The dream of an electric air taxi seems to be over for Lilium, once one of the most promising German start-ups. After a failed rescue attempt last autumn, the company has now had to file for bankruptcy for the second time. Hopes of a second rescue are slim, and operations are being shut down.
Lilium, which was listed on the US technology exchange Nasdaq, had received a total of 1,5 billion euros from investors over the years to develop an electric aircraft. Despite this enormous financial support, the company was never able to bring its machine to series production. Lilium had to file for bankruptcy in the autumn of last year because it lacked the money to set up production. However, the company seemed to be saved literally at the last second when the investor consortium Mobile Uplift Corporation (MUC) signed a purchase agreement for the operating assets of the two Lilium subsidiaries on December 24 and announced 200 million euros in fresh capital.
However, the joy over the rescue did not last long. As the company has now announced, the hoped-for financing options did not materialize. The promised 200 million euros were not received by Lilium, which led to renewed insolvency. Slovakian entrepreneur Marian Bocek was considered as a main financier, and according to the "Bild" newspaper, he wanted to contribute 150 million euros. It is currently unclear whether Bocek did not keep his promise or whether other reasons are responsible for the failure of the financing.
No hope for a second rescue
While talks with potential investors are ongoing, a second rescue of Lilium seems unlikely. The company has announced that it will cease operations. This ends the story of one of Germany's best-known start-ups, which had placed great hopes in the future of electric mobility.
Lilium's bankruptcy is a bitter setback for the entire electric aircraft manufacturing industry. It shows how difficult it is to successfully implement such a complex and capital-intensive project. Lilium was not only intended to be an air taxi company, but was also intended to be used for other purposes, such as a rescue aircraft for medical emergencies. With the demise of the company, these visions are now lost for the time being.
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