(Yicai Global) Sept. 9 -- Chinese carmaker Geely Holding Group has led a EUR50 million (USD55 million) C-series in German urban travel firm Volocopter and plans to form a joint venture with the target in China.

The injection will help Volocopter get its VoloCity heli-taxi certified for commercial operations within the next three years, the pair said in statements today.

Founded in 2011, the startup focuses on creating electric vehicles capable of vertical landing and takeoff. Its latest two-seater models can fly at up to 110 kilometers an hour with a range of 35 kilometers, making them ideal for short-distance travel within most major cities worldwide.

Under their agreement, Zhejiang-based Geely, which expects to start delivering its first flying cars this year via its acquisition of Terrafugia, will bring the Volocopter brand to China and take charge of production and marketing in the country.

Editor: James Boynton