Lilium N.V., a German air taxi startup, has raised up to $250 million to further the development of its Lilium Jet electric vertical takeoff and landing (eVTOL) aircraft.
The capital enables Lilium to continue the development of the Lilium Jet eVTOL including the first manned flight of the type-conforming aircraft. This manned flight is expected to take place in the second half of 2024.
Of the pledged $250 million, $100 million is expected to be funded at the close of the second half of 2024.
“The capital raise announced today marks an important development in our ongoing mission to revolutionize the aviation industry,” said Klaus Roewe, CEO of Lilium. “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.”
Last year, the company tested its first transition flight with the aircraft moving from a takeoff mode to cruising flight.
Many of the goals for the air taxi vendors is to have the aircraft ready in time for two events taking place soon — the 2025 World Expo in Japan and the 2024 Summer Olympics in Paris.
Japan revealed last year that it planned to establish eight air taxi routes connecting eight different destinations in Japan as a transportation method to ferry passengers to the event. Joby Aviation, Volocopter, SkyDrive and others will be used as air taxis for the event.
While the Expo 2025 will be a big showcase for air taxis, the 2024 Summer Olympics in Paris will also be a testing ground but on a smaller scale. Lilium is one of the air taxi vendors expected to participate at the Olympics along with Volocopter, Airbus, Vertical Aerospace and Ascendance and Joby Aviation.
