Japanese Hoverbike Start-Up ALI Technologies Files for Bankruptcy
ALI Technologies, a Japanese start-up that aimed to revolutionize urban transport with its futuristic hoverbike, has filed for bankruptcy. The move is part of a strategic relocation plan to California by its US parent company, Aerwins Technologies, with hopes of revitalizing its vision through a new business partnership.
Despite garnering attention, including a high-profile image of Prince Albert II of Monaco atop the craft, ALI Technologies’ hoverbike struggled to achieve significant sales. The vehicle, inspired by Star Wars aesthetics, resembled an aerial water scooter, boasting a 40-minute flight time at speeds up to 100 km/h on a single charge.
CEO Daisuke Katano initially envisioned the hoverbike as a “new method of movement,” but regulatory hurdles, particularly in Japan and other regions prohibiting flying over city roads, hindered its potential. The device went on sale in 2021 at a hefty price of $680,000.
Legal expert Ben Gardner pointed out that despite its groundbreaking technology, regulatory barriers limited the hoverbike’s practicality. The company faced challenges in research, development, engagement with authorities, and marketing, ultimately running out of both time and funds.
In a bid to overcome financial difficulties, ALI Technologies agreed to be acquired by US firm Pono Capital Corp last year, leading to its listing on the Nasdaq stock exchange. However, the majority of Pono’s investors opted to sell their stock post-listing, impacting ALI’s financial standing significantly.
With its California relocation plans announced in October and a partnership forged in December with another US firm, Aerwins Technologies aims to redesign the hoverbike and obtain regulatory certification. The company discontinued operations in Japan, emphasizing a renewed focus on the vehicle’s development and certification in the US.
While ALI Technologies joins the league of tech firms exploring urban flying vehicles, the bankruptcy filing underscores the challenges faced by ambitious projects in the evolving landscape of futuristic transportation.
