VTOL Aviation Startup Lilium Completes $35M Funding Round from Investment Firm Baillie Gifford
【Summary】Munich-based aviation startup
Lilium announced on Monday a $35 million investment management partnership
which adds UK-based investment management firm Baillie Gifford as a new
investor. The partnership extends Lilium's current funding round to more than
$275 million, and more than $375 million to date to fund the development of its
VTOL aircraft.
One day in the future, people might summon an aircraft
the same way they hail a ride on the ground. Ride-hailing giant Uber for
example, developing electric vertical take off and landing (VTOL) aircraft that
can pickup passengers on building "skyports" in urban areas, as part
of the company's planned Uber Air aerial
ridesharing service.
Breakthroughs in
electric VTOL technology have given rise to a number of promising new aviation
startups. In Germany, one such company is Lilium, which is developing advanced
VTOL aircraft designed for commercial air mobility services, such as Uber's
planned air taxi service.
Lilium announced on
Monday a new investment management partnership which adds UK-based Baillie
Gifford as a new investor. The partnership has invested $35 million in Lilium,
extending the aviation startup's current funding round to more than $275
million, and more than $375 million to date.
Baillie Gifford is
known for investing in high-impact technology companies such as Amazon, Tesla,
SpaceX, Airbnb and Spotify.
Sjekk video her: https://tinyurl.com/y268v3k3
"Baillie Gifford
is one of the world's most influential tech investors and their commitment to
Lilium represents a significant vote of confidence in both our physical product
and our business case." said Christopher Delbrück, Chief Financial
Officer, Lilium.
"We look forward
to working closely with Baillie Gifford as we seek to bring emissions-free,
regional air mobility to the market as early as 2025," Delbrück added.
Its the second big
investment for Lilium in the past three months.
In March, Lilium
announced it had received $240 million in funding from existing investors
including Chinese company Tencent, Atomico, Freigeist and private banking company LGT Group. Tencent led the latest
investment round.
The new funds will
support the further development of Limium's VTOL Jet, as well as preparations
for production of the Jet in Lilium's newly-completed manufacturing facilities.
Lilium plans to operate a regional air mobility service within the next five
years.
Lilium was named as
one of Europe's most innovative companies in 2020 by Fast
Company. The company was founded in
2015.
The Lilium Jet
The
Lilium jet is a 5-passenger (4 passengers and a pilot) VTOL aircraft with a top speed of 186 mph and a
flying range of 300 kilometers (186 miles). The aircraft is powered by 36
electric motors.
The Jet's
"electric engines" as Lilium calls them, are designed to be quiet,
with air ducts that dissipate noise before it leaves the engine. Since the
Lilium is much quieter than a helicopter, it can be flown lower over urban
areas without creating a noise disturbance for the residents below. The quiet
electric engines also deliver a more comfortable experience for passengers.
The engines face
downward like a rocket to enable vertical take-off, then swing to a horizontal
position for flight. Once in the air, lift is provided by the Lilium Jet's
wings and the electric jets are used solely for propulsion.
"While still at
an early stage, we believe this technology could have profound and far-reaching
benefits in a low-carbon future and we are excited to watch Lilium's progress
in the years ahead," said Michael Pye, Investment Manager at Baillie
Gifford.The Lilium Jet can provide
aerial transportation that's much faster than traveling by train or on the
roads, yet still competitive in price. Lilium envisions connecting communities
at a fraction of the cost of conventional high-speed infrastructure, with zero
operating emissions.
Lilium is
headquartered in Munich and currently employs more than 450 people.
The electric VTOL
sector has attracted other big investments recently. In January, California-based Joby
Aviation, founded in 2009, announced a $590 million round led by automaker
Toyota, bringing its total raised to $720
million. Like Lilium, Joby is developing electric VTOL aircraft for air taxi
services.
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