Lillium, a German start-up with Silicon Valley-scale ambitions to develop a 5-passenger "flying taxi", has raised a second, US$90 million round of financing from top tech investors, making it one of the best-funded electric aircraft projects to date.
The company, which took in $11.4m only last year, has emerged as one of Europe's hottest start-ups for attempting to solve hard physics problems for a new category of aircraft capable of vertical take-off and electric powered jet flight.
Lillium said on Tuesday the new funding round, led by the Chinese internet giant Tencent, is joined by LGT, the largest family-owned investment firm in Europe, based in Liechtenstein; Atomico, a top European venture firm; and Obvious Ventures, whose co-founder, Evan Williams, is a co-founder of Twitter.
In April, Lillium said it was developing a five-seat "flying taxi" after mounting successful test flights of a two-seat jet capable of a mid-air transition from hover mode, like drones, to wing-borne flight, like conventional aircraft.
Wing-borne, electric-powered flight allows commuter aircraft to travel five or six times the distance of drones, a Lillium executive said.
"The concept goes far beyond what you typically see from German start-ups," said Remo Gerber, the former European managing director of the online taxi firm Gett, who was named Lillium's chief commercial officer last month.
Its ambitions put it more in line with the likes of Tesla or Google than the e-commerce apps which currently dominate the start-up scene in Berlin or the self-financed engineering firms located across the country.
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“This investment is a tremendously important step for Lilium as it enables us to make the five-seat jet a reality," said Daniel Wiegand, a co-founder and the chief executive of Lilium. "This is the next stage in our rapid evolution from an idea to the production of a commercially successful aircraft that will revolutionise the way we travel in and around the world’s cities. It makes Lilium one of the best funded electric aircraft projects in the world."
The firm said Lilium Jet will be able to travel at up to 300kph for one hour on a single charge - meaning a19 km journey from Manhattan to JFK Airport could last as little as five minutes. The jet’s economy and efficiency means flights are predicted to cost less than the same journey in a normal road taxi, it said.
Lillium said it plans to use the fresh funding to dramatically expand hiring and carry it through the next development stages of its 5-seater electric jet, buying it time to meet stringent regulatory approvals.
The 70-employee company has about as many outstanding job postings as current staff, and plans to scale up hiring of aeronautical engineers, physicists, computer science and electric propulsion experts rapidly, Mr Gerber said.
Lillium, which was founded in 2015 by four graduates from the Technical University of Munich, is shooting for a manned test flight of its five-seat aircraft around 2019, and to roll-out "flying taxi" commuter services, subject to regulatory approvals, some time in the next decade.
The jet will be a lightweight aircraft powered by 36 electric jet engines mounted to its wings via 12 moveable flaps. With a range of 300 km and cruising speed of 300kph, Lillium is the only electric aircraft capable of both vertical take-off and jet-powered flight, the company said.
Combining these two features is what separates Lillium from rival start-ups working so-called flying cars or taxis that rely on drone or helicopter-like technologies, such as German rival Volocopter or European aerospace giant Airbus.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
WTL%20SCHEDULE
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
COMPANY%20PROFILE
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Fight card
Bantamweight
Siyovush Gulmamadov (TJK) v Rey Nacionales (PHI)
Lightweight
Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)
Catch 74kg
Tohir Zhuraev (TJK) v Omar Hussein (JOR)
Strawweight (Female)
Weronika Zygmunt (POL) v Seo Ye-dam (KOR)
Featherweight
Kaan Ofli (TUR) v Walid Laidi (ALG)
Lightweight
Leandro Martins (BRA) v Abdulla Al Bousheiri (KUW)
Welterweight
Ahmad Labban (LEB) v Sofiane Benchohra (ALG)
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR)
Lightweight
Mohammed Yahya (UAE) v Glen Ranillo (PHI)
Lightweight
Alan Omer (GER) v Aidan Aguilera (AUS)
Welterweight
Mounir Lazzez (TUN) Sasha Palatnikov (HKG)
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR)
COMPANY%20PROFILE
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The%20specs
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England squad
Moeen Ali, James Anderson, Jofra Archer, Jonny Bairstow, Dominic Bess, James Bracey, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Ben Foakes, Lewis Gregory, Keaton Jennings, Dan Lawrence, Jack Leach, Saqib Mahmood, Craig Overton, Jamie Overton, Matthew Parkinson, Ollie Pope, Ollie Robinson, Joe Root, Dom Sibley, Ben Stokes, Olly Stone, Amar Virdi, Chris Woakes, Mark Wood
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
Company%20Profile
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Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Squad for first two ODIs
Kohli (c), Rohit, Dhawan, Rayudu, Pandey, Dhoni (wk), Pant, Jadeja, Chahal, Kuldeep, Khaleel, Shami, Thakur, Rahul.
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
The%20specs
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