Maeve Aero Winding Down After Lack of Funding

UPDATE – Maeve Aero, the Dutch startup that is working on a hybrid-electric 90-seater together with MHIRJ, is on the verge of winding down. The company has been unsuccessful in raising €20 million in funding to get it to the next stage of development, Dutch Financieele Dagblad reported on Thursday.

CEO Jan Willem Heinen told the newspaper that Maeve that the next round of funding was too risky for potential investors. Maeve will stop “in its current form”, said Heinen, but he still has hopes to attract a partner with solid financial backing. So far, Maeve has not filed for insolvency.