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Electric aircraft startup Lilium ceases operations, 1,000 workers laid off
Lilium, a pioneer in the electric aircraft industry, has abruptly ceased operations and laid off approximately 1,000 employees after months of struggling to secure financing and exit insolvency. The shocking news marks a significant setback for the company, which had garnered significant attention and investment with its vision for environmentally friendly aviation.
According to reports, Lilium’s CEO Patrick Nathen confirmed on LinkedIn that the company has stopped operating. “After 10 years and 10 months, it is a sad fact that Lilium has ceased operations,” he wrote. “The company that Daniel, Sebastian, Matthias and I founded can no longer pursue our shared belief in more environmentally friendly aviation. This is heartbreaking and the timing feels painfully ironic.”
The layoffs, which cover the majority of the workforce, follow a previous round of job cuts just days ago, with approximately 200 workers let go according to a regulatory filing on December 16. When reached for comment, Lilium’s spokesperson simply stated that “the company will communicate once we can say something.”
Lilium’s ambitious vision had attracted significant backing from investors, including Tencent, and secured major orders, such as a 100-jet electric aircraft deal with Saudi Arabia. The startup had even gone public on the Nasdaq Exchange via a reverse merger with blank-check company SPAC Qell in 2021.
Despite making progress, including powering up its first full-scale prototype, Lilium was still years away from delivering its product. In October, the company announced it would file for insolvency after failing to secure emergency funding from the German government.
The sale process is now being handled by KPMG.
Source: techcrunch.com
