OVO Energy boss Stephen Fitzpatrick has given up control of the flying taxi start-up he founded as part of a £40million rescue deal.
Bristol-based Vertical Aerospace has secured an emergency cash injection from US investor Mudrick Capital that will allow it to survive until the end of next year.
The deal will see Fitzpatrick’s stake fall from 70 per cent to 20 per cent and he will remain on the board in a ‘strategic role’.
Mudrick Capital, founded by American financier Jason Mudrick in 2009, is the majority shareholder with a 71 per cent stake.
Rescue deal: Bristol-based Vertical Aerospace has secured an emergency cash injection from US investor Mudrick Capital that will allow it to survive until the end of next year
The future of Vertical Aerospace, which is listed on the New York Stock Exchange and employs around 300 staff, has been in the balance for months.
The deal includes £20million in upfront funding and an additional £20million, that will be reduced by any amounts raised from third parties.
It also includes the option for Fitzpatrick to invest a further £20million.
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