Lilium Air Taxi Startup Resurrected by Consortium of Investors
In a surprising turn of events, Lilium, the electric air taxi startup that ceased operations and laid off nearly 1,000 employees, has been given a new lease on life. A consortium of investors, operating under the banner of Mobile Uplift Corporation, has agreed to acquire the operating assets of Lilium’s two subsidiaries, Lilium GmbH and Lilium eAircraft GmbH.
A New Chapter for Lilium
The acquisition, announced on Tuesday, is expected to close in January and will see Mobile Uplift Corporation take control of Lilium’s assets, including its technology and intellectual property. The deal’s terms were not disclosed, but it is understood that the parent company, Lilium N.V., will not receive any funds as part of the agreement.
Plans for Restructuring and Growth
Mobile Uplift Corporation has stated its intention to rehire workers who were laid off following the company’s insolvency filing. While it is unclear how many of the 1,000 employees will be rehired, the move is seen as a positive step towards revitalizing the company.
Once the deal is finalized, the new owners plan to restructure Lilium, allowing the company to exit insolvency with its technology intact and without debt. This move is expected to provide a clean slate for the company, enabling it to focus on developing its innovative electric air taxi technology.
A Brief History of Lilium
Lilium had raised over $1 billion from private investors before going public in 2021 via a reverse merger with Qell Acquisition Corp. The company had secured several high-profile customers, including an order for 100 electric planes from Saudi Arabia. However, despite its successes, Lilium struggled to manage its cash flow, ultimately leading to its insolvency filing in October.
The Future of Electric Air Taxis
The resurrection of Lilium is a significant development in the electric air taxi market. As the industry continues to evolve, it is likely that we will see further innovations and advancements in electric vertical take-off and landing (eVTOL) technology.
