The Chinese owner of Diamond Aircraft has acquired the assets of eVTOL pioneer Volocopter out of insolvency for $11 million. The estimated value of the hard assets and intellectual property was set at $42 million in the insolvency process. Wanfeng, a major Chinese car manufacturer, has set up its German subsidiary Heptus 591 to operate what’s left of the company, which will be operated by Diamond.
Volocopter electrified the aviation world when it introduced its odd-looking multi-copter setup in 2011. As one of the earliest entrants in the nascent industry, the company was a leader for several years but was eclipsed by other entrants. It had hoped to have certified aircraft operating at the 2024 Paris Olympics but funding issues and certification delays got in the way. The company entered insolvency on Dec. 26, 2024. Wanfeng hasn’t said what it’s going to do with the company.
