Volocopter, whose predecessor E-Volo may have invented the multi-copter concept, has filed for insolvency in Germany but is vowing to continue its certification bid. It intends to gain EASA certification for its VoloCity, and the insolvency will keep creditors at bay while it raises more money to cross that finish line. “We are ahead of our industry peers in our technological, flight test, and certification progress,” CEO Dirk Hoke said in a news release. “That makes us an attractive company to invest in while we organize ourselves with internal restructuring.”
Hoke defended the company’s financial record thus far, noting that it has successfully raised hundreds of millions of dollars in capital since it was founded in 2011. “With one of the lowest burn rates in the industry, Volocopter has successfully operated in an extremely difficult financial environment,” he said. “However, despite recent intensive fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible.” It will be business as usual as the company develops its restructuring plan and goes after more funding. It has not announced any layoffs among its approximately 500 employees.
