Summary:
Volocopter files for insolvency shortly after competitor Lilium secures funding.
Despite fundraising efforts, maintaining operations outside of insolvency was not possible.
The company aims to launch its Volocity air taxi model by 2025.
Volocopter's two-seater model has met 75% of EU certification criteria.
Germany's eVTOL sector faces challenges competing with US and Chinese companies.
Flying taxi startup Volocopter announced on Monday that it is filing for insolvency, just days after its competitor Lilium secured funding to avoid collapse. Despite extensive fundraising efforts, Volocopter stated that maintaining regular operations outside of insolvency proceedings was not feasible. The filing was made on December 26.
Founded in 2011, Volocopter is currently seeking new investors. Court-appointed administrator Tobias Wahl aims to develop a restructuring plan by the end of February. The company had plans to launch its two-seater âVolocityâ electric air taxi by 2025, but faced setbacks including the cancellation of test flights in Paris during the summer Olympics due to certification delays.
As of December, the Volocity model had met 75% of the certification criteria set by the European Unionâs Aviation Safety Agency (EASA). Volocopter is also working on a five-seater model, expected to debut in 2027.
Germany's electric vertical take-off and landing (eVTOL) sector has struggled to keep pace with competitors from the US and China. Recently, a consortium of European and North American investors stepped in to rescue Lilium, which had filed for bankruptcy in October. This has reignited discussions about the support for Germany's startup ecosystem, with critics highlighting a lack of funding compared to the US.
Volocopter CEO Dirk Hoke emphasized the need for state support in a capital-intensive and technologically complex sector.
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