Lilium N.V. (Nasdaq: LILM) (“Lilium” or the “Company”), developer
of the first all-electric vertical take-off and landing jet,
announced today that it has successfully arranged a capital raise
for a total amount of $192 million.
Participants in the upsized round included
leading German technology investors Earlybird Venture Capital, BIT
Capital, UVC Partners and Frank Thelen, multiple institutional
investors led by B. Riley Securities and e-mobility investor
E-vestment B.V. Several Lilium Board members and senior executives
also participated. As previously announced, Aceville Pte. Limited,
an affiliate of Tencent Holdings Limited (“Aceville”), will fund an
additional $75 million to partially prepay against the total
exercise price of the warrants previously issued, with such funding
expected shortly.
This capital raise represents a significant step
in securing Lilium Jet’s full funding for commercial launch.
Together with the $100 million funded in early May, this will bring
the total raised this year to $292 million. The capital raised will
enable Lilium to continue its development program at full pace,
covering much of the estimated capital required to achieve its
first manned flight of the type-conforming aircraft, which Lilium
remains on track to achieve in the second half of 2024. Thereafter,
Lilium expects to receive substantial pre-delivery payments (PDPs)
that will fund a significant portion of its future capital
requirements, including manufacturing of its type-conforming
aircraft.
Lilium CEO Klaus Roewe stated, “Our continued
mission is to support the decarbonisation of the aviation industry
with our revolutionary Lilium Jet. We’re thrilled to have such
strong support to continue that mission from existing and new
investors, including in our own backyard here in Germany, with
leading tech investors Earlybird and BIT Capital, as well as UVC
Partners, closely associated with our founders’ alma mater, the
Technical University of Munich, and from repeat Lilium-investor
Frank Thelen.”
Dr. Hendrik Brandis, Earlybird
Co-founder & Partner, remarked: “We are thrilled to back
Lilium and demonstrate our continued support for aviation
innovation. Coming from an aerospace engineering background, I
am fascinated by brave innovators tackling new frontiers. We
believe Lilium offers multiple advantages in terms of safety,
flight comfort, low noise levels, total cost of ownership, as well
as climate impact via their zero emissions. The commercial case is
clear and stands to expand inter-urban transportation. We see
Lilium’s future as very positive and are excited to be a key part
of it.”
Johannes von Borries, UVC Partners Managing
Partner, said: “We have followed and supported Lilium from the
beginning. While it seemed like a fantastic dream to build electric
jets back then, the company has grown into a world-class aircraft
manufacturer. We are extremely proud to be part of the next phase
of the journey to electrify air travel.”
Prof. Dr. Schönenberger, CEO of
UnternehmerTUM and aerospace engineer, observed: “The European
Commission intends to achieve climate neutrality in the EU by 2050,
including the intermediate target of an at least 55% net reduction
in greenhouse gas emissions by 2030. Reducing aviation emissions
will play a critical role in reaching this sustainability goal. We
believe that Lilium will significantly contribute to this objective
with its scalable mobility solution.”
Menno van Diermen of E-vestment B.V. / Loving
Lilium added: “We love supporting Lilium’s journey, and look
forward to supporting them on the path to their next significant
milestones: building a type conforming aircraft and achieving their
first manned flight.”
The $192 million in gross proceeds is being
raised through three transactions: a) an underwritten public
offering of shares raising gross proceeds of approximately $75
million; b) a concurrent private placement raising gross proceeds
of approximately $42 million led by Earlybird and including UVC
Partners, BIT Capital, Frank Thelen and E-vestment B.V., as well as
multiple Lilium Board members and senior executives; and c)
Aceville funding $75 million to partially prepay against the total
exercise price of the warrants issued to them in May 2023,
with such funding expected shortly.
Lilium will release its Q2 2023 Shareholder
Letter before market open on Tuesday, July 25.
