Vertical Aerospace is holding talks with several prospective entities as it seeks a strategic industrial partner to support its commercialisation of the VX4 eVTOL.

Speaking during a third-quarter briefing, chair Domhnal Slattery said that, with the imminent piloted transition test phase expected to be completed in a few weeks, “now is the moment to close investment” with such a partner.

“Our ideal partner is a global player in the aerospace, automotive or defence sectors,” he says.

Highlighting US electric aircraft firm Beta Technologies’ initial public offering, which has raised around $1 billion, Slattery adds: “Unquestionably there is significant strategic investor interest.”

He says Vertical Aerospace is in “active dialogue” with “several potential partners globally”.

“I’m confident that we’ll conclude a transaction shortly,” he adds. “If we’re successful this partnership will be transformational, both for the business and our share price.”

Vertical plans to complete the manufacture of a third prototype in December, and fly it in January next year. This aircraft, initially electric, will ultimately be retrofitted with a hybrid powertrain.

Chief executive Stuart Simpson says the preliminary design review has already been conducted, and has “locked in” 75% of the components for the certification aircraft.

The next step, the critical design review, is scheduled for mid-2026 and will cement the outstanding 25% of components for the final aircraft design and its supply chain.

After this point, says Simpson, “nothing on the aircraft will change – we will not be tweaking the landing gear or propellers”.

It will enable Vertical to start delivering the seven aircraft – five flying and two static – which it will build in order to achieve certification in 2028, and progress to serial production.

Simpson says the critical design review will be a “significant milestone” for the company, suppliers and customers.

Vertical Aerospace says its spending is in line with expectations, and it is maintaining its full-year expenditure guidance of $110-125 million for this year, adding that its cash position at the end of the third quarter was $123 million.

Slattery says the company’s order book has been closed for two years, but will be “selectively” opened, with a view to securing the first sales of its planned hybrid version of the VX4.