Silicon Canals
TRENDING
  • Mobility
  • AI
  • FinTech
  • Software & SaaS
No Result
View All Result
  • Home
  • News
    • Ukraine
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
    • COVID-19
  • Features
    • How-to
    • Knowledge & Insights
    • Guest Contributions
  • Partners
    • Amsterdam
    • Rise by Techleap.nl
    • Fintech Files by AWS
    • Scaling-up in Europe
    • Blue Tulip Awards
    • Partner with us
    • Promoted content
  • Events
    • Technology Events in Europe
    • Submit your event
  • Jobs
  • About us
    • Partner with us
    • About
    • Team
    • Newsletter
  • Contact
  • Home
  • News
    • Ukraine
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
    • COVID-19
  • Features
    • How-to
    • Knowledge & Insights
    • Guest Contributions
  • Partners
    • Amsterdam
    • Rise by Techleap.nl
    • Fintech Files by AWS
    • Scaling-up in Europe
    • Blue Tulip Awards
    • Partner with us
    • Promoted content
  • Events
    • Technology Events in Europe
    • Submit your event
  • Jobs
  • About us
    • Partner with us
    • About
    • Team
    • Newsletter
  • Contact
No Result
View All Result
Silicon Canals
No Result
View All Result

German air-taxi startup Lilium to go public via a €2.8B SPAC deal; unveils new 7-seater electric jet

Editorial team by Editorial team
March 31, 2021
in News, Travel & Mobility
Lilium

Image credit: Lilium

83
SHARES
LinkedInTwitterWhatsAppFacebook

Known for its fully electric, 5-seater aircraft, Munich-based aviation startup Lilium is all set to go public through a merger with a special acquisition company, Qell Acquisition Corp. The newly formed company will list on Nasdaq under the ticker symbol “LILM”.

Qell Acquisition Corp., which is led by Barry Engle (former president of General Motors North America), provides Lilium with access to capital and industry experience as well as supports the planned launch of commercial operations in 2024.

- Partner content -
digital skills dutch workforce
Salesforce’s report on Dutch workforce’s digital skills
Has the Dutch workforce mastered all digital skills? Find out
Has the Dutch workforce mastered all digital skills? Find out Show Less
Read more

Transaction overview

Lilium’s SPAC deal values the combined company at an approx $3.3B (approx €2.80B) pro forma equity value at the $10 (approx €8.52) per share PIPE price. 

After the completion of the deal, Lilium is expected to receive about $830M (approx €706.84M). The amount comprises $450M (approx €383.2M) from a fully committed common stock PIPE offering and $380M (approx €323.6M) cash held in trust. The deal is expected to close in the second quarter of 2021, at which point the company will start trading on the Nasdaq exchange.

The PIPE includes participation from financial investors including Baillie Gifford, funds and accounts managed by BlackRock, Tencent, Ferrovial, LGT & its direct impact investing arm Lightrock, Palantir, Atomico, FII Institute, and private funds affiliated with PIMCO.

Barry Engle, an executive vice president and president of GM’s North America division, and former Airbus CEO – Tom Enders will join the board of the newly formed company.

Lilium’s existing shareholders will roll 100 per cent of their shares into the combined company. In addition, upon completion of the transaction, Daniel Wiegand will hold 3:1 super-voting shares. Super-voting shares give key company insiders greater control over the company’s voting rights, its board, and corporate actions.

Funds to be used

The raised capital from the deal will be used to fund the commercial launch of Lilium’s 7-Seater Jet, which is planned for 2024. This includes the finalisation of serial production facilities in Germany, the launch of serial production aircraft, and the completion of type certification.

Lilium’s 7-Seater Jet | Image credit: Lilium

Lilium’s new 7-seater jet

Besides going public, the company has also revealed its new 7-Seater electric vertical take-off and landing jet called Lilium 7-Seater Jet. Previously, the company’s prototype was said to have only five seats. 

The company believes that its new jet can revolutionise regional travel, saving people hours not minutes.

Using its 7-Seater Lilium Jet, Lilium’s regional shuttle service will enable sustainable, high-speed transportation. The Jet is capable of quiet vertical take-off to allow access to more landing sites, and the opportunity to build higher network density, avoiding the need for expensive ground infrastructure.

