This just in. Volocopter, a privately-owned German aircraft manufacturer, revealed that it has raised 50 million euros (RM230 million) in the first closing of its Series C funding round, the bulk of which came from Zhejiang Geely Holding Group, which also bought another flying car maker Terrafugia in 2017. Currently, Volocopter’s total capital raised is 85 million euros.
The new funds will be used to bring the VoloCity air taxi (pictured above) to commercial launch within the next three years. VoloCity is a 700-kg two-seater electric aircraft with a maximum payload of 200 kg, offering 35 km of range and is capable of flying at up to 110 km/h. Its lithium-ion battery pack (provides juice to 18 onboard motors; the aircraft has 18 rotors) is swappable, and doing so requires only five minutes.
Now, a second closing of the Series C funding round is expected to take place at the end of the year. Volocopter is already in advanced discussions with strategic and financial investors and remains open to new investors. Further funding will be used towards receiving commercial certification by the European Aviation Safety Authority (EASA) for the VoloCity air taxi.
Since being established in 2011, Volocopter has built three generations of Volocopter aircraft, two of which were licensed for manned and unmanned flight with a total funding of 35 million euros (RM161 million).
The company has also performed numerous public demonstrations of the viability of electrically-powered vertical take-off and landing aircraft (eVTOL), whereas a recent test flight at the Helsinki International Airport proved that its aircrafts are compatible with existing air traffic management solutions. The company will go on to present its VoloPort air taxi landing infrastructure at the ITS WC in Singapore next month – the event is supported by Singapore’s Ministry of Transport, the Civil Aviation Authority of Singapore and the Economic Development Board.
Company CEO Florian Reuter said: “Urban mobility needs to evolve in the next few years to meet rising demand. With our Volocopter air taxis, we are adding a whole new level of mobility in the skies. This funding round is allowing us to take great strides towards bringing Urban Air Mobility to life whilst being respectful of our shareholder’s money.”
Meanwhile, Geely has also agreed to enter a joint venture wit Volocopter to bring Urban Air Mobility to China. Geely Holding chairman, Li Shufu said: “Geely is transitioning from being an automotive manufacturer to a mobility technology group, investing in and developing a wide range of next-generation technologies.”
“Our latest cooperation with Daimler, building on our partnership in smart and premium ride-hailing services, as well as our joint venture with Volocopter underlines our confidence in Volocopter air taxis as the next ambitious step in our wider expansion in both electrification and new mobility services,” he added.
Geely is also a privately-owned automotive conglomerate with brands such as Geely Auto, Volvo Cars, and Lotus in its portfolio. As of now, Geely becomes a minority investor in Volocopter, next to existing strategic investors like Daimler. Volocopter’s founders, Stephan Wolf and Alexander Zosel (both individual shareholders) jointly remain the company’s largest shareholder.
Daimler’s chairman, Ola Källenius, said: “We are delighted to see our partners at Geely investing into Volocopter and becoming shareholders as we are since 2017. Daimler is committed to supporting innovative new mobility services. One exciting example is Volocopter and the idea of urban air transport.”
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A small helicopter with mutiple rotors for lift and labeled a flying car. What makes it to be labeled a car in the first place…? The title got it all wrong.
Calling it a flying taxi is acceptable… since thare are taxis for rivers too. Does not make it a car.
Ha ha ha ha ha. I cannot stop laughing. Bashers always bashing PH Government for investing in flying cars, now their OWN Geely aka Proton’s Saviour is ALSO investing in flying cars.
Mana mahu tanggung malu sekarang? Where to hide face now?
Just like last month, laugh everyday about Hyundai, now their own Proton already announced all Protons will use Hyundai 4AT.
Malu Malu Malu
Actually i think there are only 2 guys bashing PH government: john and a guy with many names like Alan, Aura89, Gary etc
these caucasian names…BN yg paling bijak,
You sound desperate. Why. Is it because you keep getting found out?
Flying car, the catalyst of next century.
Luckily we are advanced in this biz…
Define “advanced in this biz” as we’re not advanced in anything about this matter except how to songlap rakyat money.
Are you stupid or something? Everyone knew that Geely already owned a flying car company (see Terrafugia). Only cave trolls that just came out don’t know this fact. Maluapabossku.
