German eVTOL (Electric Helicopters) company goes belly-up

Not only are all the EV car companies except Tesla losing their shirt or going belly-up, now the pipe dream eVTOL Transportation Industry, who believed the Green New Scam, is also going belly-up.

Germany’s Volocopter has entered insolvency proceedings in its home country after a number of successful prototype demos in recent months.

The startup’s craft uses a large number of individual propellers arranged around an overhead ring structure, as in a hobby drone, while featuring a small helicopter-style cabin.

The electric vertical take-off and landing (eVTOL) industry approaches a moment of truth – hardly anyone can afford their expensive electric helicopters.

Days after German eVTOL startup Lilium was able to find new investors to save itself at the last minute, another German eVTOL startup, Volocopter, has filed for insolvency proceedings.

“With one of the lowest burn rates in the industry, Volocopter has successfully operated in an extremely difficult financial environment,” the company said in a statement.

“However, despite recent intensive fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible.”

Volocopter is a pioneer of urban air mobility (UAM), developing safe, quiet, and sustainable all-electric vertical take-off and landing (eVTOL) aircraft and a digital backbone that connects aircraft, infrastructure, and operators, the VoloIQ. Founded in 2011, the start-up company is nearing the finish line to obtain aircraft type certification and launch its urban eVTOL, the VoloCity.

The company aims to enter the market in 2025 following VoloCity’s successful certification by the European Union Aviation Safety Agency (EASA).