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Electric aircraft startup Lilium is shutting down after failing to raise emergency money from the German politics , according to a regulative filing .
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 put down ( VTOL ) aircraft with speed of up to 100 kilometer / h , had raised more than $ 1 billion from investors before going public in 2021 on the Nasdaq Exchange via a reverse amalgamation with a blank - check troupe , SPAC Qell .
Lilium had success landing a number of high - profile investor like Tencent and operate in customers , including anorder for 100 galvanizing jetsfrom Saudi Arabia . And more recently it hadpowered up its first full - scale prototype . But the caller was still year off from delivering its product .
In the meantime , it burned through cash and make do with other challenges . In 2020 , one of Lilium ’s two prototypesburst into flameswhile criminal maintenance was being convey out . While the model was close to being retreat , Lilium paused testing on its the second , newer manikin until it could determine the cause of the accident with the first aircraft .
Lilium was trying to lift extra cash , including 50 million euros ( $ 54 million ) of loans from the German government , but lawmaker denied the request last workweek . Lilium allege it had “ receive denotation that the budget commission of the fantan of the Federal Republic of Germany will not sanction a € 50 million guarantee of a contemplated € 100 million transformable loanword . ”The society said it has not been able to lift sufficient additional funds to continue the military operation of its subsidiaries . Lilium said it will charge for insolvency in the next few days under German police . This mean Lilium will mislay control of its subsidiaries , which includes Lilium eAircraft .
