The Saudi Arabia-based Future Investment Initiative Institute (FII-I) has announced funding in Lilium, a company that specialises in electric jets, which can take off and land vertically.
FII-I is joined in the investment by fund manager Baillie Gifford, funds and accounts managed by BlackRock, Tencent, Ferrovial, LGT and its direct impact investing arm Lightrock, Palantir, Atomico, as well as private funds affiliated with PIMCO.
Richard Attias, CEO of the FII Institute
Richard Attias, CEO of the FII Institute, said: “Our investment in Lilium is aligned with the FII-Institute’s mission: to support initiatives and projects which will have a positive impact on humanity.”
The Lilium seven-seater jet, which offers a sustainable and less carbon-intensive way for travellers to beat traffic, hop between cities, and connect regional destinations up to 250 kilometres, received the CRI-A01 certification basis last year from the European Aviation Safety Agency (EASA). Its primary regulator is pursuing concurrent certification from the US regulator, the Federal Aviation Authority (FAA).
The jet will be the first model to go into serial production with a cruise speed of 175 miles per hour (280 kph).
Alexander Asseily, chief strategy officer, Lilium, said: “We view the FII Institute as one of the leading global platforms for sustainable impact investments and a strategic partner who can help drive our vision for an open global architecture for carbon neutral air travel.”
The total gross proceeds to the company are expected to be approximately $830 million, including around $380 million cash held in trust and $450 million from the PIPE investment.
Munich-based electric vehicle take-off-and-landing (EVTOL) company Lilium, positioned to be a global leader in regional electric air mobility, intends to be listed on the US stock market via a special purpose acquisition company (SPAC) merger with Qell Acquisition Corp., in a deal valuing the combined company at $3.3 billion pro forma equity value at the $10 per share PIPE price.
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