Lilium has raised $119 million in fresh capital by issuing more Class A shares priced at $1.30. On November 18, when the German eVTOL aircraft developer’s stock was trading at around $1.54 on the New York Stock Exchange, the company announced the equity offering, which subsequently closed on November 22.
According to Lilium, investors backing the funding campaign include aerospace industry companies Honeywell and Aciturri, and venture capital groups LGT, Lightrock, Tencent, and B. Riley Securities. Lilium’s new CEO, Klaus Roewe, plus board members Barry Engle, David Wallerstein, and Niklas Zennström, are also participating as individual investors in the offering of more than 91 million new shares. LGT, Tencent, and Niklas Zennström are existing investors in Lilium.
Avionics and propulsion group Honeywell Aerospace and aerostructures specialist Aciturri are already key suppliers to Lilium. Honeywell announced plans to invest in Lilium earlier this year and is already a financial backer of other eVTOL aircraft developers including Volocopter and Vertical Aerospace. Honeywell is supplying avionics, flight controls, and (in partnership with Japan's Denso group) electric motors for the Lilium Jet.
Lilium is working to certify its initial seven-passenger Lilium Jet in 2025. In September it reported that it is engaging with EASA to agree on the basis for type certification, including the means of compliance (equivalent to FAA’s G-2 stage).
The company expects EASA to conduct a design organization approval audit in the first half of 2023. Next year, Lilium also expects to start building the first type-conforming example of the Lilium Jet and be ready to start test flights in 2024.
“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,” Roewe commented.
This story, originally published on November 18, was updated on November 23 to confirm that the new share offering closed on November 22.