Volocopter’s 500 employees received a notice of termination this week after the German eVTOL (electric vertical takeoff and landing) aircraft developer’s hopes of finding investors by the end of February failed to materialise. When filing for insolvency at the end of the year, Volocopter said:
“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.”
Although this is not promising, German business publication WirtschaftsWoche shared that a solution is still being discussed with “various existing shareholders and new investors.”
Fellow German eVTOL developer Lilium filed for insolvency a second time towards the end of February after the collapse of a €200 million rescue deal. Forbes shared a statement sent to journalists which explained:
“As the funding options to secure Lilium’s future have not materialised in time, Lilium Aerospace has filed for insolvency today. While talks about alternative solutions are still ongoing, the chance for restructuring right now is highly unlikely and therefore operations will be stopped.”
Despite it once looking like the European eVTOL market would lead the industry, major players are struggling to bring the product to market. Back in January, Airbus Helicopters CEO, Bruno Even, shared concerns over the maturity of battery technology and announced the company will be pausing the development of its CityAirbus NextGen electric vertical-takeoff-and-landing (eVTOL) advanced air mobility (AAM) aircraft at the end of the year.
Who do you think will be the first eVTOL company to launch commercial operations?
For more like this see:
- Airbus pauses eVTOL development after battery technology concerns
- eVTOL lifeline investments amid financial struggles
- Why Joby selected IFS for its eVTOL aircraft maintenance processes