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https://techcrunch.com/wp-content/uploads/2019/05/lil_press-release_header2.png?resize=768,434 768w, https://techcrunch.com/wp-content/uploads/2019/05/lil_press-release_header2.png?resize=680,384 680w, https://techcrunch.com/wp-content/uploads/2019/05/lil_press-release_header2.png?resize=1200,678 1200w, https://techcrunch.com/wp-content/uploads/2019/05/lil_press-release_header2.png?resize=1280,723 1280w, https://techcrunch.com/wp-content/uploads/2019/05/lil_press-release_header2.png?resize=430,243 430w, https://techcrunch.com/wp-content/uploads/2019/05/lil_press-release_header2.png?resize=720,407 720w, https://techcrunch.com/wp-content/uploads/2019/05/lil_press-release_header2.png?resize=900,508 900w, https://techcrunch.com/wp-content/uploads/2019/05/lil_press-release_header2.png?resize=800,452 800w, https://techcrunch.com/wp-content/uploads/2019/05/lil_press-release_header2.png?resize=1536,867 1536w, https://techcrunch.com/wp-content/uploads/2019/05/lil_press-release_header2.png?resize=2048,1156 2048w, https://techcrunch.com/wp-content/uploads/2019/05/lil_press-release_header2.png?resize=668,377 668w, https://techcrunch.com/wp-content/uploads/2019/05/lil_press-release_header2.png?resize=664,375 664w, https://techcrunch.com/wp-content/uploads/2019/05/lil_press-release_header2.png?resize=1093,617 1093w, https://techcrunch.com/wp-content/uploads/2019/05/lil_press-release_header2.png?resize=708,400 708w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-block-post-featured-image__caption"><strong>Image Credits:</strong>Lilium</figcaption></figure> </div> <div class="article-hero__second-section"> <div inert role="presentation" class="article-hero__extension-2"></div> <div class="article-hero__content"> <div inert role="presentation" class="article-hero__extension"></div> <div class="article-hero__top"> <div class="article-hero__category"> <a 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0-1.537c.094-.244.232-.465.406-.651L5.89 5.563a1.9 1.9 0 0 1 .606-.436 1.75 1.75 0 0 1 1.43 0c.226.101.432.25.605.436.173.188.309.41.4.656.091.245.135.507.13.771a2.1 2.1 0 0 1-.139.772 2 2 0 0 1-.405.655L7.53 9.494l.66.71.988-1.06c.526-.566.82-1.332.82-2.131 0-.8-.294-1.566-.82-2.13A2.7 2.7 0 0 0 7.198 4c-.744 0-1.456.317-1.982.882L1.491 8.888a3 3 0 0 0-.61.977 3.2 3.2 0 0 0 0 2.307c.141.365.348.697.61.977a2.7 2.7 0 0 0 1.983.85 2.73 2.73 0 0 0 1.994-.88l-.662-.711a1.9 1.9 0 0 1-.605.436 1.75 1.75 0 0 1-1.43 0 1.9 1.9 0 0 1-.605-.436"/></svg> </a> </div> </div> </div> </div> <div class="article-hero__middle"> <h1 class="article-hero__title wp-block-post-title">Electric aircraft startup Lilium has run out of money</h1> </div> <div class="article-hero__bottom "> <div class="article-hero__authors"> <div class="is-style-default wp-block-tc23-author-card"> <div class="wp-block-group wp-block-tc23-author-card__info is-layout-flow wp-block-group-is-layout-flow"> <div class="wp-block-tc23-author-card-name"> <a class="wp-block-tc23-author-card-name__link" href="https://techcrunch.com/author/kirsten-korosec/">Kirsten Korosec</a> </div> </div> </div> </div> <div class="article-hero__date"> <div class="wp-block-post-date"><time datetime="2024-10-24T13:48:45-07:00">1:48 PM PDT · October 24, 2024</time></div> </div> </div> </div> <div class="article-hero__credits-mobile"></div> </div> </div> <div class="is-floating wp-block-techcrunch-social-share"> <button class="wp-block-techcrunch-social-share__toggler" aria-label="Share Article"> <svg aria-hidden="true" xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24"><path fill="var(--c-svg, currentColor)" d="M17.25 15a3.75 3.75 0 