"Sad truth"

Time is running out to find an investor: Lilium on the brink?

The air is getting thinner and thinner for the insolvent Bavarian e-flight pioneer Lilium, based in Gauting near Munich. According to media reports, a deadline expires on Monday within which the search for investors could still be successful. A company spokesperson announced that Lilium would make a public statement on Monday.

Business Insider and Die Welt, among others, had reported that the company had already ceased operations on Friday and had handed out their redundancy notices to almost all of its approximately 1,000 employees. Patrick Nathen, one of four Lilium co-founders, wrote on the LinkedIn platform: "After ten years and ten months, the sad truth is that Lilium has ceased operations."

Lilium wanted to build electric airplanes
Lilium wanted to build small aircraft with electric propulsion and had already developed prototypes for a vertical take-off air cab. However, the developers had repeatedly encountered technical challenges. The company, which has since been listed on the US technology exchange Nasdaq, has repeatedly reported losses in the millions over the years.

Most recently, there was a political dispute over a state guarantee. In Bavaria, Minister President Markus Söder (CSU) prevailed over his Minister of Economic Affairs Hubert Aiwanger (Freie Wähler) and brought about a cabinet decision in favor of a 50 million guarantee from the Free State - on the condition that the federal government commits to the same amount. However, the initial prospect of a federal contribution was then withdrawn.