Electric aircraft developer Lilium received 200 million euros to bail out from bankruptcy

After ten years of existence, German startup Lilium came close to bankruptcy at the end of December, as the company went into receivership and laid off most of its employees. As New Atlas notes, at the end of last month there was hope for salvation for Lilium, as a consortium of investors allocated 200 million euros to solve its current financial problems.

Image source: Lilium

Such an initiative turned out to be very timely, because in its development the startup Lilium is just at the stage when permission was received to test the first prototype of the aircraft, and mass production was supposed to start next year. Investors united under the banner of Mobile Uplift Corporation are trying to act as business saviors. This consortium is supported by creditors, Lilium shareholders, as well as the US investment company Fifth Wall and a large European investor. Battery manufacturer CustomCells has also found its way among the “rescuers.”

It is reported that the deal between Lilium and a consortium of investors will be concluded at the beginning of this month, after which the current management of the company expects to “restart the business.” Legal procedures to restore Lilium’s business will take significant time, but most importantly, the company will inevitably require additional funds to implement its original mission in the form of producing electric aircraft. We can only hope that investors will have enough patience and financial resources to further support Lilium.