The German start-up Volocopter, founded in 2011 and financed by the automobile giant Mercedes-Benz, among others, declared itself insolvent on December 26th before a court in Karlsruhe. "Volocopter has managed to evolve in an extremely difficult financial environment [in recent years]," assures the press release. "Despite recent intensive fundraising efforts, it has not been possible to find a viable solution to maintain regular operations outside of the insolvency procedure."
The eVTOL sector in crisis
The company's flying taxis were supposed to perform during the Paris Olympics this summer with the help of ADP (Aéroports de Paris). A vertiport had even been installed near the Gare d'Austerlitz. But due to the lack of safety approval to fly over the capital, the barge was dismantled and the taxis remained on the tarmac.
This bankruptcy filing does not, however, signal the end of the adventure for Volocopter. Daily operations will continue under the aegis of an administrator, and a new round of financing will be attempted with investors. "We will endeavour to develop a restructuring concept by the end of February and implement it together with the investors," says Managing Director Tobias Wahl.
The company still intends to launch its Volocity, a vertical take-off and landing (eVTOL) flying taxi, in 2025, after receiving certification from the European Air Transport Agency (EASA). A five-seater model is expected in 2027.
Despite Volocopter's optimism, the European eVTOL flying taxi sector is not in the best of shape. German rival Lilium ceased operations last week, before being taken over at the last minute by a consortium of investors.
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