Tencent has been on board with Lilium since 2017. Since then, the company has contributed to several financing rounds for the Munich-based company, including the €107.5 million ($119 million) capital increase at the end of last year. Now, another €90 million is expected to follow. Tencent has also committed to an additional €67.5 million ($75 million), provided Lilium succeeds in raising the same amount from other investors. the startup then to the targeted 225 million euros.
Klaus Roewe, CEO of Lilium, explains:
"The capital increase announced today represents an important development in our ongoing mission to revolutionize the aviation industry. We are delighted to be able to continue our development program at full speed with this financing. We continue to engage in numerous constructive discussions with existing and potential new investors. We hope to provide further updates soon."
Potential customers should secure further financing for Lilium
The money will continue to flow into the development of Lilium's flying taxi. The Munich-based company also intends to use it to cover "most of the estimated capital requirements for the first manned flight," according to a press release. This is expected to take place by the second half of 2024. Subsequently, down payments from potential buyers will secure further financing.
Lilium has already secured several potential customers: Saudia, the national airline of Saudi Arabia, plans to purchase 100 Lilium jets; the ASL Group plans to establish an air transit network in the Benelux countries with six jets; and Helity Copter Airlines plans to operate five of the aircraft in Andalusia. Globeair also plans to operate 12 of the jets in southern France and Italy.
Lilium was founded in 2015 out of the Technical University of Munich and is developing a so-called eVTOL aircraft with fully electric vertical takeoff and landing. In 2021, the startup went public on the US technology exchange Nasdaq through a merger with a special purpose acquisition company (SPAC). The air taxi company secured approximately €496 million ($584 million).
