German air taxi company Volocopter announces insolvency

German air taxi manufacturer Volocopter has declared insolvency as it seeks new funding, the company announced from its headquarters at Bruchsal near Stuttgart, reported dpa.

"The company needs funding that will allow it to take the final steps to entering the market," the new court-appointed insolvency administrator said.

Volocopter still needs type certification from the European Union Aviation Safety Agency (EASA) for its electrical vertical take-off and landing (eVTOL) aircraft to be allowed to carry passengers.

Volocopter is proceeding on the assumption that an investor will be found next year, despite applying for insolvency proceedings on Thursday.

"We are far ahead technically, in flight experience and in the certification process in national and international competition," chief executive Dirk Hoke said. Hoke is to leave the company at the end of February.

Last week, German electric plane pioneer Lilium found an investor to rescue it from insolvency.

The Mobile Uplift Corporation consortium of investors signed a contract to purchase the startup, which has developed an eVTOL mini aircraft over the past 10 years.