eVTOL developer Volocopter filed for insolvency in Germany last month, with its outgoing CEO claiming the company will still certify and deliver its first aircraft this year.
The insolvency proceedings were initiated at the Karlsruhe Local Court on December 26, and an administration process started the next day by Tobias Wahl from the law firm Anchor Rechtsanwältegesellschaft.
Volocopter, which was founded in 2011 is developing the VoloCity air taxi for short trips in urban areas. The multirotor eVTOL aircraft can carry two passengers up to 35km (22 miles) with a top speed of 110km/h (68mph).
18 rotors propel the aircraft which has been designed with a low noise signature for operations in urban areas. According to Volocopter, it has more than 500 pre-orders for the VoloCity.
Volocopter has been widely seen as one of the leading eVTOL aircraft companies in Europe. The company has received approval to manufacture the VoloCity and built a factory in Bruschal, Germany, established a pilot training program and conducted piloted public displays of prototypes.
However, the company was forced to scale back plans to ferry athletes and officials around Paris during the Olympics this summer using the VoloCity as it had previously promised. The delay was blamed on certification issues with the aircraft’s motors and demonstration flights were run instead.
Shortly afterward Dirk Hoke, CEO of Volocopter announced he is to step down in February 2025. A replacement is yet to be announced.
Hoke said, “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.”
Operations at Volocopter are continuing during the provisional insolvency proceedings, but the company lacks sufficient funding to run outside of insolvency.
Wahl said, “The company needs financing to take the final steps towards market entry. We will endeavor to develop a restructuring concept by the end of February and implement it with investors.
Meanwhile, Volocopter’s closest rival, EHang has certified its similarly designed multirotor 216 eVTOL aircraft in China. EHang has delivered aircraft to customers and is testing enhanced batteries that it claims will double the 216’s current 25 minute flight time.
