Lilium Welcomes KfW Due Diligence Undertaking

Editor -
  • Diligence undertaking by KfW is a decisive step towards public support of Lilium  
  • CEO Klaus Roewe: “We are expecting a swift process.”  
  • Lilium targets minimum € 100 million KfW loan secured by default guarantee from the federal government and Bavaria 

MUNICH, GERMANY, May 15, 2024: The Federal Government of Germany and the Free State of Bavaria have commissioned the state development bank KfW in Frankfurt to conduct due diligence on Lilium (NASDAQ: LILM), developer of the first all-electric vertical take-off and landing (“eVTOL”) jet and global pioneer in Regional Air Mobility (RAM), as part of the customary state support process. Once the diligence is completed and results satisfactory, Lilium expects to receive guarantees from the Federal Government and the Free State of Bavaria as security for a KfW loan, the exact amount of which is yet to be determined.  

“We would like to thank those responsible in Berlin and Munich for their decision and the constructive cooperation over the last few weeks,” said Lilium CEO Klaus Roewe. “We expect due diligence to be swift as transparency is a daily routine for us as a listed company.” Roewe continued:  

“Electrification is in strong public interest as a contribution to the necessary decarbonization of the industry. German government support is not only about creating a level playing field with the USA and China, but also about Germany signaling to the financial markets that innovations and new technologies are supported in Germany.” 

Lilium is a world-leading pioneer in electric aviation and the only manufacturer worldwide with a certification basis for a powered lift eVTOL aircraft in Europe and the USA. Founded in 2015 by four graduates of the Technical University of Munich, and located at the Oberpfaffenhofen airport, near Munich, Germany, Lilium currently employs a workforce of over 1,000, more than 80% of whom work in highly specialized engineering and manufacturing fields. Lilium has a very international workforce and is building a strong European set-up: Lilium N.V. is registered in The Netherlands, Lilium has its Headquarters, design/engineering and industrial facilities in Munich, and a flight test center in Spain. The company recently announced its discussions with the French government to explore the expansion of its industrial footprint into France.  

Initial production of the Lilium Jet began in 2023 with entry into service planned for 2026. Lilium has accumulated an order pipeline of over 780 Lilium Jets, including binding orders and MoU agreements from operators in the United States, South America, Europe, Asia, and the Middle East. According to estimates by Morgan Stanley as of 2021, the global eVTOL market could be worth $1 trillion in global revenues by 2040.