Contact Information for Media:Meredith Bell,
Vice President, External Communications+41 79 432 57
79press@lilium.com
Contact Information for
Investors:Dr. Folke Rauscher, Investor
Relationsinvestors@lilium.com
About Lilium
Lilium (NASDAQ: LILM) is creating a sustainable
and accessible mode of high-speed, regional transportation for
people and goods. Using the Lilium Jet, an all-electric vertical
take-off and landing jet, offering leading capacity, low noise, and
high performance with zero operating emissions, Lilium is
accelerating the decarbonization of air travel. Working with
aerospace, technology, and infrastructure leaders, and with planned
launch networks announced in Germany, the United States, Brazil,
and the UK, Lilium’s 800+ strong team includes approximately 450
aerospace engineers and a leadership team responsible for
delivering some of the most successful aircraft in aviation
history. Founded in 2015, Lilium’s headquarters and manufacturing
facilities are in Munich, Germany, with teams based across Europe
and the U.S. To learn more, visit www.lilium.com.
Important information
No announcements or information regarding the
underwritten public offering may be disseminated to the public in
jurisdictions where a prior registration or approval is required
for such purpose. No steps have been taken, or will be taken, for
the offering of the Company’s class A ordinary shares or warrants
(the “securities”) in any jurisdiction where such steps would be
required. The issue or sale of the securities, and the subscription
for or purchase of the securities, are subject to special legal or
statutory restrictions in certain jurisdictions. Lilium is not
liable if these restrictions are not complied with by any other
person.
This press release is not a prospectus for the
purposes of Regulation (EU) 2017/1129 of the European Parliament
and of the Council of 14 June 2017 (the “Prospectus
Regulation”) and has not been approved by any regulatory authority
in any jurisdiction. Lilium has not authorized any offer to the
public of the securities in any member state of the European
Economic Area (“EEA”) and no prospectus has been or will be
prepared in connection therewith. In any EEA member state, this
communication is only addressed to and is only directed at
qualified investors in that member state within the meaning of the
Prospectus Regulation.
In the United Kingdom, this document and any
other materials in relation to the securities described herein is
only being distributed to, and is only directed at, and any
investment or investment activity to which this document relates is
available only to, and will be engaged in only with, “qualified
investors” who are (i) persons having professional experience
in matters relating to investments who fall within the definition
of “investment professionals” in Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (the “Order”); or (ii) high net worth entities falling
within Article 49(2)(a) to (d) of the Order (all
such persons together being referred to as “relevant persons”). In
the United Kingdom, any investment or investment activity to which
this communication relates is available only to, and will be
engaged in only with, relevant persons. Persons who are not
relevant persons should not take any action on the basis of this
document and should not act or rely on it.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of the U.S. federal
securities laws, including, but not limited to, statements
regarding the expected consummation of the various capital raising
transactions described herein and the use of proceeds therefrom,
the funds having been raised so far in 2023 covering much of the
estimated capital needed to achieve first manned flight of the type
conforming aircraft, the timing of Lilium’s targeted regulatory
milestones (e.g., achieving first manned flight of the type
conforming aircraft in the second half of 2024) and Lilium’s
anticipated receipt of pre-delivery payments and the extent to
which such payments will help cover Lilium’s capital requirements.
These forward-looking statements generally are identified by the
words “anticipate,” “believe,” “expect,” “estimate,” “future,”
“intend,” “may,” “plan,” “project,” “should,” “strategy,” “will,”
“would” and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
and are subject to risks, uncertainties and assumptions, and are
subject to change at any time. Actual events or results may differ
materially from those contained in the forward-looking statements.
Factors that could cause actual future events to differ materially
from the forward-looking statements in this press release include
the risk that the offerings described herein are not consummated on
a timely basis or at all as well as the risks identified under the
heading “Risk Factors” in our Annual Report on Form 20-F filed
with the SEC as well as other information we file with the SEC. We
caution investors not to rely on the forward-looking statements
contained in this press release. You are encouraged to read our
filings with the SEC available at www.sec.gov for a discussion of
these and other risks or uncertainties. Forward-looking statements
speak only as of the date they are made. Lilium assumes no
obligation to, and does not intend to, update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise. Lilium’s business is subject to
substantial risks and uncertainties including those described in
Lilium’s filings with the SEC referenced above. Investors,
potential investors and others should give careful consideration to
these risks and uncertainties.
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