It was only a few months ago that e-Go aeroplanes delivered its first production aircraft into the hands of its first customer. Now it is looking for a buyer to keep the company afloat and allow it to pursue development of three- and five-seater versions of its compact single-seat aircraft.

Intended to fill the gap between a microlight and a light aircraft, the e-Go is designed to make flying more accessible, not only in terms of running costs, which the company claims are less than £15 (US$20) per hour, but in up-front costs, with the aircraft starting at £50,000 (US$65,000).

Taking out a design competition run by the UK's Light Aircraft Association (LAA) in 2007, the e-Go (formerly known as the E-Plane) made its first public test flight in 2013. In 2015, Cambridge-based e-Go aeroplanes received the Team Bronze Award from the Royal Aeronautical Society, "in recognition of the team's achievement in creating a unique single seat aircraft that is fun to fly, easy to handle, stylish, ergonomic and efficient."

According to Business Weekly, the company is urgently seeking a minimum of £1.5 million (US$1.9 million) from either an individual or an organization, after receiving just £150,000 (US$195,000) in pledges from a £700,000 (US$910,000) fundraising effort.

The board and shareholders are keen to keep the company out of the hands of liquidators and believe there will be a strong international demand for the aircraft, something that would be helped by the plan to expand the models on offer to include three- and five-seater versions.