Vertical Aerospace Says It Mutually Agreed To Exit Contract With Rolls-Royce To Design An Electric Propulsion Unit; Company To Receive A Cash Amount From Rolls-Royce By June 30, Which Will Cover Anticipated Costs Of An Alternative EPU Design
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Vertical Aerospace has mutually agreed to exit its contract with Rolls-Royce for designing an electric propulsion unit (EPU). Vertical will receive a cash amount from Rolls-Royce by June 30 to cover the costs of an alternative EPU design. The exit will not impact the completion of Vertical's new prototype or its identical twin. Vertical is actively engaging with potential EPU partners and aims for type certification by the end of 2026. Rolls-Royce will return its EVTL shares to Vertical.
May 24, 2024 | 10:17 am
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Vertical Aerospace has exited its contract with Rolls-Royce for designing an electric propulsion unit. The company will receive a cash amount from Rolls-Royce by June 30, which will cover the costs of an alternative EPU design. This exit will not impact the completion of Vertical's new prototype or its identical twin. Rolls-Royce will return its EVTL shares to Vertical.
The exit from the contract with Rolls-Royce and the cash compensation will help Vertical Aerospace cover the costs of an alternative EPU design, ensuring the continuation of its prototype development. The return of EVTL shares by Rolls-Royce is also a positive development for Vertical Aerospace.
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