Lilium Raised $100 millions from Tecent

On 2 May 2023 Lilium N.V. (“Lilium” or the “Company”) (NASDAQ: LILM), developer of the electric ducted fan eVTOL, announced a capital raise for up to $250 million, with $100 million funded at close.

Aceville Pte. Limited, an affiliate of Tencent Holdings Limited (“Tencent”), has committed $100 millions at closing and $0.75 millions to be funded contingent on Lilium raising $0.75 millions of equity, debt or grants from certain third parties. It is worth of noting that Tecent is already the largest shareholder of Lilium with 22% shares of the company. It remains to be seen how much shares Tecent will hold of Lilium after this equity raise.

Lilium states in the press release that “This capital raise…would cover most of the estimated capital required to achieve first manned flight of the type-conforming aircraft. Once this development milestone is achieved, which is planned for the second half of 2024, Lilium expects to benefit from the contribution of substantial pre-delivery payments (PDPs) which will help fund its subsequent capital requirements.”

The full press release of Lilium:

photo credit: Lilium