Technology & Innovation
Vertical Aerospace Secures $100M to Advance Valo eVTOL
Vertical Aerospace raises ~$100M in financing to fund Valo eVTOL certification, battery production, and UK manufacturing facilities.

Vertical Aerospace (NYSE: EVTL) secured approximately $100 million in investments in financing commitments on August 10, 2026, providing the capital required to advance the certification and commercialization of its Valo electric vertical takeoff and landing (eVTOL) aircraft.
Announced in a company press release, the funding package is designed to carry the manufacturer through its Critical Design Review (CDR) phase, expand battery production capacity, and support the build-out of manufacturing facilities in the United Kingdom. The capital injection follows the company’s public piloted flight demonstration campaign at the Farnborough International Air-Shows in July 2026.
Financing structure and timeline
The $100 million financing package consists of multiple tranches from new and existing investors. The structure includes a $35 million equity investment via an underwritten offering of units priced at $1.05 per unit, which is expected to close on August 11, 2026. Additionally, a $25 million issuance from a preferred equity facility with Yorkville Advisors Global, L.P. settled on August 10, 2026.
The largest single component is a $40 million convertible debt financing arrangement with Mudrick Capital Management, L.P. This includes a recently closed $5 million draw and a planned $35 million accelerated draw scheduled for August 12, 2026. Vertical Aerospace noted that the Mudrick Capital financing is based on a non-binding agreement in principle and remains subject to the negotiation and execution of definitive agreements, with no assurance that the terms will be finalized as contemplated.
Beyond private capital, Vertical Aerospace is in advanced discussions with the UK Government for up to £10 million ($13.5 million) in support. If secured, these funds will be directed toward the company’s first full-scale production facilities and charging technologies.
Operational milestones and defense expansion
The financing announcement follows a high-profile operational phase for the Valo program. In July 2026, Vertical Aerospace became the second company globally to complete a piloted transition flight in a full-scale tiltrotor eVTOL. The manufacturer completed five demonstration flights over five days at the Farnborough International Airshow in front of more than 140,000 attendees.
“Following the momentum generated by our progress over the last six months, including our piloted transition demonstrations at Farnborough, we are focused on converting operational progress and partner engagement into continued advancement of our certification and commercialisation strategy. The support, reflected in these financings via new investors alongside further commitments from existing investors, demonstrates strong confidence in Vertical’s market position and progress, providing near-term flexibility to execute the next phase of our plan.”
The statement was attributed to Stuart Simpson, CEO of Vertical Aerospace, in the August 10 press release.
The company is also expanding its defense and European integration efforts. Vertical Aerospace confirmed a partnership with autonomous flight systems provider Near Earth Autonomy and reported interest from the UK Ministry of Defence regarding the aircraft’s hybrid-electric and autonomous capabilities. The manufacturer plans to retrofit its third prototype aircraft for hybrid-electric flight testing in the first half of 2027. On the regulatory front, the company joined VERTI-GO, a European initiative led by Honeywell Aerospace aimed at accelerating eVTOL integration into European airspace.
Vertical Aerospace reports approximately 1,500 pre-orders for the four-passenger Valo aircraft from operators including American Airlines, Avolon, Bristow, GOL, and Japan Airlines.
AirPro News analysis
We view this $100 million financing package as a critical bridge for Vertical Aerospace as the eVTOL sector faces tightening capital markets. Reaching the Critical Design Review is a capital-intensive phase for any clean-sheet aircraft program, requiring significant engineering and testing resources. The reliance on a non-binding agreement for the $40 million Mudrick Capital tranche introduces some execution risk, but the successful Farnborough demonstrations likely provided the necessary technical validation to secure these initial commitments. The parallel pursuit of UK government funding and defense applications indicates a strategic diversification of revenue streams, which will be essential as the company navigates the lengthy certification process ahead of commercial passenger operations.
