Lilium Secures $35 Million in New Funding for Carbon Fibre Air Taxi
Munich-based aviation company Lilium has announced Baillie Gifford, as a new investor.
Baillie Gifford, known for their track record of investing in technology companies such as Amazon, Tesla, Airbnb and SpaceX has invested $35 million into the company.
The news comes less than three months after Lilium confirmed it had received $240m in additional funding from existing investors including Atomico, Freigeist, LGT and Tencent, who led the investment round.
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
The new funds bring the total sum raised to date to more than $375m, which will be used to support further development of the Lilium Jet as well as underpinning preparations for serial production in Lilium’s newly-completed manufacturing facilities.
The Lilium Jet, constructed using carbon fibre reinforced polymer (CFRP) is a new type of aircraft that the company says will deliver regional journeys that are considerably faster than rail or road, yet competitive in price. The demonstrator aircraft first flew in May 2019 and is a five-seater, fully-electric aircraft that can take-off and land vertically (eVTOL). Lilium expects to service a sizeable global market demand by connecting communities at a fraction of the cost of conventional high-speed infrastructure, with zero operating emissions.
As well as designing and manufacturing the Lilium Jet, the company plans to operate a regional air mobility service as early as 2025 in several regions around the world. It recently celebrated the completion of the first stage of flight testing, with the five-seater Lilium Jet demonstrator flying at speeds exceeding 100 km/h.