Home Money Energy tycoon hands over control of flying taxi startup as part of £40m rescue deal

Energy tycoon hands over control of flying taxi startup as part of £40m rescue deal

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Rescue deal: Bristol-based Vertical Aerospace has secured an emergency cash injection from US investor Mudrick Capital that will allow it to survive until the end of next year.

OVO Energy boss Stephen Fitzpatrick has given up control of the flying taxi startup he founded as part of a £40m rescue deal.

Bristol-based Vertical Aerospace has secured an emergency cash injection from US investor Mudrick Capital that will allow it to survive until the end of next year.

The deal will see Fitzpatrick’s stake fall from 70 per cent to 20 per cent and he will remain on the board in a “strategic role”.

Mudrick Capital, founded by American financier Jason Mudrick in 2009, is the majority shareholder with a 71 percent stake.

Rescue deal: Bristol-based Vertical Aerospace has secured an emergency cash injection from US investor Mudrick Capital that will allow it to survive until the end of next year.

The future of Vertical Aerospace, which is listed on the New York Stock Exchange and employs about 300 people, has been in play for months.

The deal includes £20 million in initial funding and an additional £20 million, which will be reduced by any amounts raised from third parties.

It also includes the option for Fitzpatrick to invest a further £20m.

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