Munich-based Lilium Air Mobility (Lilium) has announced a capital raise for up to US$250 million, with US$100 million of that already raised. Lilium is a start-up company responsible for the production of the first all-electric vertical take-off and landing (eVTOL) jet. On May 1, a Form 6-K was filed by the company with the Securities and Exchange Commission. The funds raised will enable Lilium to seamlessly continue with the development of the Lilium jet at pace and the US$250 million should cover that level of capital identified to enable the company to achieve the first manned flight of the type-conforming aircraft.
The arrival of 2024 should see the financial situation change for the company. By the second half of the year the first manned flight should have been achieved, after which Lilium will be in a stronger position to utilise the financial contribution of a substantial number of pre-delivery payments (PDPs) which should then be sufficient to fully fund further capital requirements.
Lilium CEO Klaus Roewe stated, “The capital raise announced today marks an important development in our ongoing mission to revolutionize 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.”
Lilium’s most recent Shareholder Letter, published on March 28, 2023, highlighted its continued achievements towards important milestones, including a successful high-speed Phoenix demonstrator flight, continued commercial momentum, confirmation of the Lilium Jet’s battery technology, certification progress, and advances in its supply chain, all of which are accelerating the company towards the start of production of the first type-conforming aircraft. (£1.00 = US$1.25 at time of publication).
