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By Jonathan Hinkles, 30-year UK airline executive
“Fortune favours the bold” has been a mantra in our society ever since Roman times, a go-to cliche for the entrepreneurs of today. Yet when it comes to developing the flight technologies of the future, it’s becoming more a question of boldly losing a fortune. Fallout in the eVTOL and green propulsion sectors is gathering pace.
Three companies have already fallen by the wayside after collectively spending more than $1bn of investors’ cash. Universal Hydrogen, which had aimed to convert existing aircraft types such as the ATR turboprop to hydrogen propulsion, went out of business last autumn after exhausting $100m in funding. Lilium, which spent more than $500m developing an electric small jet perhaps inspired by 1960s The Jetsons cartoons, filed for insolvency in November. Volocopter, pushing an eVTOL contraption best described as a drone with an underslung cabin for two occupants, also gobbled through $500m before beginning insolvency proceedings in late December. A few others also face a less-than-certain future.