Volocopter: Urban air taxi pioneer faces insolvency proceedings
- Perry Richardson
- Dec 31, 2024
- 1 min read
Updated: Jan 2
Volocopter GmbH, a trailblazer in urban air mobility (UAM), has filed for insolvency proceedings with the Karlsruhe Local Court. The court initiated provisional administration on 27 December 2024, appointing Tobias Wahl of Anchor Rechtsanwältegesellschaft mbH as the provisional insolvency administrator.
Founded in 2011, Volocopter has been at the forefront of developing electric vertical take-off and landing (eVTOL) aircraft. The company’s flagship product, the VoloCity, aims to transform urban transportation with its quiet, sustainable design. Its accompanying digital platform, VoloIQ, integrates aircraft, infrastructure, and operators to streamline UAM services.
Despite nearing type certification by the European Union Aviation Safety Agency (EASA) and aiming for market entry in 2025, the company has faced financial challenges. While Volocopter has maintained one of the industry’s lowest burn rates and attracted significant investment through past funding rounds, recent efforts to secure new financing have fallen short.
Business operations will continue during the insolvency process. Wahl has already begun discussions with employees and launched an investor process to secure the necessary funds for market entry. A restructuring plan is expected to be outlined by February 2025, with hopes of implementation alongside new investors.
CEO Dirk Hoke remains optimistic, highlighting the company’s lead in technology, testing, and certification. “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,” he stated.
