German eVTOL start-up Lilium GmbH has entered into a definitive business combination agreement with Qell Acquisition Corp. (Nasdaq: QELL), a publicly listed special purpose acquisition company (SPAC). Upon closing of the transaction, the company will be called Lilium, and it is anticipated that ordinary shares will be listed on the Nasdaq under the ticker symbol LILM.
The transaction values the combined company at approximately $3.3 billion pro forma equity value.
Qell, led by Barry Engle, a former president of General Motors North America, is focused on developing next-generation, sustainable mobility.
The proceeds from the transaction are intended to fund the launch of commercial operations, planned for 2024. This includes the finalisation of serial production facilities in Germany, launch of serial production aircraft and completion of type certification.
Lilium has also revealed its new 7-Seater Lilium Jet, which is capable of quiet vertical take-off, allowing Lilium access to more landing sites and the opportunity to build higher network density, avoiding the need for expensive ground infrastructure.
The jet has a projected cruise speed of 175 mph at 10,000 feet and a range of 155+ miles, including reserves. It is the culmination of five years of technology development across four generations of technology demonstrators, including Lilium’s full-scale 5-Seater.
Daniel Wiegand, Co-Founder and CEO, Lilium, says: “We’re incredibly excited to reveal the development of our 7-Seater Lilium Jet and announce the next stage of our growth. This is a validation of all the hard work over the last five years from our talented team and our world-class partners and investors. Our vision is to create a sustainable and accessible mode of high-speed travel and bring this to every community. Transport infrastructure is broken. It is costly in personal time, space consumption and carbon emissions. We are pursuing our unique electric jet technology because it is the key to higher-capacity aircraft, with lower cost per seat mile while delivering low noise and low emissions.”
Barry Engle, Founder and CEO, Qell, adds: “We are thrilled to be partnering with Lilium to together build the leader in regional electric air mobility. Qell set out to find an exceptional and ambitious technology company, with significant growth potential — and in Lilium we have found that. Lilium has unique technology and one of the most accomplished engineering and commercial teams in electric aviation. The 7-Seater Lilium Jet is a game-changer for transportation.”
To date, Lilium has secured approximately $200 million of commitments from infrastructure partners, including Ferrovial and Tavistock Development Company. Up to 14 vertiports are already planned in Florida. Lilium is also in advanced discussions with key infrastructure partners for 10 vertiports to build a network across Europe.