Lilium, the Munich-based eVTOL maker, has announced that it’s secured an additional $119M USD in capital from existing shareholders, new investors, and strategic partners.
Investing participants include Honeywell and Aciturri as well as LGT and its affiliated impact investor Lightrock, Tencent, B. Riley Securities and certain affiliates thereof. Lilium’s new CEO, Klaus Roewe, as well as three additional board members, Barry Engle, David Wallerstein and Niklas Zennström, are also participating.
The fundraising is a concurrent private placement and registered direct offering (RDO).
Citigroup, B. Riley Securities and Piper Sandler are acting as placement agents for the offerings.
Lilium agreed to issue and sell: (a) an aggregate of 91,524,936 of the Company’s Class A ordinary shares at a price of $1.30 per share; and (b) warrants exercisable for an aggregate of 45,762,463 Shares, with an exercise price of $1.30 per share in the private placement and registered direct offerings.
The offerings are expected to close on November 22, 2022, subject to customary closing conditions. Lilium and its officers and directors have agreed to a lockup of 30 days subject to customary exclusions.
Lilium continues flight testing in Spain of its Phoenix 2 technology demonstrator and has announced its intentions to certify its production model eVTOL in 2025.
Why it matters: In 2021, Lilium reported a loss of ~$420M with the lion’s share of costs coming from research and development. Lilium has spent a good deal of 2022 building strong industry partnerships for manufacturing and operation of its eVTOL jet. This latest round of funding should provide an additional boost to Lilium’s flight testing and certification efforts to begin commercialization near the same time as other leading eVTOL competitors in the aerial mobility space.
- GlobeAir to serve Southern France and Italy with the Lilium Jet (October 2022)
- Lilium and Helity to Develop High Speed Electric Air Mobility Network in Southern Spain (August 2022)
- Lilium Completes Transition from Hover to Winged Flight (June 2022)