Volocopter files for insolvency as search for investors continues

Pictured is a rendering of the VoloCity in flight over Tokyo. (Photocredit: Volocopter).

Volocopter has started insolvency proceedings as it continues to look for further investment to fund its eVTOL programme.

The German eVTOL developer announced on Monday it had filed an application for the opening of insolvency proceedings at the Karlsruhe Local Court in southwest Germany on December 26th, 2024.

According to the statement, the court began the provisional insolvency administration the following day and appointed Tobias Wahl, from law firm Anchor Rechtsanwältegesellschaft, as Volocopter’s administrator. As well as meeting with staff to update employees on the proceedings, Wahl has begun an investor process.

“The company needs financing to take the final steps towards market entry. We will endeavour to develop a restructuring concept by the end of February and implement it with investors,” said Wahl.

Business operations will continue as usual during the provisional proceedings, confirmed Volocopter.

Founded in 2011, Volocopter is forecasted to potentially obtain aircraft type certification for its first eVTOL this year from EASA.

Despite its pedigree and “one of the lowest burn rates in the industry”, the company said despite recent “intensive” fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible.

“We are ahead of our industry peers in our technological, flight test, and certification progress,” added Dirk Hoke, CEO of Volocopter. “That makes us an attractive company to invest in while we organise ourselves with internal restructuring.”

This article was first published by our sister publication Revolution.Aero.