Lilium, a Germany-based developer of the world’s first all-electric vertical take-off and landing (eVTOL) jet, has announced that it is raising up to $250 million in capital, with $100 million already secured at the close of the deal.
The company filed a Form 6-K with the Securities and Exchange Commission on May 1, 2023, disclosing the details of the capital raise.
The Bavaria-based company will use the funds to continue the development of its aircraft — the Lilium Jet, at an accelerated pace.
The capital raise is expected to cover a significant portion of the estimated capital required to achieve the first manned flight of the type-conforming aircraft.
The achievement of this development milestone is planned for the second half of 2024.
Following this milestone, Lilium expects to benefit from substantial pre-delivery payments (PDPs) that will help fund its subsequent capital requirements.
The announcement comes six months after raising $119M in funding last November.
Lilium CEO Klaus Roewe stated, “The capital raise announced today marks an important development in our ongoing mission to revolutionise the aviation industry. With this financing, we are excited to continue our development program at full pace. We remain in multiple constructive discussions with existing and potential new investors. We hope to announce further updates soon.”
Building radically better ways of moving
Lilium was established in 2015 by Daniel Wiegand, Sebastian Born, Matthias Meiner and Patrick Nathen. In 2019, the company revealed the prototype of its five-seater electric air taxi — Lilium Jet.
It is an all-electric vertical take-off and landing jet, which offers high performance, low noise, and leading capacity while producing zero operating emissions.
This will help accelerate the decarbonisation of air travel, a critical issue facing the aviation industry.The Lilium Jet can fly at up to 300 km/h and a range of 300km.
Lilium is collaborating with aerospace, technology, and infrastructure leaders to make this revolutionary aircraft a reality.
The company’s ambitious plans include launch networks in Germany, the United States, Brazil, and the United Kingdom.
The Lilium team consists of over 800 professionals, including approximately 450 aerospace engineers and a leadership team responsible for delivering some of the most successful aircraft in aviation history.
Lilium is not alone in developing eVTOL technology. Several other companies, including Uber, Joby Aviation, and Volocopter, are also working on similar concepts. While Lilium’s approach to eVTOL technology is unique, the latest funding round should significantly boost the company’s chances of market success.
