Lilium secures fresh funding

Lilium, German eVTOL company secured $100 million in what it expects will be $250 million in new funding. “Capital raise for up to $250 million, with $100 million funded at close of the trading day,” the company said in a statement. The amount was supplied by Singapore-based Aceville, an affiliate of China’s Tencent Holdings that already owns 23.4% of Lilium. As per Lilium, the fresh funds are expected to cover most of the capital required to achieve the first manned flight and further aid in the certification process. Lilium ended the Q1 of March 2023 with only about $175 million