Sources: Vertical Aerospace
Photo Credit: Vertical Aerospace
Technology & Innovation
Heart Aerospace ES-36 Unveiled With JSX Order for 100 Aircraft
Heart Aerospace unveiled the ES-36 hybrid-electric airliner with a deposit-backed JSX order for up to 100 aircraft and a 2031 service target.

Swedish manufacturer Heart Aerospace unveiled the ES-36 hybrid-electric regional airliner on September 23, 2026, securing a deposit-backed orders from United States public charter carrier JSX for up to 100 Commercial-Aircraft. The commitment includes 50 firm orders and 50 purchase rights, providing a major financial endorsement for the newly redesigned twin-engine production model.
In a press release issued on September 23, 2026, Heart Aerospace detailed the transition from its previously announced ES-30 to the larger ES-36. The updated design offers a 20 percent increase in payload capacity and shifts to a simplified two-nacelle configuration, driven by data gathered from the mid-August 2026 first flight of the company’s X1 demonstrator aircraft.
Design Evolution and Performance Specifications
The ES-36 represents a significant structural and Propulsion pivot for Heart Aerospace. The aircraft features a 95-foot wingspan, which is approximately 11 feet shorter than the preceding ES-30 design. The propulsion system has been streamlined from four propellers to two, utilizing twin series-hybrid powertrains. Each Electric-Aviation motor generates 1.65 megawatts of power.
According to reporting by FLYING Magazine, the ES-36 marks a return to a series-hybrid configuration after the manufacturer temporarily explored an independent hybrid system starting in May 2024. The finalized architecture targets an all-electric range of 125 miles (200 kilometers) and a maximum hybrid range of 745 miles (1,200 kilometers), inclusive of standard reserves.
Heart Aerospace Chief Technology Officer Ben Stabler stated that the design changes stem directly from the X1 demonstrator testing program.
“The ES-36 design is a direct result of what Heart learned designing, building, testing and flying our X1 demonstrator aircraft. Those learnings have helped us make the production aircraft more capable in the air and more productive for operators.”
JSX Fleet Strategy and Route Network
The JSX order advances the carrier’s strategy to deploy zero-emission-capable aircraft on short regional segments. While the ES-36 is designed for 36 passengers, JSX operates under Federal Aviation Administration (FAA) Part 135 Regulations. This regulatory framework legally limits passenger capacity to 30 seats, dictating how the carrier will configure its incoming fleet.
Aviation Week reported that JSX intends to utilize the ES-36 for high-frequency, short-distance routes that are economically unviable for conventional turboprops or regional jets. JSX Chief Executive Officer Alex Wilcox highlighted historical routes along the California coast, such as flights between Santa Monica and Santa Barbara, as prime candidates for the hybrid-electric aircraft.
A key operational advantage for JSX is the reduced maintenance burden of electric propulsion. Wilcox noted to Aviation Week that electric motors lack the cycle sensitivity inherent to traditional turbofan and turboprop engines, allowing for point-to-point flying without prohibitive wear-and-tear costs. Heart Aerospace projects the ES-36 will deliver operating costs at least 40 percent lower than legacy regional aircraft.
Certification Timeline and Market Outlook
The JSX agreement builds upon an initial letter of intent signed in 2023 for the earlier ES-30 model. Heart Aerospace Founder and Chief Executive Officer Anders Forslund credited the charter carrier for championing electric aviation early in the development cycle.
Heart Aerospace is targeting the second half of 2028 for the first flight of the ES-36. The manufacturer anticipates achieving FAA Part 25 certification and subsequent entry into service by 2031.
AirPro News analysis
The transition from the ES-30 to the ES-36 demonstrates a maturation in Heart Aerospace’s design philosophy, prioritizing aerodynamic efficiency and payload over the complexity of a four-engine distributed propulsion system. By securing a firm, deposit-backed commitment from an established operator like JSX, we view Heart Aerospace as having successfully validated its redesign in the commercial market. The 1,415-pound payload increase directly addresses a common vulnerability in early electric aircraft designs, where heavy battery systems often severely restrict practical passenger and cargo capacity. If the 2031 entry-into-service target holds, the ES-36 could become a foundational asset for operators looking to revive dormant short-haul regional networks.
