Volocopter has filed for insolvency despite prior fundraising efforts, highlighting the difficulties in sustaining operations within the competitive electric air taxi industry.
Established in 2011, the company is seeking investors to develop a restructuring plan by the end of February, following setbacks like canceled test flights due to certification delays.
Despite achieving 75pc of the European Union’s Aviation Safety Agency (EASA) criteria for its Volocity model, Volocopter faces increasing competition from US and Chinese entrants in the eVTOL sector.
The insolvency filing has reignited discussions about Germany’s support for startups, with industry leaders urging for greater state backing to compete effectively in this capital-intensive sector.
