German electric air taxi company Volocopter. Filed for bankruptcy protection.The latest in a string of similar startups to suffer financial shocks. The company plans to continue operating while it seeks new investors.
“We are ahead of our industry peers in our technology, flight testing and certification advancements. That makes us an attractive company to invest in through internal restructuring and consolidation,” CEO Dirk Hoke said in a statement.
Volocopter's decision comes months later. teetering on the brink of collapse. It comes a week after German electric vertical take-off and landing startup Lilium went out of business — only It appears to have been kept by a group of investors. It only took one day. (The contract is scheduled to be signed in January.)
Volocopter is a well-funded electric air taxi startup after growing up. Hundreds of millions of dollars Backed by major automakers such as Germany's Mercedes-Benz and China's Geely, it has been around for nearly a decade.