Writer

Charlotte Bailey

Spanish eVTOL aircraft developer Crisalion Mobility is facing a September 30 deadline to secure new funding needed to restructure the start-up in the face of demands from creditors. On June 30, Commercial Court No 2 in Bilbao granted Crisalion a <a href="https://www.publicidadconcursal.es/c/portal/layout?p_l_id=387547&amp;_org_registradores_rpc_concursal_web_ConcursalOldWebPortlet_mvcRenderCommandName=%2Fafectado&amp;_org_registradores_rpc_concursal_web_ConcursalOldWebPortlet_source=rpc&amp;_org_registradores_rpc_concursal_web_ConcursalOldWebPortlet_id=626587&amp;p_p_id=org_registradores_rpc_concursal_web_ConcursalOldWebPortlet&amp;p_p_lifecycle=0">three-month extension</a> to negotiate with its creditors over a restructuring plan.
In January, Crisalion moved to a new headquarters south of Madrid, where it is developing the <a href="https://www.ainonline.com/news-article/2023-12-01/crisalion-bets-its-flyfree-propulsion-concept-will-make-evtol-air-services">five-passenger Integrity model</a>. According to a former employee, speaking with AIN on condition of anonymity, the following week that fresh investment would be needed to avoid the company running out of funds by March.
The same source told AIN that in April employees were only paid 80% of their salaries. He added that no wages were paid in June and that Crisalion, at the time, was investigating a salary guarantee fund under the government-backed FOGASA (Fondo de Garantia Salarial) mechanism for companies facing possible insolvency.
Neither Crisalion, nor its main investor Grupo Ibérica, responded to multiple requests to comment on the situation. A communications agency that has supported the start-up in the past said it was no working with the company. Manuel Heredia Ortiz, who served as Crisalion’s CEO from June 2023 to March 2025, said he was unable to comment on the current situation.
In January, Crisalion <a href="https://www.ainonline.com/aviation-news/futureflight/2025-01-30/copenhagen-helicopter-and-crisalion-plan-island-hopping-evtol">confirmed plans</a> for a further round of fundraising to support its work to bring its Integrity eVTOL vehicle to market. According to the former employee, the company had expected to secure an investment of €150 million from an electric vehicle charging specialist called Movalisa, but this was not forthcoming. Efforts to make arrangements with three other alternative investors stalled over Grupo Ibérica’s insistence on retaining its majority 51% stake.
Crisalion has previously announced a number of prospective customers for the Integrity. These include Spanish business aviation group i<a href="https://www.ainonline.com/aviation-news/futureflight/2024-06-21/spanish-business-aircraft-operator-commits-crisalions-evtol">JetAviation</a>,&nbsp;<a href="https://www.ainonline.com/aviation-news/futureflight/2025-01-30/copenhagen-helicopter-and-crisalion-plan-island-hopping-evtol">Copenhagen Helicopters</a>, and Australia's <a href="https://www.ainonline.com/aviation-news/futureflight/2024-07-24/wilbur-air-plans-operate-crisalions-integrity-evtol-australia">Wilbur Air</a>.
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Issues regarding financing of aircraft; aviation insurance; tax issues for aircraft operators; new companies and people in the aviation financing and insurance industries.

Spanish eVTOL Developer Crisalion Faces Court Deadline to Restructure

Start-up had been granted a three-month extension to negotiate with creditors

Under a creditors' court order, Crisalion Mobility has until September 30 to restructure with new funding needed sustain work on its Integrity eVTOL aircraft.

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