Volocopter files for insolvency while seeking investors

The Karlsruhe Local Court began the provisional insolvency administration the following day and appointed Tobias Wahl, Partner and Attorney at Anchor Rechtsanwältegesellschaft mbH, as its administrator.

Volocopter develops all-electric vertical takeoff and landing (eVTOL) aircraft. Founded in 2011, the startup company is nearing the finish line to obtain aircraft type certification and launch its urban eVTOL, the VoloCity.

The company has said it aims to enter the market in 2025 following VoloCity’s successful certification by the European Union Aviation Safety Agency (EASA).

Dirk Hoke, CEO of Volocopter, commented: “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.”

Numerous successful financing rounds have driven the company’s development and operations in the past. However, despite recent intensive fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible.

Volocopter has said that business operations will continue as usual during the provisional insolvency proceedings. The provisional insolvency administrator has now held a staff meeting to inform employees about the current situation and answer initial questions about the proceedings.

In addition, Wahl has initiated an investor process.

“The company needs financing to take the final steps towards market entry,” he said. “We will endeavor to develop a restructuring concept by the end of February and implement it with investors.”

New Zealand Air Ambulance Service recently placed an order for two new eVTOLs with aerospace firm BETA Technologies.