German flying taxi startup Volocopter files for insolvency

Berlin: Flying taxi startup Volocopter said Monday it was filing for insolvency, days after another fellow German company in the field, Lilium, was sa...

Berlin: Flying taxi startup Volocopter said Monday it was filing for insolvency, days after another fellow German company in the field, Lilium, was saved from collapse.

"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, adding that the filing was made on December 26.

The company, founded in 2011, is now on the hunt for investors, and court-appointed administrator Tobias Wahl said that the aim was "to develop a restructuring concept by the end of February".

Volocopter had been aiming to enter the market in 2025 with its two-seater "Volocity" electric air taxi model.

It suffered a setback when it had to cancel test flights in Paris during this summer's Olympics at short notice when the certification for its aircraft engine didn't come through in time.