Transportation Insolvent German air cab Volocopter seeks investors
The ailing German air cab manufacturer Volocopter has filed for insolvency and is looking for investors. The company hopes to enter the market with new financing.
The local court in Karlsruhe has appointed Tobias Wahl from Anchor Rechtsanwälte as provisional insolvency administrator, the company from Bruchsal in Baden announced. The lawyer announced that he intends to develop a restructuring concept by the end of February and implement it with investors. "The company now needs financing that will enable it to take the final steps towards market entry."
Volocopter still lacks a type certificate from the European Aviation Safety Agency (Easa) to be allowed to transport passengers with the all-electric aircraft that take off vertically. Despite the insolvency proceedings filed on Boxing Day, the company assumes that this will come in the new year and that it can then get started.
"We are way ahead of the national and international competition in terms of technology, flight experience and the certification process," said Volocopter CEO Dirk Hoke, who is leaving the company at the end of February.
