"The additional equity and stronger balance sheet will enable us to fund the next phase of our development programme and deliver on our mission to bring this amazing electric aircraft to the skies," said Fitzpatrick.
Stuart Simpson, the startup's chief executive, said that Mudrick's fresh backing will now extend its cash runway to the end of 2025.
Vertical has been burning through cash in a bid to get its VX4 aircraft tested, certified, and airborne by 2028.
The rescue deal comes at a crucial moment for Vertical, which has been facing financial strain and risks running out of cash by March 2025 without additional funding.
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