German eVTOL aircraft developer Volocopter files for insolvency
The German electric vehicle takeoff and landing (eVTOL) aircraft developer Volocopter has filed for insolvency while seeking new investors to rescue the future flight project.
The CEO of Volocopter, Dirk Hoke, confirmed on December 30, 2024, that the company filed an application for the opening of insolvency proceedings at the Karlsruhe Local Court on December 26, 2024.
The court began insolvency proceedings the following day and appointed Tobias Wahl, partner and attorney at Anchor Rechtsanwältegesellschaft, as its administrator.
Wahl held a staff meeting to inform employees about the current situation and opened up Volocopter for investment opportunities.
“The company needs financing to take the final steps towards market entry. We will endeavor to develop a restructuring concept by the end of February and implement it with investors,” said Wahl.
In a statement Volocopter said that “despite recent intensive fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible”.
“We are ahead of our industry peers in our technological, flight test, and certification progress. That makes us an attractive company to invest in while we organize ourselves with internal restructuring,” said Hoke.
Volocopter, which was founded in 2011, will continue as usual during the provisional insolvency proceedings as the company aims for aircraft certification from the European Union Aviation Safety Agency (EASA) and entry into service in 2025.
In a similar move, rival German eVTOL developer Lilium filed for bankruptcy protection for two of its subsidiaries in October 2024.
On December 24, 2024, the company announced a rescue deal with a consortium of European and North American investors.
“We are very pleased to announce the signing of an investment agreement with a very experienced consortium of investors, which is a major breakthrough,” Lilium CEO Klaus Roewe said. “Deal closing at the beginning of January will allow us to restart our business.”
Under the terms of the agreement, the consortium – Mobile Uplift Corporation – will acquire the assets of Lilium, giving the startup the funding it needs to resume operations.
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The post German eVTOL aircraft developer Volocopter files for insolvency appeared first on AeroTime.
The German electric vehicle takeoff and landing (eVTOL) aircraft developer Volocopter has filed for insolvency while seeking new…
The post German eVTOL aircraft developer Volocopter files for insolvency appeared first on AeroTime.
