Volocopter NEOM Flight & $175M Investment

About

The Volocopter NEOM partnership had two contractual layers: a $175 million NEOM Series E investment in Volocopter (announced 2 November 2022 by NEOM Investment Fund) and a 15-aircraft confirmed order comprising 10 VoloCity passenger aircraft and 5 VoloDrone logistics aircraft. On 21 June 2023, Volocopter completed the first eVTOL test flight in Saudi Arabia at NEOM, under Special Flight Authorization from the General Authority of Civil Aviation (GACA).

Volocopter GmbH subsequently filed an application for the opening of insolvency proceedings at the Karlsruhe Local Court on 26 December 2024. Per Volocopter's own statement (30 December 2024): "The Karlsruhe Local Court began the provisional insolvency administration the following day and appointed Tobias Wahl, partner and attorney at Anchor Rechtsanwältegesellschaft mbH, as its administrator."

On 6 March 2025, Heptus 591 — a subsidiary of Wanfeng (owner of Diamond Aircraft) — signed an asset purchase agreement with the insolvency administrator. The deal value was €10 million, per Wanfeng Auto Wheel Co.'s 10 March 2025 Shenzhen Stock Exchange announcement. Workforce was reduced from approximately 500 to 160–185 employees. Type certification was pushed to 2026 per Volocopter's statement to AGBI in May 2025. In April 2025 the restructured entity unveiled the VoloXPro ultralight, a pivot toward light-sport aircraft.

Majid Mufti (CEO of NEOM Investment Fund) was confirmed by AGBI as holding a seat on Volocopter's advisory board. The historical contract and flight test are primary-source facts; the commercial path has been substantially restructured.

Key facts

Timeline

1. 2022-11-02
   NEOM Investment Fund announces $175M Series E investment in Volocopter. 15-aircraft confirmed order (10 VoloCity + 5 VoloDrone). [thenational-2022-11-03]
2. 2023-06-21
   Volocopter completes first eVTOL flight in KSA at NEOM, under GACA Special Flight Authorization. 18 months of GACA collaboration documented. [volocopter-2023-06-21]
3. 2024-12-26
   Volocopter GmbH files application for opening of insolvency proceedings at Karlsruhe Local Court. [volocopter-2024-12-30]
4. 2025-03-06
   Heptus 591 (Wanfeng/Diamond Aircraft) signs asset purchase agreement with insolvency administrator. Deal value €10M. [volocopter-2024-12-30]
5. 2025-05
   Restructured Volocopter tells AGBI type certification 'now targeted for 2026'. [volocopter-2024-12-30]
6. 2025-04
   Restructured entity unveils VoloXPro ultralight at AERO Friedrichshafen — pivot toward light-sport aircraft. [volocopter-2024-12-30]

Practical info

How to get there

By metro

n/a

By car

n/a

From the airport

n/a

Regulatory status

The 21 June 2023 flight was authorized by GACA Saudi Arabia under a Special Flight Authorization. GACA's role was supplemented by 18 months of pre-flight collaboration documented in Volocopter's June 2023 release.

Current progress

As of 20 May 2026, the original Volocopter NEOM commercial path has been substantially restructured. The historical contract and flight test remain primary-source facts. Operational momentum since the Wanfeng acquisition has not been re-published by NEOM, Volocopter, or Diamond Aircraft in primary sources. The 15-aircraft order's status post-restructuring has not been publicly clarified.

Frequently asked questions

Sources

1. [thenational-2022-11-03] The National — Saudi Arabia's NEOM invests $175m in Volocopter (3 Nov 2022) primary · accessed 2026-05-20
2. [volocopter-2023-06-21] Volocopter — NEOM and Volocopter: First Electric Air Taxi Flight in Saudi Arabia (21 June 2023) operator-ir · accessed 2026-05-20
3. [volocopter-2024-12-30] Volocopter — Volocopter GmbH Files for Insolvency While Seeking Investors (30 Dec 2024) operator-ir · accessed 2026-05-20

Verification flags

• Volocopter GmbH filed insolvency 26 December 2024.
• Wanfeng/Diamond Aircraft acquired assets for €10M in March 2025 — substantial value destruction vs. NEOM's $175M investment.
• Workforce reduced from ~500 to 160-185 employees post-acquisition.
• Type certification pushed to 2026.
• Status of 15-aircraft NEOM order post-restructuring not publicly clarified.
• NEOM Investment Fund stake value post-restructuring not publicly disclosed.
• No follow-on operational flights at NEOM since 21 June 2023 announced.