Lilium Announces Meeting Goal Of $119 Million To Fund Continued Development Of New eVTOL Aircraft

Lilium Announces Meeting Goal Of $119 Million To Fund Continued Development Of New EVTOL Aircraft

MUNICH, Germany, Nov. 23, 2022 (GLOBE NEWSWIRE) — Lilium N.V. (Nasdaq: LILM) (“Lilium” or the “Company”), developer of the first all-electric vertical take-off and landing (“eVTOL”) jet, announced the successful closing of a $119 million capital raise from existing shareholders, new investors, and strategic partners. Participants include Honeywell and Aciturri as well as LGT and its affiliated impact investor Lightrock, Tencent, B. Riley Securities and certain affiliates thereof. The closing of the capital raise occurred in part yesterday with closing for certain investors occurring shortly hereafter. Lilium’s new CEO, Klaus Roewe, as well as three additional board members, Barry Engle, David Wallerstein and Niklas Zennström, also participated.

“We are pleased to have such a high-quality group of supporters in a challenging macro environment. These proceeds are expected to strengthen our balance sheet and advance our commercialization efforts including signing of customer agreements with pre-delivery payments, reaching an agreement with EASA on our Means of Compliance, and commencing assembly of the type-conforming aircraft for the final manned flight test campaign,” CEO Klaus Roewe said.

Stéphane Fymat, Vice President and General Manager of Urban Air Mobility, Honeywell Aerospace said: “Honeywell and Lilium share a common vision of the importance of electric aviation and the positive impact it will have on air transportation and decarbonization. We are proud to partner with Lilium as the provider of the avionics systems, flights controls, and electric motors used to guide and power Lilium’s revolutionary electric jet.”

The capital raise was a concurrent private placement and registered direct offering (RDO). Citigroup, B. Riley Securities and Piper Sandler acted as placement agents for the offerings. Lilium intends to use the net proceeds from the offerings to continue to fund its operations, develop the Lilium Jet, and for general corporate purposes, which may include payment of Lilium’s suppliers and working capital uses.
[ht: Lilium – Additional Information]

… notes from The EDJE