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German Flying Taxi Startup Volocopter Files for Insolvency, Aims for 2025 Market Entry

Dec 30, 2024, 11:19 AM

German flying taxi startup Volocopter, based in Bruchsal, Baden-Württemberg, has filed for insolvency after failing to secure funding, following the recent rescue of its competitor, Lilium, from bankruptcy. The filing was made on December 26, as the company, founded in 2011, announced it could not find a viable solution to maintain regular operations outside of insolvency proceedings despite intensive fundraising efforts. Volocopter is now seeking investors and aims to develop a restructuring concept by the end of February. The company had planned to enter the market in 2025 with its two-seater electric air taxi model, Volocity, but faced a setback when it had to cancel test flights during the Paris Olympics due to certification issues. Volocopter has completed 75% of the criteria required by the European Union's Aviation Safety Agency (EASA) for the Volocity model and is also working on a five-seater model to be presented in 2027. The German eVTOL sector struggles to compete with US and Chinese companies, prompting discussions about the lack of support for innovative startups in Germany.