(Dec 31): Air taxi start-up Volocopter GmbH filed for insolvency proceedings on Monday, citing its inability to raise new funds to maintain regular operations.
The Mercedes-Benz and Honeywell-backed 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,” the Bruchsal, Germany-based firm said.
The electric vertical takeoff and landing (eVTOL) industry is facing a financial crunch, with companies persistently seeking new investments to support their capital-intensive operations as companies prepare for commercial…
