Lilium To Go Public Through A Merger With Qell Acquisition (QELL)

By Amit Chowdhry ● March 30, 2021
  • Lilium has announced its intention to list on Nasdaq through a merger with Qell Acquisition Corp. and the company revealed the development of its 7-Seater electric vertical take-off and landing jet. These are some of the highlights:

— The 7-Seater Lilium Jet is an electric vertical take-off and landing jet

— Combining with Qell Acquisition Corp., led by Barry Engle, a former president of General Motors North America, provides Lilium with access to capital and industry experience. And supports the planned launch of commercial operations in 2024.

— Using Lilium’s proprietary Ducted Electric Vectored Thrust (“DEVT”) technology, the 7-Seater Lilium Jet is projected to deliver the best unit economics, with market-leading capacity, low noise and high performance.

— The technology for the 7-Seater Lilium Jet has been developed over 5 years and proven across four generations of technology demonstrator aircraft. And CRI-A01 certification basis was received from EASA in 2020.

— Lilium has over 400 engineers and a leadership team responsible for delivering some of the most complex aircraft in aviation history.

— The partnerships are in place with world-leading aerospace, technology, and infrastructure partners like Aciturri, Toray Industries, Lufthansa Aviation Training, Ferrovial and Tavistock Development Company.

— A launch network in Florida planned, with up to 14 vertiport development sites confirmed, to be built and operated by Lilium’s infrastructure partners.

— The transaction values the combined company at approximately $3.3 billion pro forma equity value at the $10.00 per share PIPE price.

— The total gross proceeds to the company are expected to be approximately $830 million, including approximately $380 million in cash currently held in trust (assuming minimal redemptions) and the proceeds of a $450 million PIPE investment, including investments by Baillie Gifford, funds and accounts managed by BlackRock, Tencent, Ferrovial, LGT and its direct impact investing arm Lightrock, Palantir, Atomico, FII Institute and private funds affiliated with PIMCO.

— Combined company expected to add Barry Engle to the Board, joining current Board members including former Airbus CEO Tom Enders.

— 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 Lilium 7-Seater Jet has a projected cruise speed of 175 mph at 10,000 feet and a range of 155+ miles, including reserves. And it is the culmination of five years of technology development across four generations of technology demonstrators, including Lilium’s full-scale 5-Seater.

— Lilium applied for concurrent type certification for a high-capacity aircraft with EASA and the FAA in 2018. Development of the 7-Seater Lilium Jet began in stealth mode following this milestone. In 2020 the 7-Seater Lilium Jet received CRI-A01 certification basis from EASA.

— Lilium has successfully developed, tested and refined the underlying technology for electric vertical take-off and landing jets – Lilium’s proprietary Ducted Electric Vectored Thrust (“DEVT”) technology, along with key control systems, aircraft and battery architecture. DEVT technology enables Lilium to scale to higher-capacity aircraft and keep noise emissions and ground footprint low.

— The proceeds from the deal are intended to fund the launch of commercial operations, planned for 2024. And this includes the finalization of serial production facilities in Germany, launch of serial production aircraft and completion of type certification.

— 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.


“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.”

“Today’s announcement brings us closer to launching our passenger service. In Qell, we have found a partner who shares our ambition for sustainable mobility and brings tremendous experience in running mobility and hardware businesses.”

— Daniel Wiegand, Co-Founder and CEO, Lilium

“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.

“The experienced Qell leadership team is looking forward to working with Lilium. Our board has a collective set of experiences in growing businesses, strengthening operations, expanding globally, raising capital and creating long-term value.”

“I have spent my career in mobility and been part of the electrification of the automotive industry. The market and societal potential from the electrification of air travel is enormous. I, and the whole team at Qell, are excited for the impact Lilium can have and the part we can play.”

— Barry Engle, Founder and CEO, Qell

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