Volocopter, the electric flight taxi manufacturer that has encountered difficulties, has filed for insolvency. The company announced on Monday that it had submitted an application for the opening of the insolvency proceedings at the Karlsruhe District Court on Thursday.
The court has since opened the preliminary insolvency administration and appointed Tobias Wahl as the insolvency administrator. The company’s business operations will continue as usual during the preliminary insolvency proceedings, the company stated. The preliminary insolvency administrator has already held a staff meeting to inform employees of the current situation and answer initial questions about the proceedings.
Furthermore, an investor process has been initiated. “The company needs financing to take the final steps towards market entry” Wahl was quoted as saying. “We will strive to develop a restructuring concept by the end of February and implement it with investors.”
Volocopter is developing electric passenger and cargo drones that can take off, land, and hover in the air. While the technology is still in development, it has not yet been widely deployed.