Electric aircraft manufacturer Lilium has raised $192 million in a capital increase. Among others, the German technology investors Earlybird Venture Capital, BIT Capital, UVC Partners and Frank Thelen took part in the financing round, and several board members and executives also subscribed to the new shares.
Lilium has thus secured a total of 292 million dollars in fresh capital this year and has thus taken a significant step towards financing the development of the so-called Lilium Jet up to approval. The company stressed that it can now proceed with the development program in full and cover most of the estimated capital requirements up to the first manned flight.
The company, based in Oberpfaffenhofen near Munich, is currently developing a six-seater electric aircraft that will fly up to 175 kilometers in everyday operation. Flight tests with smaller and unmanned prototypes have been taking place since last year. By the end of 2024, the first manned flight of a Lilium jet, which is largely compliant with the production version, should take place. Most preliminary purchase agreements stipulate that this first flight will trigger upfront payments from customers, which Lilium intends to use largely to finance certification and the start of production. Lilium aims to have the Lilium Jet certified by the European Union Aviation Safety Agency (EASA) by the end of 2025.