Baillie Gifford invests in Lilium's eVTOL program
Baillie Gifford’s $35 million investment increases to $375 million the total raised to date for Munich-based Lilium.
Lilium Jet. Source | Lilium
Lilium, the Munich
Less than three months ago, Lilium confirmed it had received $240 million in additional funding from existing investors, including Atomico, Freigeist, LGT and Tencent. Combined, these funds will support the development of the Lilium Jet which uses carbon fiber-reinforced plastic composites. The money also will fund preparation for serial production in Lilium’s recently completed manufacturing facilities. The company seeks to bring emission-free, regional air mobility to the market as early as 2025.
Christopher Delbrück, Lilium’s chief financial officer, says, “Baillie Gifford is one of the world’s most influential tech investors and their commitment to Lilium represents a significant vote of confidence in both our physical product and our business case. The funds raised during this round give us the security to weather the challenging economic landscape and we’re grateful to be able to stay fully focused on our mission.”
While Lilium is still at an early stage in the development of its eVTOL aircraft, Baillie Gifford says it believes the technology could have far-reaching benefits in a low-carbon future.
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Compared to legacy materials like steel, aluminum, iron and titanium, composites are still coming of age, and only just now are being better understood by design and manufacturing engineers. However, composites’ physical properties — combined with unbeatable light weight — make them undeniably attractive.
The structural properties of composite materials are derived primarily from the fiber reinforcement. Fiber types, their manufacture, their uses and the end-market applications in which they find most use are described.