Munich, Germany-based electric vertical takeoff and landing aircraft developer Lilium has secured further funding and is continuing with testing and development during the Covid-19 pandemic.
The company has secured US$35 million from investment fund Baillie Gifford, a firm known in financial circles for investing in companies including Amazon, Tesla, Airbnb, Spotify and SpaceX. The investment comes less than three months after Lilium raised US$240 million from a funding round. Total investment to date in the company. to more than $375m.
The company is continuing to develop its Lilium Jet and is preparing for serial production in its recently-completed manufacturing facilities. The first stage of flight testing of the five-seater Lilium Jet demonstrator was recently completed, with the eVTOL flying at speeds of more than 100 km/h.
Christopher Delbrück, chief financial officer of Lilium said, “Baillie Gifford is one of the world’s most influential tech investors and their commitment to Lilium represents a significant vote of confidence in both our physical product and our business case.vWe look forward to working closely with Baillie Gifford as we seek to bring emissions-free, regional air mobility to the market as early as 2025.
“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.”
Commenting on their investment, Michael Pye, investment manager at Baillie Gifford said, “We are delighted to support the remarkable team at Lilium in their ambition of developing a new mode of transport.
“While still at an early stage, we believe this technology could have profound and far-reaching benefits in a low-carbon future and we are excited to watch Lilium’s progress in the years ahead.”