Volocopter
German electric vertical takeoff and landing (eVTOL) developer that filed for insolvency in December 2024, becoming the second German flying taxi startup to face bankruptcy after Lilium. Founded in 2011, Volocopter had raised significant capital from investors including Mercedes-Benz Group, Geely, Intel Capital, and BlackRock.
The company suffered a critical setback when it had to cancel test flights planned for the Paris 2024 Olympics after failing to obtain aircraft engine certification in time. CEO Dirk Hoke had warned of insolvency earlier in 2024 and requested state guarantees that never materialized.
Volocopter filed for insolvency on December 26, 2024, with Tobias Wahl appointed as insolvency administrator. The company's Volocity model had achieved only 75% of EASA certification requirements. Geely, the Chinese automaker already invested in Volocopter, reportedly explored acquiring approximately 85% of the company. The case exemplifies the certification valley of death in hardware-intensive deeptech: years of development and capital consumed before regulatory approval, with no revenue until certification is achieved.
Key Leaders at Volocopter
Dirk Hoke
CEO
Warned of insolvency in spring 2024; stepped down end of February 2025
Cautionary Notes on Volocopter
- Founded 2011 - over 13 years without achieving full certification
- Filed insolvency December 26, 2024
- Paris Olympics test flights cancelled due to certification delays
- CEO warned of insolvency, requested state guarantee that didn't materialize
- Only 75% of EASA certification criteria achieved at insolvency
- 500+ employees affected
- 2,000+ test flights completed but no commercial operations
- Investors included Mercedes-Benz, Geely, Intel Capital, BlackRock
- Geely reportedly explored acquiring 85% of shares
- Hardware deeptech certification valley of death
- Second German flying taxi startup to face insolvency after Lilium