Spanish electric air taxi developer Crisalion Mobility has until 30 September to secure fresh investment as it seeks to restructure under pressure from creditors.
In June, Commercial Court No 2 in Bilbao granted the company a three-month extension to finalise a restructuring plan.
Without new funding, the future of the start-up – which is developing the five-passenger Integrity eVTOL aircraft – remains uncertain.
Crisalion relocated to a new headquarters south of Madrid in January. But shortly after the move, staff were told that additional capital would be required to avoid running out of cash by March, according to a former employee who spoke on condition of anonymity.
The source also claimed that employees received only 80% of their salaries in April, and no wages at all in June.
At the time, the company was reportedly looking into accessing Spain’s state-backed salary guarantee fund, FOGASA, which supports workers when companies face insolvency.
Crisalion and its main investor, Grupo Ibérica, have not responded to repeated requests for comment. A communications agency that previously worked with the start-up said it no longer represents the company.
The firm confirmed in January that it was pursuing a new funding round to advance the Integrity’s development.
It had expected to secure €150m from electric vehicle charging company Movalisa, but the investment did not materialise.
Talks with three other potential backers also failed to progress amid Grupo Ibérica’s reported insistence on keeping its majority 51% stake.
The uncertainty leaves Crisalion’s plans to enter the emerging eVTOL market hanging in the balance, with the next two weeks likely to determine whether the project can continue.