Sources: Heart Aerospace
Photo Credit: Heart Aerospace
Technology & Innovation
Electra.aero EL2 Completes Heliport Flights at Virginia Airports
Electra.aero flew its EL2 demonstrator from commercial heliports in Virginia under the FAA’s AAM Integration Pilot Program.

On September 22, 2026, Electra.aero, Inc. announced the successful completion of test flights operating its hybrid-electric EL2 Ultra Short technology demonstrator from a commercial airport heliport in Virginia. The flights demonstrated the ability of fixed-wing aircraft to utilize vertical flight infrastructure and helicopter-specific instrument procedures, establishing a framework for expanding airport capacity without increasing runway congestion.
In a press release issued on September 22, 2026, the company detailed operations conducted in coordination with the Federal Aviation Administration (FAA) electric Vertical Takeoff and Landing (eVTOL) and Advanced Air Mobility (AAM) Integration Pilot Program. The testing validates the operational model for Electra’s upcoming nine-passenger EL9 aircraft.
Validating Ultra Short operations at commercial Airports
The flight test campaign focused on executing point-in-space procedures and dedicated instrument routings. Electra’s EL2 demonstrator successfully took off and landed on small heliports, vertiports, and taxiways that have historically been restricted to rotorcraft. Operations were conducted at Roanoke–Blacksburg Regional Airport (KROA), Virginia Tech/Montgomery Regional Airport (KBCB), and Allan C Perkinson/Blackstone AAF Airport (KBKT), alongside additional sites in Newport News and Richmond.
Electra Chief Executive Officer Marc Allen stated the Virginia flights provide a preview of future airspace integration.
“We showed that fixed-wing, Ultra Short aircraft can use vertical flight landing areas and a new generation of instrument procedures to reach places conventional airplanes were never designed to access. This will both bring air service closer to the passenger and also expand capacity at commercial airports in completely non-congestive ways,” Allen said.
Regulatory coordination and future integration
The testing represents the culmination of a year-long effort between Electra, the FAA, the Virginia Smart Airspace Program, the Virginia Department of Aviation, and the Pennsylvania Department of Transportation (PennDOT) to develop flexible approach procedures for Ultra Short aircraft. By utilizing airspace and airport surfaces currently underutilized by conventional fixed-wing traffic, the operations aim to establish guidelines for integrating new aircraft classes into the National Airspace System.
Dr. Parker Vascik, Director of Product Strategy at Electra, described the flights as a foundational step for AAM operations.
“All in all, we demonstrated the core enabling principle of Ultra Short aircraft feeding into major airports in a manner that complements rather than burdens the air traffic system,” Vascik said.
Tombo Jones, Director of the Virginia Tech Mid-Atlantic Aviation Partnership, emphasized the necessity of practical flight testing to generate the operational data required to integrate new aircraft types safely and efficiently into the airspace system.
The EL9 production aircraft
The operational data gathered from the EL2 demonstrator flights will directly support the development and certification of Electra’s flagship EL9 Ultra Short aircraft. According to the company, the EL9 is designed to offer a 2.5x payload multiplier and a 10x range multiplier compared to standard helicopters and eVTOLs.
Operating costs for the EL9 are projected to be 70 percent lower than comparable rotorcraft. Electra reports holding more than 2,200 letters of intent from over 60 commercial customers for the production aircraft.
