The company plans to continue business operations during the insolvency proceedings while seeking additional funding.
“Despite recent intensive fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible,” Volocopter said in a statement. “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.”
The electric vertical takeoff and landing industry continues to face headwinds as the technology is still nascent, the legal framework for ‘flying taxis’ is a…
