Yet another manufacturer of electric urban air mobility aircraft has filed for administration, this time Volocopter.
On December 26, the Bruchsal-based startup confirmed that it had filed for insolvency after months of financial woes.
The filing comes after attempts to seek financing from potential investors failed. With the filing for administration, Volocopter will have until February to find a buyer and retain its approximately 500 employees.
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The company, which started out as E-Volo, was one of the pioneers in eVTOL (electrically powered short take-off and landing) aircraft projects.
Its first concept, the VC1, flew in 2011, and 12 years later Volocopter performed a remarkable aerial demonstration in New York with the 2X model.
Despite setting ambitious goals, the company failed to obtain the type certificate as planned and failed to secure a bid to transport athletes during the Paris Olympic Games in July.
The new bankruptcy filing comes after another German startup, Lilium, nearly closed its doors. A consortium of investors decided to acquire it on the eve of the deadline set by the German government.
Urban air mobility has given rise to several initiatives, many of them from small companies, that promise a solution for short-range travel that is more affordable than helicopters and land travel.
However, as it is a new aviation segment, eVTOLs require unprecedented legislation as well as an infrastructure capable of providing safe operations.
