Lilium, German eVTOL company secured $100 million in what it expects will be $250 million in new funding.
“Capital raise for up to $250 million, with $100 million funded at close of the trading day,” the company said in a statement. The amount was supplied by Singapore-based Aceville, an affiliate of China’s Tencent Holdings that already owns 23.4% of Lilium. As per Lilium, the fresh funds are expected to cover most of the capital required to achieve the first manned flight and further aid in the certification process.
Lilium ended the Q1 of March 2023 with only about $175 million in cash and financial assets
“The capital raise announced today marks an important development in our ongoing mission to revolutionize the aviation industry,” said Lilium CEO Klaus Roewe. “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.”
Going ahead, Lilium is optimistic to obtain the full $250 million it says will cover its push to obtain certification and launch its air taxi in 2025.
Tencent will provide $75 million of the remaining $150 million being sought only if Lilium raises the other half through other equity partners, debt, or from German and European Union grants.