The German eVTOL start-up Volocopter GmbH filed for insolvency proceedings on 26 December citing its inability to raise new funds to maintain regular operations.

The company plans to continue business operations during the insolvency proceedings while seeking additional funding. The 500 employees‘ jobs are at stake.

Founded in 2011, Volocopter is one of the first eVTOL program in the world and set the world record as the first manned eVTOL leaving ground in 2010 with the first demonstrator. VoloCity, the two-seat multirotor eVTOL of Volocopter, is currently undergoing EASA certification.

Over the years Volocopter has received investment from many high-profile companies from various domains including Mercedes, Intel, Honeywell, Geely, Neom and so on. It is reported that Geely, the current major shareholder of Volocopter, has been in discussion with Volocopter for acquisition.