Frankfurt: German flying taxi developer Volocopter said on Monday it had raised 50 million euros ($55.1 million) from investors including automaker Geely, risking a revived debate about Chinese investments in EU firms.The new funds will be used towards bringing the VoloCity aircraft to commercial launch within the next three years, Volocopter said in a statement.
Small firms, including German contenders like Volocopter and Lilium, are in a race with established aircraft manufacturers like Airbus and billion-dollar tech giants like Uber to produce the first air taxis.
An array of 18 helicopter-style rotors powered by batteries heave the VoloCity into the sky, with the company saying it can carry two passengers with hand luggage up to 35 kilometres (22 miles), at speeds of up to 110 kilometres per hour.
The Financial Times reported that Geely´s stake in Volocopter will amount to around 10 percent of the firm.
Chairman Li Shufu said the investment underlines Geely´s "confidence in Volocopter air taxis as the next ambitious step in our wider expansion in both electrification and new mobility services".
Multi-state manhunt began after cop shot his ex-wife eight times
Trump clinches 84% of the votes out of the 92%
New video shows that Donald Trump may not even get job at mall
British tourist chose to roll down the window for taking selfie
Malaysian PM conveys condolences on "heart-wrenching" tragedy
Mitchell is being held at Becker County Jail on first-degree burglary suspicion
