Once a frontrunner in the European eVTOL industry, German startup Volocopter may have found a financial lifeline through an acquisition by China-based Wanfeng Group. The €10-million (US$10.9-million) deal, disclosed in a recent stock exchange announcement, comes after Volocopter faced mounting financial difficulties that led to its insolvency.
On March 10, Zhejiang Wanfeng Auto Wheel Co., Ltd. confirmed its acquisition of Volocopter, following the signing of an asset purchase agreement on March 6. According to a translated announcement reported by China eVTOL News, the transaction will be funded entirely through Wanfeng’s own capital or self-raised funds.
Wanfeng’s German subsidiary, Heptus 591 GmbH, has signed an asset…
