German eVTOL Firm Volocopter Files for Insolvency, Seeks Investors for Volocity Model

Dec 30, 2024, 09:01 AM

German electric vertical takeoff and landing (eVTOL) aircraft manufacturer Volocopter, currently employing 500 people, has filed for insolvency and is seeking new investors to continue its operations. The company, based in Bruchsal, Baden-Württemberg, has appointed Tobias Wahl from Anchor Rechtsanwälte as the preliminary insolvency administrator. Volocopter aims to develop a restructuring plan by the end of February to secure financing for its final steps toward market entry with its Volocity model, which is expected to receive certification in 2025. Despite the insolvency filing, the company plans to continue its business operations with the goal of preserving jobs and using the insolvency proceedings to restructure and position Volocopter as sustainably competitive. Volocopter's CEO, Dirk Hoke, who will leave the company at the end of February, emphasized the company's strong position in technology, flight experience, and the certification process on both national and international levels. The company still awaits certification from the European Union Aviation Safety Agency (EASA) to operate its vertically launched, fully electric passenger-carrying aircraft.