Vertical Aerospace in Talks for British Production Facility Funding

MT Newswires Live07-21 16:27

Vertical Aerospace (EVTL) said Monday it is in advanced talks with the British government regarding a financial package to build its first full-scale manufacturing and battery plants in the United Kingdom.

The proposed deal provides a new grant of up to $13.5 million to finalize the local site selection before the end of the year, the company said.

The agreement would increase the overall direct government funding for the business to around $64 million, and is projected to create 700 direct jobs by 2030, Vertical Aerospace said.

Shares of the company were up over 1% in Tuesday premarket activity.

Price: 1.63, Change: +0.03, Percent Change: +1.87

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