Munich-based advanced air mobility developer Lilium has announced on that it has raised an additional US$192 million to continue with its eVTOL program.
This capital has come from three different sources: $42 million through a share placement, $75 million from Aceville, a Singapore-based investment holding company of Chinese giant Tencent, and another $75 million from venture capital investors. These include Earlybird Venture Capital, BIT Capital, UVC Partners, Frank Thelen and several of the company’s senior executives.
The fresh funds will be added to another US$100 million already secured by Lilium in May 2023.
The combined $292 million of fresh capital has surpassed the $250 million in new funding that Lilium had said it was seeking to obtain on May 2, 2023.
According to Crunchbase, Lilium, which listed in the NASDAQ via SPAQ on September 15, 2021, has raised $1 billion to date.
This new round is expected to allay concerns regarding the firm’s potential delisting.
Lilium’s listing had been put under question when NASDAQ issued a warning in April 2023 that the price of its Class A shares had failed to comply with the minimum bid price requirement of US$1.00 per share set by this market.
On June 26, 2023, following the obtention of a G-1 Certification Basis from the Federal Aviation Administration (FAA), which is a necessary step on the path to type certification, Lilium reiterated its plan to have the Lilium Jet eVTOL fully operational by late 2025.