Volocopter, Photo: ABACA / Abaca Press
A well-known startup in the field of air taxis, Volocopter GmbH, has declared bankruptcy due to the inability to raise additional funding to support regular operations. This is reported by Reuters.
Volocopter, which has received significant support from investors such as Mercedes-Benz and Honeywell, plans to continue operating under bankruptcy proceedings while seeking new investors.
“Despite recent intensive fundraising efforts, we have been unable to find a viable solution to sustain operations outside of bankruptcy proceedings,” said the Bruchsal, Germany-based company.
Crisis in the eVTOL sector
The electric vertical take-off and landing(eVTOL) industry is currently experiencing a serious financial crisis. Start-ups operating in this area face high development and launch costs, forcing them to constantly attract new investments.
Another example of financial difficulties in the industry is Lilium, which in November announced its intention to file for bankruptcy due to a lack of resources.
Volocopter’s ambitious plans
Founded in 2011, Volocopter planned to launch its VoloCity city air taxi in 2025. Despite the crisis, the startup remains one of the pioneers in an industry that is striving to transform urban mobility.
The bankruptcy procedure will allow the company to focus on attracting new investments and possibly find ways to recover. However, the eVTOL crisis highlights the general difficulties of start-ups working with new technologies in the face of global economic instability.