Careful bro, later our brother Mario will put 600 dislikes on your game changing comment.
Wilson last time bash Honda in early 2018 (his name was halloha), then Nissan, and now he bash Hyundai.
at least other bashers stick to the same brands.
See, Wilson has striked! 33 dislikes on his comment
Only you would come here and do something that stupid.
Actually there is only 1 basher john, and he has about 50 dupes. A sad paid BN Cybertrooper still trying to badmouth PH.
I hope our regular troll is hiding his face today. SO shameful now.
This shows PH got vision for the future. If Geely can invest in flying cars, thi means PH cabinet got brains and can have vision for the future
Those who give negative comment usually low intelligence. Mostly grads from UIA, Mara and UITM. They don’t know much about competition.
Quite true. either you adapt to change and up to competition. Else yourself is irrelevant.
in Life , the only constant is Change.
WOW so racist…and yet paul tan would publish something like this…
At least you realise yourself have low intelligence…
Wow. I’m counting 6 dupes talking with himself. How pathetic.
The investment is to lay a road in supplying them the battery technology which Geely have in Volvo. This is a business rational investment. Unlike Malaysia flying car..we do not have the demand, neither the battery technology!
With our Malaysian engineering inputs and design influences, we named this Flying sampan.
Flying boat..? Done that.
The appropriate naming shall be Light Commercial Airbourne Vehicle LCAV, not flying car…..Think the flying car as Delorean in the movie Back to the future…
I would call it a bigger-flying-drone instead
U guys r missing the point. The developer, VoloCopter does not call it a flying car. Only the title of the article states is a flying car.
Geely merely providing bulk of funding to VoloCopter. Geely already bought Terrafugia. Article is not about Geely NOR Terrafugia.
To be categorised as a flying car.. it has to have TWO distinct capabilities… able to fly… and be driven on the road.
Please read and use your brains for heaven’s sake.
only paultans writer labelled it a “car”.. no one else did.
VoloGeely, VoloVolvo, VoloLotus…. then…
Road accidents oredi getting scarier by the day. If flying cars become reality…..its mid-air collision and cars dropping from the sky, etc.
Hopefully, there wont be crazy rogue drivers of there flying cars.
This looks promising though and I believe they will be realized
If this is what you call a flying car, that means we already had flying cars for a long2 time. They’re called helicopters.
The article itself clearly stated that this is an aircraft, made by an aircraft manufacturer. Why the title insist that it is a flying car? Did Matthew Tong actually read the article?
So,forget the flying car…PH.concentrate on stimulating economy.Yesterday ,a master s degree holder jobless,driving Grab.200,000 Graduates jobless!!!
So this thing require helipad to land? what is the difference?
It’s not a flying car. Only PT put title flying car. The developer themselves called it an air taxi… or techincally a light electric powered airborne mobility vehicle… or even a electrically-powered vertical take-off and landing aircraft (eVTOL).
It has no road driving capability thus not a car.
Meanwhile back in Boleh-Land, the Mini-Star can’t wait to go (holiday, opps, salah cakap) Japan to unveil the Flying Car-pet.
Can’t wait for Mini-Star announcement on the next projek (songlap, oops, salah cakap again) Flying Unicorn. Syukur Msia Aman.
One showing an actual prototype and sound investment..
one showing 4 KDK fans superglued together…
The fans of entrepreneur ministry is celebrating like they won the world cup…
Maybe it should be called enter-mental-ship ministry instead, then all those celebrating can join…
They ady join that cult, its called worsheeping. BAAA!!!!!
Macam macam …
Geely invested in many companies, Proton is just one very small of them. Geely took a big step investing in a MNC with strong proven potential in that industry.
The fact Geely is the one doing it 30 years latet today instead of Proton, who failed it is obvious. *Hint* That same person is kick starting proton number 2, 30 years too late.
Kena ajar ke common sense macam ni?
Common sense? Masa tu ramai orang undi itu orang ada pakai common sense ke? kah kah kah!
Must be a typo somewhere. 35km range??? As in 17km operation radius? This thing can’t even fly from KL to Klang and back. Lol.