VoltAero Seeks Funds for Cassio after Investor Backs Out

VoltAero is battling to keep its plans for a family of hybrid-electric aircraft alive as it urgently seeks new investment in the face of French insolvency proceedings. The company this week confirmed that around €5 million ($5.8 million) in equity capital promised by France’s ACI Group is now stalled as that company faces its own funding crisis.

Through a filing with the commercial court at La Rochelle in western France on October 7, VoltAero has initiated “a formal redress procedure” to address possible claims by creditors while it seeks to secure new funding. The company has indicated that it might expedite plans to establish a U.S.-based subsidiary, even though it has its headquarters in the Nouvelle-Aquitaine region where it employs 35 people.

Speaking to AIN, VoltAero’s CEO and chief technology officer, Jean Botti, explained that he had expected ACI’s investment to be finalized in early September, only to learn through media reports on September 21 that it was in financial peril. The ACI Group itself entered court-led administrative proceedings on September 25.

According to French publication l’informe, this was the result of ACI not receiving an €80 million ($93 million) investment from Fortuna Capital Holdings that had been announced in February 2025. Neither Fortuna nor its shareholder Wilshire Capital Funding have responded to requests to comment from AIN.

In July 2025, both Malaysia’s SEDC Energy and France’s ACI Group both agreed to buy equity stakes in VoltAero. ACI Groupe is a diversified engineering and technology company with expertise in aerospace, manufacturing, and international industrial partnerships.

Investor Faces Its Own Financial Crisis

With ACI Group currently engaged in court hearings to discuss its future governance and strategy, “there is nothing we can negotiate,” admitted Botti. Instead, VoltAero is “absolutely hoping” that SEDC will hold up its portion of the investment pledge.

An ACI spokesperson told AIN that neither group have so far issued a formal statement on the matter. Nevertheless, “we have to react very quickly to get solutions and to mitigate this,” responded Botti. In accordance with court redress proceedings, VoltAero has until November 25 to formulate a restructuring plan, although Botti stated that, “to be honest, [VoltAero] can’t wait that long”.

The combined input of €10 million is projected to see VoltAero through to type certification of its Cassio 330 aircraft. Following design refinements earlier this year, this milestone had been expected by the end of 2027.

Botti, a former senior Airbus executive, indicated that if the company can secure new capital quickly it may still be able to get the aircraft to market. “It will be tight, but we are going to do everything we can,” he commented. “It’s a race against the clock.”

Funds Needed to Build Cassio Prototype

The company’s first conforming prototype is currently awaiting assembly at its Rochefort premises, which was inaugurated late last year. “The designs are ready. What we need now is to have the guarantee that the funds will arrive in time, then we will act,” Botti explained. VoltAero had been expecting to make this aircraft’s first flight at the end of the first quarter of 2026, using a thermal engine to validate its structure and aerodynamics. Around 280 provisional orders have so far been placed for the hybrid-electric production variant.

In a statement, VoltAero confirmed it “continues to work with its partners and stakeholders to ensure business continuity and to safeguard its sustainable aviation products.” These include the larger Cassio 480 and 600 variants, and the HPU 210 Hybrid Power Unit for homebuilt aircraft.

VoltAero is currently analysing what Botti described as “many options” for potential new investment. He told AIN that he now regrets not having created a joint venture in the U.S. sooner.

That step, the VoltAero founder believes, will allow the company to “leverage a much broader spectrum” of investors. “It’s the biggest market for general aviation in the world,” he said. “The interest there is obviously high. But if you’re not a U.S. company, it’s extremely difficult to penetrate the market.”

Although a U.S. joint venture was always part of VoltAero’s plan, “I would say these events have definitely convinced us that we need to speed up our presence there, and that’s what we’re working on,” Botti added.

Crucially, Botti believes that looking beyond France for potential investment has multiple benefits. Although VoltAero has already received regional and national assistance, an idiosyncrasy of European public funding means that money must be matched in equal amount by private investment.

These rules, Botti maintained, “really penalising for startups” creating “an uncompetitive disadvantage for us, compared to other continents.” He also cited an unfavorable appetite in France for industrial investment as opposed to initiatives such as artificial intelligence. However, VoltAero remains optimistic in the company’s vision and viability. “We just have to go with it and find a solution…. and get out of this bad transition period,” Botti concluded.