Lack of local funding partners forces Volocopter to put air taxi launch in Singapore on hold - The Straits Times

SINGAPORE - The launch of Volocopter’s air taxi operations in Singapore has been put on hold indefinitely, as the pioneer of flying taxis could not secure local partners who can share the burden of funding the technology involved.

Volocopter told The Straits Times: “We are therefore revising our Singapore launch strategy and timeline.

“We will continue to look for local cost-sharing partners and Singapore remains our Asia-Pacific headquarters. Once the partners have been found, we will reconsider the launch timeline in Singapore.”

In 2022, the German company went public with plans to launch a 15-minute air taxi flight in the Marina Bay area for tourists around early to mid-2024. It said then that the hiring of key staff was expected to start by the end of 2023.

Air taxis are small aircraft that can take off and land vertically, moving passengers across short distances.

In response to queries from ST on Nov 17, Volocopter said that because of economic uncertainties, the company had expected that fund raising would be more challenging globally.

It added that its commercial operations rely on the cooperation of cities where it has plans to launch operations. This requires the adaptation or construction of new infrastructure, route and regulatory planning, and the development of a digital network.

“We are prioritising cities that can accelerate (these) aspects, and adjusting our global business strategy and timeline accordingly,” it said.

Earlier in November, the Civil Aviation Authority of Singapore and its regional counterparts kick-started the development of a framework for safety rules and standards to regulate air taxi and drone operations.

Volocopter said that while it has so far netted about €500 million (S$730.6 million) through five fund-raising rounds, it is always looking for ways to finance its air taxi technologies.

The company added that the money it raised is used for its overall operations, including research and development, certification and preparation for its commercial launch.

It could not specify the amount of funds needed to launch air taxi operations in Singapore, saying that different markets have varying situations and partners.

To start commercial air taxi services in Singapore, Volocopter said it would require a complete urban air mobility ecosystem, including aircraft, infrastructure and connectivity.

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