Last Minute Rescue: “New Year Cheer for Lilium as eVTOL Company Finds Investor”
What an emotional rollercoaster ride for German-based eVTOL company, Lilium, leading up to Xmas. Just days before Christmas, news broke it had gone into liquidation. No new investor could be found. On December 20th, the remaining 750 staff were told they no longer had a job. But on Christmas Eve, a miracle occurred. At the very last minute, the flying taxi developer found an investor after all and an asset purchase agreement was signed.
Mobile Uplift Corporation (MUC), a company set up by an experienced consortium of investors from Europe and North America, are to acquire the operating assets of the Subsidiaries Lilium GmbH and Lilium eAircraft GmbH. The agreement positions the Subsidiaries to obtain sufficient funding to restart business operations. Proceeds received from the sale will be utilised according to German Insolvency Law, with no amounts being distributed to Lilium N.V.
Lilium expects this deal to be finalised by early January “subject to the satisfaction of certain customary conditions precedent, including opening of the proceedings and consent of the creditors committee,” explains a press release. “Mobile Uplift intends to employ the staff immediately after opening of the proceedings and closing of the transaction.”
Lilium CEO Klaus Roewe, commented, “We are very pleased to announce the signing of an investment agreement with a very experienced consortium of investors, which is a major breakthrough.” Adding, “The deal is to be finalised at the beginning of January. This will allow us to restart our business.”
electrive.com, a German media website, has released further news in recent days.
: The new investor consortium is to fund Lilium with EUR200 million.
: The money will be used to ensure operations are to continue for the time being.
: A MUC Spokesperson is quoted in the German press, “We are optimistic, but not euphoric.”
: One of the Consortium is alleged to be Customcells, one of Lilium’s existing shareholders and creditors.
: Another is Venture Capital, Fifth Wall. It could become one of the biggest investors, as the venture company has already raised USD3.2 billion in capital including an USD866 million fund for startups in the field of property technology.
: Other investors are likely to include Maximilian Prinz von und zu Liechtenstein, CEO of LGT Group, and Niklas Zennström, Founder and ex-CEO of Skype and current Managing Director of Atomico. The well-known investors 468 Capital, Financial Investments SPC and Earlybird are also likely to have been involved in saving Lilium from bankruptcy.
Update
On January 3rd, four investors paid the first five million euros to the Mobile Uplift Corporations. Specifically, these are the investors Frank Thelen, Christian Reber (Wunderlist and Pitch), Ioniq founder and investor Jan Beckers and Niklas Zennström (Atomico).

Frank Thelen and Christian Reber, together with Jan Beckers and Niklas Zennström, transferred the first money to Lilium on Friday afternoon. (Credit: Lilium/Lisa Kempke/Pitch)
It is said to be a convertible loan. In return, the tech investors will receive shares in MUC on January 15th.
electrive.com concludes, “However, it is important to note that MUC is still not officially the new owner of Lilium Aviation. That means investors could still pull out at the last minute. Although, this first concrete cash flow makes the rescue more tangible.”
For more information
(News Source: https://www.electrive.com/)
(Top image: Lilium eVTOL — credit Josh Cochran)
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