Lilium raises $292m in new funding round
Lilium has exceeded its own expectations, raising $42m more than the $250m targeted in a funding round launched in May.
Late last week, the German OEM announced a $192m financing, including a $75m public offering and a concurrent $42m private placement led by Earlybird Venture Capital. Additionally, in line with a May 1 purchase agreement, Aceville, an affiliate of existing investor Tencent Holding, will fund an additional $75m if Lilium raised at least the same amount in equity, debt, or grants from third parties. The firm achieved that objective through a $75m underwritten public offering of its Class A ordinary shares, at $1.30 per share, and a $42m public placement shares and warrants to purchase a further 8,036,528 shares.
Lilium said it intends to use the net proceeds from the offering for general corporate purposes. The public offering is expected to close on July 18, with the private placements to follow in two closures by July 31.
Earlier this month, Lilium announced it has successfully completed the fourth and final design organisation approval (DOA) audit by EASA. Described as a “key milestone” in Lilium’s progress towards becoming an EASA DOA holder, a requirement for aircraft manufacturers, the DOA is being specifically tailored for eVTOL and electric propulsion certification.
Alastair McIntosh, Lilium chief technology officer, said: “In simple terms, a Design Organisation Approval can be thought of as a ‘licence to operate.’ An aerospace company in Europe can neither hold a Type Certificate, nor undertake or approve design activity without having a DOA. Successfully completing the fourth and final DOA Audit pays tribute to the calibre of our team and the rigour of our design processes.”