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Lilium N.V. (NASDAQ: LILM) announced the release date for its First Quarter 2024 Shareholder Letter, set for June 11, 2024, prior to market open. A conference call will follow at 8:00 a.m. EDT on the same day. The call can be accessed via the Lilium investor relations website. Lilium is collaborating with Say Technologies to facilitate Q&A sessions with both retail and institutional shareholders. Starting June 3, 2024, shareholders can submit and upvote questions at Say Technologies' platform until 24 hours before the call. For inquiries, shareholders can contact support@saytechnologies.com. Investor and media contacts have been provided for further communications.
Lilium (NASDAQ: LILM), a developer of all-electric vertical take-off and landing jets, has successfully raised $114 million in capital.
The funds will support the company's operations and its goal to achieve the first manned flight test of the Lilium Jet by late 2024.
The capital was raised through three transactions: a $40 million public offering of Class A ordinary shares and warrants, a $50 million private placement of shares and warrants with strategic and existing investors, and a $24 million private placement with Aceville Pte. , an affiliate of Tencent Holdings
Key investors include BIT Capital and Earlybird Venture Capital. The public offering was underwritten by B. Riley Securities, Inc.
Lilium and eVolare have signed binding sale and purchase agreements for 4 Lilium Jets, with options for up to 12 additional aircraft, potentially bringing the total to 16 jets. This collaboration marks a significant step in the development of regional air mobility (RAM) in the UK.
eVolare, a subsidiary of Volare Aviation, aims to operate these jets in the London area and connect the city with its surroundings. The agreements include detailed delivery schedules, guarantees, and financial terms. This follows an initial agreement in 2022, showcasing the strengthened partnership and plans for a network of vertiports.
eVolare's founder, Dustin Dryden, and Lilium's CCO, Sebastien Borel, emphasized the strategic benefits and mutual growth from this partnership, noting eVolare's expertise and Lilium's comprehensive support ecosystem, including regulatory assistance and infrastructure development.
Lilium has expanded its partnership with Luxaviation Group to enhance ground infrastructure for the Lilium Jet across Europe and the Middle East. Luxaviation's subsidiary, ExecuJet, will utilize its network of Fixed Base Operations (FBOs) to support these efforts. ExecuJet's recent growth to 141 FBOs, following the acquisition of Sky Valet, will be pivotal in this expansion. The partnership aims to develop electrified ground infrastructure, starting with locations like Aix-en-Provence in France, through a collaboration with EDEIS. This initiative aligns with Luxaviation's decarbonization plans and Lilium's mission for sustainable regional air mobility. The partnership, ongoing since 2022, signifies a move from development to deployment in advanced air mobility.
Lilium, in partnership with UrbanV and Aeroports de la Côte d'Azur, aims to launch a network of eVTOL (electric Vertical Take-Off and Landing) jets in the French Riviera by 2026. The network will connect Monaco, Nice, Cannes, Golfe de Saint-Tropez, Aix-en-Provence, and Marseille. This initiative is set to provide a sustainable, low-noise air travel option, enhancing regional transportation and supporting the Côte d'Azur's goal of carbon neutrality by 2030. Lilium is in discussions with local partners and operators to finalize the network's development and jet sales.
Lilium has announced the pricing of a $114 million financing, which includes a $40 million public offering and a $50 million private placement. The financing involves the sale of Class A ordinary shares and accompanying warrants to purchase additional shares. Major investors include BIT Capital, Earlybird Venture Capital, and Aceville Pte. , an affiliate of Tencent Holdings. The funds will support Lilium's development and operations, with an emphasis on progressing towards the first manned flight of the Lilium Jet in late 2024. The public offering is expected to close on May 29, 2024, while the private placement will close in two stages on May 31, 2024, and June 28, 2024. B. Riley Securities serves as the sole bookrunner for the public offering.
Lilium announced the launch of an underwritten public offering of its Class A shares and warrants, alongside a concurrent private placement (PIPE) involving notable investors like BIT Capital and Tencent affiliate Aceville Pte.
Aceville will also receive a pre-funded warrant and an additional PIPE warrant, subject to shareholder approval and customary conditions. The offering will be managed by B. Riley Securities.
The proceeds from these offerings will fund Lilium's development operations and general corporate purposes. The underwritten public offering is contingent on market conditions and regulatory approvals, and a preliminary prospectus will be available through the SEC's website.
The shares in the PIPE will be sold at $1.05 per share, with warrants exercisable at $1.50 per share, expiring six years from issuance. The securities in the PIPE will not be registered under the Securities Act.
Lilium has commenced construction of a state-of-the-art test facility at its Munich headquarters, in collaboration with SEGULA Technologies. The 26,000 sq. ft. facility will play a important role in the certification of the Lilium Jet, an all-electric vertical take-off and landing (eVTOL) aircraft. Slated to become operational by late Summer 2024, the facility will be used for system integration testing and to simulate flights under various conditions. This development, alongside the ongoing construction of the first Lilium Jet, is aimed at achieving first piloted flight by the end of 2024 and type certification thereafter. The facility will feature advanced systems for aerodynamic testing, including a 1.2-megawatt blower capable of simulating winds up to 40 mph. The project leverages SEGULA's expertise in test rigs and simulations, involving a multidisciplinary team from Germany and France. Lilium holds EASA Design Organization Approval, enabling independent compliance testing.
Lilium has announced that the German Federal Government and the Free State of Bavaria have tasked KfW, a state development bank, to conduct due diligence on Lilium. This is a move towards securing public support for the company.
Lilium targets a minimum of €100 million in loans guaranteed by the federal government and Bavaria.
CEO Klaus Roewe expects a swift due diligence process and highlights the importance of electrification in decarbonizing the industry.
Lilium, founded in 2015, is a pioneering eVTOL aircraft manufacturer, with over 1,000 employees and a strong European footprint.
The company plans to expand operations to France and has an order pipeline of over 780 Lilium Jets, with initial production beginning in 2023 and entry into service expected by 2026.
Estimates suggest the global eVTOL market could reach $1 trillion by 2040.
Lilium N.V. is in advanced discussions with the French government to expand its industrial footprint in France, potentially creating up to 850 new jobs. The expansion aims to boost production capacity for the Lilium Jet, with a total investment of up to €400 million. The company is attracted by France's aerospace expertise, skilled workforce, and favorable government environment.
