Times are tough for urban air mobility. After Lilium, Volocopter announced on December 30 that it had also filed a request to open insolvency proceedings on December 26, with the Karlsruhe court. For the eVTOL manufacturer, this means having the capacity to maintain regular activities while seeking new financing that would allow it to take the final steps that separate it from the certification of its VoloCity.
“We are ahead of our industry peers in advancements in technology, flight testing and certification. This makes us an interesting company to invest in while we restructure,” says Dirk Hoke, Volocopter’s CEO – until the end of February.
The company says it is confident in its ability to obtain type certification of the VoloCity by the European Aviation Safety Agency (EASA) and enter the market in 2025.
“The company needs financing to take the final steps of entering the market. We will endeavor to develop a restructuring concept by the end of February and implement it together with investors,” confirms Tobias Wahl, lawyer of Anchor Rechtsanwältegesellschaft appointed administrator by the Karlsruhe court.
Volocopter should have benefited from an exceptional showcase during the Olympic and Paralympic Games in Paris, with the support of Groupe ADP, but the demonstration flights were canceled due to lack of certification. The regulations surrounding the operation of eVTOLs also remain to be defined and the reluctance of part of the public to be overcome. Finally, competition from the United States and China is very strong and companies from these countries can move forward faster, in a more favorable environment.
News-Swiss
