German eVTOL Aircraft Developer Seeks New Investors

Volocopter filed an application for insolvency in the Karlsruhe Local Court on December 26, 2024, while also announcing the need for new financing within the next eight weeks to save the all-electric air taxi project. The court initiated the insolvency proceedings the next day and appointed Tobias Wahl as its administrator.

Wahl, a partner and attorney with Anchor Rechtsanwältegesellschaft, called a meeting of Volocopter staff to inform employees about the situation. Business operations are intended to continue normally during the provisional insolvency proceedings, and the company remains confident its VoloCity eVTOL will enter the market in 2025.

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.”

Dirk Hoke, Volocopter’s CEO, acknowledged that Volocopter has thus far “successfully operated in an extremely difficult financial environment,” he continued to explain that “despite recent intensive fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible.”

Hoke also said Volocopter is at the forefront of its industry peers in terms of technology, flight test, and certification process, which he believes makes Volocopter an attractive company to invest in while it reorganizes its internal restructuring.

Although Volocopter has one of the lowest cash burn rates in the industry, Wahl told investors that the company “nevertheless needs financing to take the final steps towards market entry.”

Volocopter is the second eVTOL company to file for insolvency in three months. The company’s German eVTOL rival Lilium filed for bankruptcy protection in October but has since announced a putative rescue deal with a consortium of European and North American investors.

FMI:  www.volocopter.com/