German aviation company Lilium has completed a USD 240.00 million funding round to support further development of its jet, as well as preparations for serial production in its manufacturing facilities.
The financing was led by Tencent and also involved other existing investors including Atomico, Freigeist and LGT.
Lilium is developing an all-electric, vertical and landing aircraft for regional air mobility and plans to operate a regional air mobility service as early as 2025 in several regions around the world.
The group recently completed the first stage of flight testing with the five-seater Lilium Jet demonstrator flying at speeds exceeding 100km per hour.
Lilium was founded in 2015 and has attracted more than USD 340.00 million in funding.
It has over 400 employees and is trying to develop an emissions-free regional air mobility service, it has designed and prototyped the aircraft.
Christopher Delbruck, chief of finances, said: “This additional funding underscores the deep confidence our investors have in both our physical product and our business case.
“We’re very pleased to be able to complete an internal round with them, having benefited greatly from their support and guidance over the past few years.”
He added that the funds is a significant step towards the goal of delivering regional air mobility as early as 2025.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 136 deals targeting air transportation companies announced worldwide in 2020 to date.
In the largest of these, Wizz Air Holdings admits shares issued to Indigo Partners to trading in a deal worth GBP 524.28 million.
Bristow Group, International Consolidated Airlines Group, Air France-KLM and Houston Air Holdings, among others, have also been targeted in the year so far.
© Zephus Ltd