Volocopter Activates Insolvency Protection In late October 2024, JF informed you about Lilium activating insolvency protection while it tried to raise more capital to stave off collapse of the company. This was the first German company within the eVTOL air mobility space to be in this position. Now there is news over the holidays of another German company that has resorted to insolvency protection. Volocopter is that second company and had filed for insolvency with the court in Karlsruhe on December 26, 2024 and announcing it on the 30th of December.
Tobias Wahl, an attorney with the law firm Anchor Rechtsanwältegesellschaftn has been selected as Volocopter’s administrator. The aero company suggested that despite recent funding rounds it failed "to find a viable solution to maintain regular operations outside of insolvency proceedings." The company needs cash to continue its day-to-day operations but more importantly it needs financing to complete the final hurdle of certification for service and market entry.
"We are ahead of our industry peers in our technological, flight test, and certification process," said Volocopter CEO Dirk Hoke. Hoke is actually set to step down from the CEO post in February 2025. Given that Volocopter's work on the VoloCity eVTOL is advanced it makes their program an attractive one to potential investors. For our readers who may not be familiar with the VoloCity eVTOL, the craft is an air taxi that is an all-electric aircraft with the ability to vertically take off and land. It has 2 seats and 18 propellers in a circular configuration.
While Lilium went into insolvency protection they have been actively working on trying to find new investors. In late December Lilium has entered into a provisional agreement with a company called Mobile Lift Corporation. If the collaboration is successful, it could seen the new investors acquiring Lilium's assets and potentially having the program restarted this month. It will be a similar process for Volocopter and its VoloCity eVTOL for the viability of its future. For more information: Volocopter Zeiloch 20, D-76646 Bruchsal, Germany www.volocopter.com ***