0 0-2.918 1.418L8.85 12.99c.2-.645.2-1.335 0-1.98l5.482-3.427A3.75 3.75 0 1 0 13.5 5.25c.004.336.054.669.15.99L8.168 9.668a3.75 3.75 0 1 0 0 4.665l5.482 3.427a3.6 3.6 0 0 0-.15.99A3.75 3.75 0 1 0 17.25 15m0-12a2.25 2.25 0 1 1 0 4.5 2.25 2.25 0 0 1 0-4.5m-12 11.25a2.25 2.25 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9.494l.66.71.988-1.06c.526-.566.82-1.332.82-2.131 0-.8-.294-1.566-.82-2.13A2.7 2.7 0 0 0 7.198 4c-.744 0-1.456.317-1.982.882L1.491 8.888a3 3 0 0 0-.61.977 3.2 3.2 0 0 0 0 2.307c.141.365.348.697.61.977a2.7 2.7 0 0 0 1.983.85 2.73 2.73 0 0 0 1.994-.88l-.662-.711a1.9 1.9 0 0 1-.605.436 1.75 1.75 0 0 1-1.43 0 1.9 1.9 0 0 1-.605-.436"/></svg> </a> </div> </div> <main class="wp-block-group template-content is-layout-constrained wp-block-group-is-layout-constrained"> <div class="wp-block-columns article is-layout-flex wp-container-core-columns-is-layout-3 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="entry-content wp-block-post-content is-layout-constrained wp-block-post-content-is-layout-constrained"> <p id="speakable-summary" class="wp-block-paragraph">Electric aircraft startup Lilium is shutting down after failing to raise emergency money from the German government, <a href="https://investors.lilium.com/node/10441/html" target="_blank" rel="noreferrer noopener nofollow">according to a regulatory filing</a>.</p> <p class="wp-block-paragraph">The filing comes after a series of setbacks from the German company that was once a darling in the nascent industry of electric aircraft. Lilium, which was developing vertical take-off and landing (VTOL) aircraft with speeds of up to 100 km/h, had raised more than $1 billion from investors before going public in 2021 on the Nasdaq Exchange via a reverse merger with a blank-check company, SPAC Qell.</p> <div class="ad-unit ad-unit--mobile ad-unit--has-placeholder ad-unit--display wp-block-tc-ads-ad-slot has-background has-gray-100-background-color"> <div class="ad-unit__ad" id="us-tc-ros-mw-mid-center" data-unitcode="us_tc_ros_mw_mid_center" data-sizes="[[300,250],[3,2],[2,2]]" style="min-height:250px;min-width:300px;"> </div> </div> <div class="ad-unit ad-unit--desktop ad-unit--native wp-block-tc-ads-ad-slot"> <div class="ad-unit__ad" id="us-tc-ros-dt-native-midarticle" data-unitcode="us_tc_ros_dt_native_midarticle" data-sizes="["fluid"]" style="min-height:0px;min-width:0px;"> </div> </div> <p class="wp-block-paragraph">Lilium had success landing a number of high-profile investors like Tencent and locking in customers, including an <a href="https://lilium.com/newsroom-detail/saudia-group-signs-industry-leading-sales-agreement-with-lilium-to-acquire-up-to-100-evtol-jets" target="_blank" rel="noreferrer noopener nofollow">order for 100 electric jets</a> from Saudi Arabia. And more recently it had <a href="https://www.ainonline.com/aviation-news/futureflight/2024-10-01/lilium-achieves-power-first-full-scale-evtol-aircraft" target="_blank" rel="noreferrer noopener nofollow">powered up its first full-scale prototype</a>. But the company was still years away from delivering its product.</p> <p class="wp-block-paragraph">In the meantime, it burned through cash and grappled with other challenges. In 2020, one of Lilium’s two prototypes <a href="https://electrek.co/2020/03/02/first-electric-vtol-lilium-jet-prototype-goes-up-in-flames/" target="_blank" rel="noreferrer noopener nofollow">burst into flames</a> while maintenance was being carried out. While the model was close to being retired, Lilium paused testing on its the second, newer model until it could determine the cause of the accident with the first aircraft.