eVTOL start-up Volocopter GmbH has filed for the opening of insolvency proceedings. The filing was made at the Karlsruhe Local Court on 26 December 2024.
The court appointed Tobias Wahl, partner, and attorney at Anchor Rechtsanwältegesellschaft mbH, as its administrator.
Founded in 2011, the start-up company has said that it is ‘near’ to gaining obtain aircraft type certification for its electric ‘copter, the VoloCity.
The company aims to enter the market in 2025 following VoloCity’s successful certification by the European Union Aviation Safety Agency (EASA).
Dirk Hoke, CEO of Volocopter, said: “We are ahead of our industry peers in our technological, flight test, and certification progress. That makes us an attractive company to invest in while we organize ourselves with internal restructuring.”
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Numerous successful financing rounds have driven the company’s development and operations in the past. However, despite recent intensive fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible.
Business operations will continue as usual during the provisional insolvency proceedings. The provisional insolvency administrator has now held a staff meeting to inform employees about the current situation and answer initial questions about the proceedings.
In addition, Tobias Wahl has initiated 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,” he explained.
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