Using Lilium’s proprietary Ducted Electric Vectored Thrust (“DEVT”) technology, the 7-Seater Lilium Jet is projected to deliver the best unit economics, with market-leading capacity, low noise, and high performance.

Speaking on the development, Daniel Wiegand, co-founder & CEO of Lilium, says, “We’re incredibly excited to reveal the development of our 7-Seater Lilium Jet and announce the next stage of our growth. This is a validation of all the hard work over the last five years from our talented team and our world-class partners and investors.”

He further adds, “Our vision is to create a sustainable and accessible mode of high-speed travel and bring this to every community. Transport infrastructure is broken. It is costly in personal time, space consumption, and carbon emissions. We are pursuing our unique electric jet technology because it is the key to higher-capacity aircraft, with a lower cost per seat mile while delivering low noise and low emissions.”

Production and commercialisation

Lilium has put in place a rigorous aerospace program across all certification, design, testing, and production phases, with maturity gates at every stage of the aircraft’s development cycle. It has over 400 engineers and a combined 4,000 years of aerospace experience.

The company claims that its leadership team was previously responsible for developing and delivering some of the most successful and complex aircraft in aviation history, including the Airbus A320, A350 and A380, Eurofighter Typhoon, Gulfstream G650 and Harrier VTOL.

The 7-Seater Lilium aircraft will have 30 times fewer components than a commercial airliner and is designed for ease of manufacturability and scalability. The company applies automotive-style design for manufacturing methods and is designing for fully automated high-quality production of its engines, actuators, and batteries.

Besides, Lilium is also partnering with suppliers whose technology and services have been certified in aerospace around the world for decades. These include: 

  • Toray Industries – providing the carbon composites for the aircraft’s primary structures 
  • Aciturri – manufacturing the fuselage and wing systems; and 
  • Lufthansa Aviation Training – training Lilium’s pilots

To date, Lilium has secured approx $200M (approx €170.3M) of commitments from infrastructure partners, including Ferrovial and Tavistock Development Company. Up to 14 vertiports are already planned in Florida. 

The company is also in advanced discussions with key infrastructure partners for 10 vertiports to build a network across Europe.

 - Partner content -
How cybersecurity scaleup Intigriti conquered the world?
How cybersecurity scaleup Intigriti conquered the world?
Catch our interview with Paul Down, Head of Sales at Intigriti.
Catch our interview with Paul Down, Head of Sales at Intigriti. Show Less
Read more
Tags: AircraftipojetsMobilitynews
Share6Tweet21SendShare33

Featured events

Current Month

may

28apr(apr 28)12:1331may(may 31)12:13FeaturedApplications for Techleap.nl’s Rise Batch 8 are open now

Techleap

Event Details

Are you an ambitious scaleup operating out of the Netherlands? Accelerate your growth with Techleap.nl’s Rise programme. Join their Batch #8!

Event Details

Are you an ambitious scaleup operating out of the Netherlands? Accelerate your growth with Techleap.nl’s Rise programme. Join their Batch #8!

Rise is an exclusive programme for serious tech players. In a trusted environment, scaleup founders share and discuss their growth challenges during tailor-made sessions with experienced entrepreneurs and scaling experts. Every quarter we select 10 companies to join the programme. It’s free, and we don’t seek equity. Check now if your company is eligible!

About Techleap

Techleap.nl’s programmes connect founders with scaling icons, industry experts and fellow tech entrepreneurs. It’s your chance to share challenges and hurdles with peers and established CEOs, and as a result, create favourable growth conditions for your business and overcome looming obstacles on your entrepreneurial path.

If you have any questions about the programme or the application process, please contact the Rise Batch Manager – Peter-Jan Kok at [email protected].

