Electric vertical take-off and landing jet company (eVTOL) Lilium has announced $192 million in funding.
The investment in the Germany-based company, which listed on the Nasdaq in 2021 via a merger with Qell Acquisition Corp, has come via the sale of shares publicly reaping $42 million, $75 million from venture capital and $75 million from Tencent affiliate Aceville.
The update from the eVTOL company comes after a statement in early May of a plan to raise up to $250 million with $100 million already agreed by Tencent at that time.
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In that announcement, Lilium said the funding would enable it to continue to develop its jet and cover “most of the estimated capital required to achieve [the] first manned flight.”
The flight is expected to happen in the second half of 2024. Last month, Lilium announced a partnership with vertiport design specialist UrbanV to develop vertiport infrastructure in Italy and the French Riviera.
Prior to the announcement of the plan to raise up to $250 million, the company was facing a delisting from the Nasdaq.
The company raised $119 in funding in late 2022 in a post-IPO raise.