eVTOL developer Volocopter is telling their local German press that they will have to “consider insolvency in the foreseeable future” if their current financial problems are not resolved.

The company initially tried to secure a guarantee with the German state of Baden-Württemberg where they are based, but after that was rejected they next turned to Bavaria.  This would have seen a commitment for Volocopter to move base to that state.  However, Bavarian Economics Minister Hubert Aiwanger recently spoke out against providing a loan guarantee of up to €100 million, which would be equally matched by the federal government.

The total figure currently being sought of €100 million is much reduced – the company had originally been looking for €300 million and gradually reduced their request to 100 in a move seen as desperation.

Volocopter’s shareholders include Saudi Arabian organisation Neom, asset manager Blackrock, Mercedes-Benz, Schenker, Intel, Microsoft and Chinese car manufacturer Geely. The company will no doubt be negotiating with these organisations for more funding too, although each will likely put their current investment priorities ahead of propping up the eVTOL company – for example, Microsoft is heavily concentrating on artificial intelligence at this time.

The company had hoped for passenger operations at the Paris Olympics, which open in late July. However, EASA sources suggest that approvals could be reached no earlier than 2025.

The French DGAC [Directorate General for Civil Aviation] could issue a Permit to Fly on pre-defined and highly controlled routes, with “pre-selected non-paying passengers” which would likely include celebrities, athletes and journalists.  It seems ever more unlikely that this will happen.

A recent enquiry by HeliHub.com to Volocopter regarding the Olympics activities has gone unanswered.