</p> <p class="wp-block-paragraph">Lilium was trying to raise additional cash, including 50 million euros ($54 million) of loans from the German government, but lawmakers denied the request last week. Lilium said it had “received indication that the budget committee of the parliament of the Federal Republic of Germany will not approve a €50 million guarantee of a contemplated €100 million convertible loan.”<br /><br />The company said it has not been able to raise sufficient additional funds to continue the operations of its subsidiaries. <br /><br />Lilium said it will file for insolvency in the next few days under German law. This means Lilium will lose control of its subsidiaries, which includes Lilium eAircraft.<br /><br /></p> </div> <div class="wp-block-tc23-post-relevant-terms"> <p class="wp-block-paragraph">Topics</p> <div class="tc23-post-relevant-terms__terms"> <a href="https://techcrunch.com/tag/evtol/" rel="tag">eVTOL</a><span class="tc23-post-relevant-terms__separator">, </span><a href="https://techcrunch.com/region/europe/germany/" rel="tag">Germany</a><span class="tc23-post-relevant-terms__separator">, </span><a href="https://techcrunch.com/tag/lilium/" rel="tag">Lilium</a><span class="tc23-post-relevant-terms__separator">, </span><a href="https://techcrunch.com/category/transportation/" rel="tag">Transportation</a> </div> </div> </div> <div class="wp-block-column article-sidebar is-layout-flow wp-block-column-is-layout-flow" style="flex-basis: 316px"> <div class="wp-block-group is-vertical is-content-justification-center is-layout-flex wp-container-core-group-is-layout-5 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class="loop-card__cat">In Brief</span> </div> <h3 class="loop-card__title"> <div class="loop-card__icon"> <svg aria-hidden="true" xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 16 16"><path fill="var(--c-svg, currentColor)" d="M10.206 7.292 6.208 3.293a1 1 0 0 0-1.416 0L.793 7.292a1 1 0 0 0 0 1.416l1.646 1.646-.94.939.708.707.94-.939 1.645 1.646a1 1 0 0 0 1.416 0l1.128-1.129-.708-.707-1.13 1.128L1.5 8.002l3.999-4 4 4-.75.749.708.707.75-.749a1 1 0 0 0 0-1.416Z"/><path fill="var(--c-svg, currentColor)" d="m15.206 7.292-1.645-1.646.939-.939L13.793 4l-.94.939-1.645-1.646a1 1 0 0 0-1.416 0L8.664 4.421l.707.707L10.5 4l4 4.001-4 3.998-4-3.997.75-.75-.708-.709-.749.75a1 1 0 0 0 0 1.416l3.999 3.998a1 1 0 0 0 1.416 0l3.998-3.998a1 1 0 0 0 0-1.416Z"/></svg> </div> <a data-destinationLink="https://techcrunch.com/2024/11/22/hyundai-and-kia-recall-208000-evs/" data-event="recirculation" data-module="Query" href="https://techcrunch.com/2024/11/22/hyundai-and-kia-recall-208000-evs/" class="loop-card__title-link">Hyundai and Kia recall 208,000 EVs</a> </h3> <div class="loop-card__meta"> <ul class="loop-card__meta-item loop-card__author-list"> <li><a data-destinationLink="https://techcrunch.com/author/kirsten-korosec/" data-event="recirculation" data-module="Query" class="loop-card__author" href="https://techcrunch.com/author/kirsten-korosec/">Kirsten Korosec</a></li> </ul> <time datetime="2024-11-22T13:17:56-08:00" class="loop-card__meta-item loop-card__time wp-block-tc23-post-time-ago"> 17 hours ago</time> </div> </div> </div> </div> </li></ul> </div> </div> </main> <footer class="wp-block-template-part"> <div class="wp-block-group wp-block-group--ads-footer alignfull is-vertical is-content-justification-center is-layout-flex wp-container-core-group-is-layout-19 wp-block-group-is-layout-flex" style="padding-top:0;padding-bottom:0"> <div class="ad-unit ad-unit--desktop ad-unit--has-placeholder ad-unit--display wp-block-tc-ads-ad-slot"> <div class="ad-unit__ad" 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