Vertical Aerospace (NYSE: EVTL) announced it has executed and closed its comprehensive financing package totaling up to $850 million, the company said in a statement.

The financing package was originally announced on March 30 as an $800 million agreement alongside a completed $50 million equity capital raise. With the closing, Vertical now has approximately $160 million of working capital available in the near term and has initially drawn down $30 million under the facilities.

The package comprises three components: maturity extension of existing convertible secured notes from Mudrick Capital and up to $50 million of new additional notes; up to $250 million of Series A Convertible Preferred Equity facility provided by Yorkville Advisors Global, issuable over 24 months; and an equity line of credit of up to $500 million over 36 months provided by Yorkville.

Stuart Simpson, Chief Executive Officer, said the funding allows the company to build on operational momentum following its recent full-scale piloted two-way transition flight achievement. The financing positions Vertical to execute against its roadmap to 2028 certification, according to the company.

The electric aviation company develops the Valo, a piloted Electric Vertical Take-Off and Landing aircraft designed to fly up to 100 miles at speeds of up to 150 mph with zero operating emissions. Vertical reports having approximately 1,500 pre-orders of Valo from customers including American Airlines, Avolon, Bristow, GOL and Japan Airlines.

The funding will support strategic milestones including achieving Critical Design Review for Valo, public flight demonstrations, progressing its hybrid-electric demonstrator, expanding the Vertical Energy Center, and advancing construction of its aircraft manufacturing facility.