Volocopter, a German manufacturer of air taxis, declared insolvency this Monday (30) in a court in Germany, as the company seeks new investors.
The company, which aims to launch its “Volocity” vehicle on the market in 2025, still hopes to enter the competitive air taxi sector.
Based near Stuttgart, Volocopter is facing difficulties due to the need for type certification from the European Aviation Safety Agency (EASA) for the launch of its Volocity product line, which is a two-passenger model.
Despite the filing, the company believes it will find an investor early next year, and the insolvency petition is considered necessary to maintain its operations.
“Despite recent intensive fundraising efforts, it has not been possible to find a viable solution to maintain regular operations outside of insolvency proceedings,” Volocopter said.
The company assured that business operations will continue normally during the provisional insolvency process.
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Interim insolvency administrator Tobias Wahl highlighted that the company is “close to the finish line” to gain approval for Volocity’s all-electric vertical takeoff and landing technology.
He highlighted the need for financing to take the final steps towards market entry and announced plans to develop a restructuring concept by the end of February.
Founded in 2011, Volocopter faced a significant setback when it canceled test flights during the Paris Olympic Games due to a lack of certification for its aircraft engine. The company is also working on a five-seater model, which it plans to introduce in 2027.
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Meanwhile, , a competitor to Volocopter, managed to avoid bankruptcy after being acquired by a consortium of investors, reigniting the debate in Germany about supporting startups in the electric aviation sector.
