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(Bristol, U.K.), a global aerospace and technology company that focuses on zero-emissions aviation, has received more than $200 million in additional financing to support production and certification of the VA-X4 electric vertical takeoff and landing (eVTOL) aircraft. The VA-X4 is said to have a carbon fiber composite airframe and custom-designed wings. The company reports it is targeting the highest global certification for its VA-X4; it expects to achieve the equivalent safety standard of a passenger jet by 2024.

Mudrick Capital Management (New York City, N.Y., U.S.), a global investment firm focused on special situation investing, will invest $200 million in Vertical through convertible senior secured notes. The notes are subject to completion of customary closing conditions, including the completion of the proposed business combination with Broadstone Acquisition Corp. (London, U.K.). Broadstone will reportedly provide financing through its trust account and $94 million fully committed PIPE.

In addition, Kouros SA (Luxembourg), a firm specializing in investments to decarbonize transport and energy production, will invest $5 million in Vertical’s Pipe alongside American Airlines (Fort Worth, Texas, U.S.), Avolon (Dublin, Ireland), Honeywell (Charlotte, N.C., U.S.), Microsoft’s M12 (San Francisco, Calif., U.S.), Rolls-Royce (Westhampnett, U.K.) and 40 North (New York City, N.Y., U.S.).

Through Avolon’s placements, airlines GOL (Rio de Janeiro, Brazil) and JAL (Shinagawa City, Tokyo, Japan) have also committed to pre-ordering VA-X4 aircraft. As a result of these relationships, Vertical reportedly has conditional pre-orders for up to 1,350 aircraft worth $5.4 billion.

The net funding requirement to certify the VA-X4, develop a manufacturing facility, build out Vertical’s commercial platform and scale production is expected to be circa $250 million. After the completion of the business combination with Broadstone and the issuance of the convertible senior secured notes, Vertical expects to have liquidity in excess of this requirement.