German eVTOL developer Volocopter has filed an application to being insolvency proceedings. The company issued a statement Sunday that said business will continue as usual but that the company needs financing to hit the finish line.

The German eVTOL aircraft developer Volocopter has filed for insolvency while seeking new investors to rescue the future flight project.

Air taxi start-up Volocopter GmbH filed for insolvency proceedings on Monday, citing its inability to raise new funds to maintain regular operations.

German air taxi maker Volocopter has filed for bankruptcy, the company has said. “Despite recent intensive fund-raising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible,