Munich-based aviation company Lilium is developing an all-electric, vertical take-off and landing (eVTOL) aircraft designed to serve regional air travel markets. The company recently completed a $240-million funding round led by Tencent, with participation from other existing investors, including Atomico, Freigeist and LGT.

The new funds bring the total sum raised to date to over $340 million. They will be used to support further development of the Lilium Jet, and to prepare for serial production at Lilium’s newly-completed manufacturing facilities.

The Lilium Jet is a brand-new type of aircraft that’s designed to make regional journeys considerably faster than rail or road, yet at a competitive price. The five-seat demonstrator aircraft first flew in May 2019, and recently completed the first stage of flight testing, flying at speeds exceeding 100 km/h.

Lilium intends not only to design and manufacture the electric plane, but also to operate a regional air mobility service in several regions around the world.

“This additional funding underscores the deep confidence our investors have in both our physical product and our business case,” said Lilium CFO Christopher Delbrück. “We’re pleased to be able to complete an internal round with them, having benefited greatly from their support and guidance over the past few years. The new funds will enable us to take big strides towards our shared goal of delivering regional air mobility as early as 2025.”

Source: Lilium