Munich-based air taxi developer Lilium has secured US$240 million to further develop its Lilium Jet aircraft.
The company has raised more US$340m so far to fund the development of its all-electric, vertical take-off and landing (eVTOL) aircraft, which will be used for regional air travel.
The funds from this latest funding round will be used for further development and testing of the Lilium Jet and to prepare for serial production at the company’s recently-completed manufacturing facilities, Lilium said.
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 of more than 100 km/h.
Commenting on the announcement, Christopher Delbrück, chief financial officer of Lilium, said, “This funding underscores the deep confidence our investors have in both our physical product and our business case. We’re very pleased to be able to complete an internal round with them, having benefited greatly from their support and guidance over the past few years.
“The new funds will enable us to take big strides towards our shared goal of delivering regional air mobility as early as 2025.”
The latest funding round was led by Tencent, with participation from other existing investors including Atomico, Freigeist and LGT.