Volocopter has raised another $182 million in the second signing of its Series E funding round from Saudi regional development project Neom and Hong Kong’s Gly Capital Management, the Bruschal, Germany-based eVTOL manufacturer said Tuesday. Volocopter added that the funding will carry the company beyond the certification of the VoloCity electric passenger aircraft.
Volocopter boasts more than 10 years of development experience and has flown some 1,500 test flights. The only electric vertical takeoff and landing (eVTOL) company to receive Design Organization Approval from the European Union Aviation Safety Agency (EASA), Volocopter expects to launch its first commercial air taxi routes within two years in places such as Singapore, Rome, Paris, and the Neom region.
“Attracting Neom And Gly as investors is a great success and highlights our pole position in the commercial certification race,” said Volocopter CEO Dirk Hoke. “This is the key requirement to launching commercial operations and starting to generate revenue.”
Volocopter and Neom signed a joint-venture agreement in December 2021 with a view to integrating the VoloCity air taxi and the VoloDrone autonomous cargo-carrying vehicle into Neom’s mobility systems. The joint venture will design, integrate, and operate the region’s all-electric public flight routes for seven years after the launch of the project.
Gly operates as a subsidiary of Chinese automotive company Geely Holding, which in April 2021 entered a joint venture with Volocopter to bring UAM to Chinese megacities. That deal included a purchase agreement covering 150 Volocopter aircraft.
“Volocopter’s vision encompasses industrial short- and medium-range commercial passenger applications to bring efficiency to the way we move around our cities,” said Gly Capital co-CEO Hrvoje Krkalo. “I look forward to supporting their journey, a journey that promises to be exciting, safe, and scenic in equal measure.”
Volocopter’s Series E funding round remains open, said the eVTOL manufacturer, which added that many interested companies have passed their due-diligence phase.