Lilium, a German electric vertical takeoff and landing (eVTOL) jet maker, has signed an asset purchase agreement with the Mobile Uplift Corporation. This will allow the flying taxi company to restart business operations. The deal involves a consortium of investors from Europe and North America.
They will take over the operating assets of Lilium GmbH and Lilium eAircraft GmbH. “We are very pleased to announce the signing of an investment agreement with a very experienced consortium of investors, which is a major breakthrough,” said Lilium CEO Klaus Roewe. “Deal closing at the beginning of January will allow us to restart our business.”
Lilium’s financial troubles began when the company was denied a $54 million loan guarantee from the government of Bavaria.
As a result, Lilium was forced to file for self-administration. This process allows a company to continue operations under the supervision of a custodian while seeking new investments or selling assets. Despite its challenges, Lilium remains committed to its vision of electric air mobility.
The company has significant pre-orders for its electric jets.
Lilium resumes business with new investors
It anticipates substantial pre-delivery payments and new investments to finance operations through to 2026.
Orders for over 780 Lilium jets have been placed by operators from the U.S., South America, Europe, Asia, and the Middle East. The Lilium eVTOL jet is uniquely designed with an operating range of about 110 miles. It can connect routes such as Houston Hobby Airport to Galveston and Houston Spaceport to College Station.
The jets are planned to offer regional air mobility services, connecting cities and towns up to 125 miles apart at speeds of up to 185 mph. Lilium has been establishing numerous partnerships to support its ambitions. This includes plans for delivery and management of its jets by Saudia Private, as well as collaborations with helicopter and private jet operators in the U.K.
The company aims to commence test flights by 2025 and enter service by 2026.
Lilium’s strategy includes using its 36 electric ducted fans for takeoff and landing, with most flight time spent in cruise mode. The company is also working to establish advanced air mobility services in the Philippines and other Southeast Asian countries. As Lilium moves forward, it continues to harness its technological expertise and investor support.
The goal is to create a sustainable future for personal air travel and urban air mobility.
