Energy billionaire's flying taxi crashes in Cotswolds

Vertical Aerospace vehicles are designed to take off vertically like a helicopter and then tilt their propellers to fly like an airplane

A flying taxi owned by the billionaire boss of Ovo Energy crashed in the Cotswolds.

The vertical aerospace company founded by Stephen Fitzpatrick suffered a setback on Wednesday when a test flight failed.

Bristol start-up manufacturing a five-seat flying taxi capable of reaching speeds of up to 320 km/h said in a brief statement that its prototype had crashed during an «aircraft maneuverability» test.

Mr Fitzpatrick has brought Vertical Aerospace into his vast business empire, most of which is Ovo Energy, the UK's fourth largest gas and electricity supplier with 4.5 million customers.

He also recently bought Kensington Roof Gardens, a glitzy west London party venue once owned by Sir Richard Branson that he wants to turn into an exclusive private club for members.

Vertical Aerospace was launched by Mr. Fitzptrick in 2016 and listed on the New York Stock Exchange two years ago.

Its share price has fallen 88% since the listing, but the recent crash has not affected the company's value as it has fallen another 23% in the last week.

Stephen Fitzpatrick saw his aviation business Vertical Aerospace listed on the New York Stock Exchange in December 2021. Photo: REUTERS/Hannah McKay/File Photo

It is now worth just over $330 million, up from an initial estimate of $2.2 billion in December 2021.

Michael Cervenka, Chief Technology Officer, compared the company's growth story to that of Elon Musk's Tesla.

Earlier this year, the company's auditors raised concerns about Vertical Aerospace's finances as they warned there was a «substantial uncertainty» that the company could continue as a «going business.»

They said they needed to «raise additional capital» to secure their long-term future.

The company's flying taxi takes off vertically like a helicopter and then tilts the engines forward to act more actively. like a conventional aircraft.

Back in March, the Civil Aviation Authority approved its design, which the company called «an important step forward.»

It already has high-profile clients, including American Airlines and Virgin Atlantic.

In informing investors of the plane crash on Wednesday, Vertical Aerospace said: “The plane was remotely controlled and no one was hurt.

“Our flight test program is designed to establish aircraft performance limits, and the incident occurred during an unmanned aircraft maneuverability test during an engine failure test scenario, a key requirement to move into crewed operation. . We work closely with the relevant authorities.”