Volocopter, a German urban air mobility company, will delay the launch of their air taxi operations in Singapore indefinitely, as they could not secure local funding partners.
The company is revising the strategy and timeline of the launch in Singapore, reported The Straits Times (ST).
Singapore will remain their Asia-Pacific headquarters, and they intend to look for local cost-sharing partners and reconsider the launch timeline.
Their air taxi craft, Volocity, uses electricity to take-off and land vertically, and can transport small numbers of passengers over short distances.
Previously planned to launch air taxis in Marina Bay area
In 2022, Volocopter announced plans to launch air taxis flight routes in the Marina Bay area around early to mid-2024.
Volocopter told ST that they had expected fund raising to be more challenging globally due to economic uncertainties.
Cities where they has plans to launch operations would need to adapt or construct new infrastructure, route and regulatory planning, as well as develop a digital network.
“We are prioritising cities that can accelerate (these) aspects, and adjusting our global business strategy and timeline accordingly,” Volocopter said.
A framework for safety rules and standards to regulate air taxi and drone operations has been in development by the Civil Aviation Authority of Singapore and its regional counterparts since November.
Financing air taxi operations
A complete urban air mobility ecosystem, including aircraft, infrastructure and connectivity is needed for a flying taxi service to operate in Singapore, Volocopter said.
The German company also added that due to varying circumstances and partners, they could not specify how much money is needed to operate air taxis in Singapore.
They have obtained about €500 million (S$730.6 million) through five fund-raising rounds, and will be finding other ways to finance their technologies.
The funds they raised will be used for overall operations, including research and development, certification and preparation for its commercial launch.
Top image from Volocopter