Munich-based airline Lilium has developed an all-electric vertical take-off and landing (eVTOL) aircraft for regional air mobility. The company has completed a new round of financing of $35 million by Baillie Gifford. This investment has a high impact Technology companies are known for their investments such as Amazon, Tesla, Airbnb, Spotify, and SpaceX. To date, the total funds raised have exceeded US$375 million.
Three months ago, Lilium had received additional funding of $240 million from existing investors including Atomico, Freigeist, LGT, and Tencent, who led this round of investment. Together, these funds will support Lilium Jet’s further development and prepare for mass production in Lilium’s newly built production facility.
Lilium was co-founded by Daniel Wiegand (CEO), Sebastian Born, Matthias Meiner and Patrick Nathen in 2015, and designed and produced the Lilium Jet prototype aircraft, a new type of aircraft that will enable it to proceed faster than ever Regional travel rail or road, but the price is competitive. The demonstration aircraft first flew in 2019 and is a five-seater, all-electric aircraft that can take off and land vertically (eVTOL). Lilium hopes to meet a small part of the cost of traditional high-speed infrastructure by connecting communities and achieve zero emissions, thus meeting the huge global market demand.
In 2016, CEO Daniel Wiegand reported that the company has completed a 1:5 prototype for 3D printing called Dragon. The prototype is completely 3D printed, and even the fan can be quickly rebuilt after testing. Therefore, Dragon is the preferred prototype for all initial software testing and fun flying. This 1:5 scale model is also the first prototype to use Lilium Jet’s final design concept to demonstrate a seamless transition flight from hover to cruise mode and back.
The company has now entered final production and has completed a new production facility, which is an important step towards preparing for the mass production of Lilium Jet. The first manufacturing plant is located at the company’s headquarters and covers an area of 3,000 square meters. It will soon be supplemented by a second, larger plant, which has been built at the same location. Together, they will support Lilium’s goal of producing hundreds of aircraft each year when it begins commercial service in 2025. Additive manufacturing is expected to be a key production solution for mass production of many end-use parts on Lilium Jet.
Commenting on the new investment, Christopher Delbrück, Chief Financial Officer, Lilium, said: “Baillie Gifford is one of the world’s most influential tech investors and their commitment to Lilium represents a significant vote of confidence in both our physical product and our business case. We look forward to working closely with Baillie Gifford as we seek to bring emissions-free, regional air mobility to the market as early as 2025. The funds raised during this round give us the security to weather the challenging economic landscape we see around us and we’re grateful to be able to stay fully focused on our mission.”