The best-known British player in the eVTOL market is Vertical Aerospace. The Bristol-based company was founded in 2016 by businessman Stephen Fitzpatrick, who also founded OVO Energy.

Its distinctive VX4 design utilizes eight large propellers mounted on slim aircraft wings to generate lift. Mr Fitzpatrick has made ambitious claims about the aircraft, claiming it is “100 times” safer and quieter than a helicopter for 20% of the cost.

The company has made progress. After completing a remote testing program, the company began conducting pilot testing earlier this year. These were initially carried out with aircraft tied to the ground. At the beginning of November the first take-off and landing took place without cables.

But there were also serious setbacks. In August last year, a remote-controlled prototype was badly damaged when it crashed during testing at Cotswold Airport after a propeller blade fell off.

In May, one of its key partners, engineering giant Rolls Royce, pulled out of a deal, external to supply electric motors for the aircraft.

Ambitions remain high. Vertical Aerospace aims to deliver 150 aircraft to its customers by the end of the decade. By then, it is expected that the company will also be able to produce 200 units per year and break even in cash terms.

Nevertheless, the financial burdens have increased. Mr. Fitzpatrick invested another $25 million in the company in March. However, another $25 million due in August if an alternative investment cannot be found has not been paid out. As of September, Vertical had $57.4 million in inventory – but it expects to burn through almost double that in the coming year.

Hopes for the future seem to rest on a deal with the American financier Jason Mudrick, who is already one of the largest creditors with his company Mudrick Capital Management.

He has offered to invest $75 million in the company – and warned Vertical’s board that rejecting his plan would inevitably lead to bankruptcy proceedings. But the move was met with resistance from Mr Fitzpatrick, who would lose control of the company he founded.

Sources close to the talks claim that an agreement is now very close. The company believes a deal will open up further fundraising opportunities.