Apply here.

more

Time

April 28 (Thursday) 12:13 - May 31 (Tuesday) 12:13

Learn More

CalendarGoogleCal

CIRCL, AmsterdamGustav Mahlerplein 1B, 1082 MS Amsterdam, Netherlands

19may13:3018:00Featured5th Tech Summit: Get Ready for Exponential International Growth

Event Details

The Tech Summit yearly attracts >100 SaaS executives and PE/VC investors from all over the Netherlands. Several presentations and break-outs are filled with actionable thought leadership. Networking breaks

Event Details

The Tech Summit yearly attracts >100 SaaS executives and PE/VC investors from all over the Netherlands. Several presentations and break-outs are filled with actionable thought leadership. Networking breaks allow participants to connect with industry peers, exchange best practices and have a good time.

For more information and to register for the summit, please click here.

more

Time

(Thursday) 13:30 - 18:00

Location

CIRCL, Amsterdam

Gustav Mahlerplein 1B, 1082 MS Amsterdam, Netherlands

CalendarGoogleCal

june

Taets Art and Events ParkHemskade 16, 1506 PR Zaandam

16junAll Day17FeaturedTNW Conference

Event Details

Join TNW Conference in Amsterdam on June 16 & 17 to all you need to know about the latest market killers and breakout tech, connect with the industry’s who’s-who, and

Event Details

Join TNW Conference in Amsterdam on June 16 & 17 to all you need to know about the latest market killers and breakout tech, connect with the industry’s who’s-who, and turn your business meetings upside down on our ferris wheel… With endless networking opportunities, the world’s boldest voices, and unrivaled party vibes, this year’s TNW Conference will be off the charts!

Time

june 16 (Thursday) - 17 (Friday)

Location

Taets Art and Events Park

Hemskade 16, 1506 PR Zaandam

Learn More

CalendarGoogleCal

Partner content | Work with us

European Startups can expand to Asia through the South Korean Government’s K-Startup Grand Challenge

Running a small business? These 5 tips can create a domino effect of productivity across your entire company

Triller acquires Dutch DJ Sam Feldt’s Fangage to expand its platform for creators

Sweden’s Gimi partners with Dutch bank ABN AMRO to help young people manage and understand their finances

Calling all startups aiming to test their mobility innovations in the real world: Mobility Lab 2022 registration is now open

Silicon Canals | Jobs


Breaking news from Amsterdam | Partner

Amsterdam-based Katanox raises €5.48M; appoints former MD of Google Travel as non-executive director

Rockstart and Ørsted launch accelerator programme for renewable energy startups as part of new Dutch-based Innovation Hub

Amsterdam-based Gain.pro raises €9.6M to provide critical insights of private companies and their markets

Amsterdam-based skills management software platform AG5 secures €1.2M from Peak to close the skills gap

  • About Silicon Canals
  • Partner with Silicon Canals
  • Contact us
  • Newsletter
  • Disclaimer
  • Privacy Policy
  • Cookie Policy (UK)
  • Cookie Policy (EU)
  • Terms & Conditions Silicon Canals

Silicon Canals 2014-2022 | Website: Bright Idiots

No Result
View All Result
  • Home
  • News
    • Ukraine
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
    • COVID-19
  • Features
    • How-to
    • Knowledge & Insights
    • Guest Contributions
  • Partners
    • Amsterdam
    • Rise by Techleap.nl
    • Fintech Files by AWS
    • Scaling-up in Europe
    • Blue Tulip Awards
    • Partner with us
    • Promoted content
  • Events
    • Technology Events in Europe
    • Submit your event
  • Jobs
  • About us
    • Partner with us
    • About
    • Team
    • Newsletter
  • Contact

Silicon Canals 2014-2022 | Website: Bright Idiots

Stay updated with the Silicon Canals daily and weekly newsletters.
We promise we won't spam you. You can choose to unsubscribe anytime.
Stay updated with the Silicon Canals daily and weekly newsletters.
We promise we won't spam you. You can choose to unsubscribe anytime.
Silicon Canals
Manage your privacy

To provide the best experiences, we and our partners use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us and our partners to process personal data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.

Click below to consent to the above or make granular choices. Your choices will be applied to this site only. You can change your settings at any time, including withdrawing your consent, by using the toggles on the Cookie Policy, or by clicking on the manage consent button at the bottom of the screen.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Statistics

Marketing

Features
Always active

Always active
Manage options Manage services Manage vendors Read more about these purposes
Manage options
{title} {title} {title}
X
X