AirPro News analysis
The successful demonstration of fixed-wing operations on helicopter infrastructure addresses a primary bottleneck in the Advanced Air Mobility sector: ground infrastructure. By proving that the EL2 can utilize existing heliports and point-in-space instrument procedures, Electra bypasses the need for bespoke vertiport construction that many eVTOL manufacturers require. We view this as a significant regulatory and operational de-risking milestone for the EL9 program. If the FAA formally adopts these flexible approach procedures, Electra’s operators will gain immediate access to a vast network of underutilized urban and airport-adjacent landing sites.
Sources: Electra.aero, Inc.
Photo Credit: Electra aero
Technology & Innovation
Rolls-Royce to Lead ELEVATED Hybrid-Electric EU Project
Rolls-Royce leads the ELEVATED consortium under EU Clean Aviation, targeting 20% CO2 cuts with 2028 ground testing.

Rolls-Royce will lead a European consortium to develop and test a hybrid-electric gas-turbine propulsion system, targeting a minimum 20 percent reduction in aircraft-level carbon dioxide emissions for future short- to medium-range aircraft.
In a press release issued on September 18, 2026, the manufacturers announced its selection to head the ELEVATED project under the European Union’s Clean Aviation Joint Undertaking (CAJU). The initiative will embed a hybrid-electric subsystem into a donor engine for realistic ground testing, which is scheduled for 2028 using the Rolls-Royce UltraFan 30 narrowbody technology demonstrator.
Clean Aviation funding and consortium details
The ELEVATED project is one of 19 initiatives selected during the CAJU Call 4 funding round. The European Union allocated up to €290 million across these projects, generating a total public and private investments of €664 million. The broader Clean Aviation programme operates with a €4.1 billion budget, comprising €1.7 billion in EU funding and €2.4 billion from private sources.
Rolls-Royce Deutschland Ltd & Co KG will lead the ELEVATED consortium. The group includes academic, research, and industry partners distributed across France, Germany, the Netherlands, Norway, Spain, and the United Kingdom.
The overarching goal of the Clean Aviation programme for short- to medium-range and regional aircraft is a 30 percent reduction in emission footprint compared to 2020 state-of-the-art aircraft. The ELEVATED project specifically aims to advance hybrid-electric technology toward Technology Readiness Level 6 (TRL6).
Integration with the UltraFan 30 demonstrator
The project will utilize the UltraFan 30, a technology demonstrator designed by Rolls-Royce for narrowbody applications and engineered for compatibility with 100 percent sustainable aviation fuel (SAF). By integrating hybrid-electric elements into this architecture, the consortium intends to evaluate the performance impacts on thrust, fuel burn, noise, and durability.
Alan Newby, Director – Research & Technology at Rolls-Royce, stated that the project will generate data to validate modeling and inform future technology selection, product development, and certification planning.
“Together with the turbomachinery work being advanced through the ongoing UNIFIED project, it will help bring together the key technology paths needed to validate future UltraFan capability and support best-in-class performance in thrust, fuel burn, noise, emissions and durability,” Newby said in the company statement.
Additional hydrogen research initiatives
Alongside the ELEVATED project, Rolls-Royce confirmed its participation in two other newly announced Clean Aviation projects. The FARMAN project will focus on the development of hydrogen distribution systems for commercial aviation applications.
The company will also participate in the H-ELENA project, which is dedicated to advancing hydrogen engines for low-emission nitrogen oxide (NOx) architectures. Both projects align with the manufacturer’s broader research into alternative propulsion and fuel systems.
AirPro News analysis
The selection of Rolls-Royce to lead the ELEVATED project underscores the European aerospace sector’s reliance on established engine manufacturers to drive the transition toward hybrid-electric architectures. By anchoring the hybrid-electric subsystem testing to the UltraFan 30 demonstrator, we see a clear strategy to mature multiple technologies simultaneously. The 2028 ground testing target is ambitious but necessary if these propulsion systems are to reach TRL6 in time to influence the next generation of narrowbody aircraft designs expected in the 2030s.
Sources: Rolls-Royce
Photo Credit: Rolls-Royce
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