Lilium’s Electric Taxi Jet Takes Flight with US$192 Million Funding Boost

Lilium's Electric Taxi Jet Takes Flight with US$192 Million Funding Boost

The funding propels Lilium towards redefining urban air mobility and revolutionizing aerial transportation.

Lilium, a Germany-based developer of the world’s first all-electric vertical take-off and landing (eVTOL) jet, announced a staggering US$192 million capital raise. The funding was secured through an upsized round with active participation from leading German technology investors such as Earlybird Venture Capital, BIT Capital, UVC Partners and Frank Thelen. In addition, several Lilium Board members and senior executives contributed to the investment, alongside multiple institutional investors led by B. Riley Securities and e-mobility investor E-vestment B.V.

The future of air transportation: What are eVTOLs?

eVTOLs play a critical role in the future of air transportation, particularly in urban and rural regions, forming the backbone of both Advanced Air Mobility (AAM) and Urban Air Mobility (UAM) initiatives. AAM focuses on constructing a safe, digitized air transport network to ferry passengers and goods in urban and rural settings, while UAM targets low-altitude operations within city precincts and suburbs. 

Equipped to transport one or more passengers and a range of cargo sizes, eVTOLs offer numerous advantages over traditional helicopters. These include lower noise output, enhanced environmental sustainability and improved cost-effectiveness. They also have the potential for full automation, eliminating the need for a pilot.

Lilium’s transformative strides in air travel

Lilium is making considerable strides in modernizing the realm of air travel with its environmentally-friendly and high-velocity solutions for regional transportation of people and goods. The recent capital infusion for their flagship all-electric vertical take-off and landing product, the Lilium Jet, signifies a notable milestone towards securing the necessary funding for its eagerly awaited commercial debut.

The Lilium jet offers exceptional capacity, minimal noise and outstanding performance while operating with zero emissions. With these advancements, Lilium is spearheading the decarbonization of air travel, marking a significant step towards a more sustainable future for aviation. This investment comes on the back of an impressive US$100 million funding secured in May 2023, bringing Lilium’s total capital raised this year to an astounding US$292 million.

The newly raised funds will be primarily allocated toward enhancing Lilium’s ongoing aircraft development efforts. The first manned flight of the product is expected in the latter half of 2024, for which the recently raised capital is slated to cover a significant portion of the anticipated expenditure. Moving forward, Lilium plans to finance the production process of the aircraft through pre-delivery payments (PDPs) garnered from corporations committed to purchasing the product.

CEO’s outlook: Lilium’s commitment to sustainable aviation

Lilium’s CEO, Klaus Roewe, expressed his delight at the substantial support received from both existing and new investors, including prominent tech investors Earlybird and BIT Capital, UVC Partners linked to the founders’ alma mater, the Technical University of Munich and recurrent Lilium investor Frank Thelen. Roewe emphasized that Lilium’s unwavering commitment lies in propelling the aviation industry towards decarbonization through their groundbreaking Lilium Jet, a mission strongly backed by their investor community.

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