Lilium Raises $119 Million for Electric Taxi Jets
Photo Caption: Pictured is a full-scale model of the seven-seater Lilium Jet at the company's headquarters in Munich. Lilium
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Travel Startup Funding This Week
Each week we round up travel startups that have recently received or announced funding. Please email Travel Tech Reporter Justin Dawes at jd@skift.com if you have funding news.Four travel tech startups raised $158.5 million over the last week and a half.
>>Lilium, which is developing an all-electric vertical take-off and landing jet, has closed on a funding round of $119 million.
Participants included Honeywell Aerospace and Aciturri, as well as LGT and affiliated impact investor Lightrock, Tencent, B. Riley Securities, and others. Lilium’s new CEO, Klaus Roewe, as well as three board members also participated.
The capital raise was a concurrent private placement and registered direct offering, the company said.
Germany-based Lilium (NASDAQ: LILM), which is building an air taxi service, plans to use the latest funding to continue company operations and development of the jet. The company raised $240 million in 2020.
“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,” Roewe said in a statement.
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