so, none of that’s proved a bar to Fitzpatrick

Read more at www.thetimes.co.uk

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