- The stake positions Ferrovial in the new generation of aerial mobility and vertiports
German aeronautics company Lilium GmbH, the developer of Lilium Jet, an eVtol, has announced plans to merge into Qell Acquisition Corp for the purposes of listing on Nasdaq. In addition to Ferrovial, other investors in the institutional tranche include Baillie Gifford, funds and accounts managed by BlackRock, Tencent, LGT and its direct impact investing arm Lightrock, Palantir, Atomico, FII Institute and private funds affiliated with PIMCO.
Qell Acquisition Corp. (“Qell”), a Nasdaq-listed SPAC (special purpose acquisition company) led by Barry Engle, former president of General Motors North America, is focused on the development of next-generation sustainable mobility.
Ferrovial has acquired this direct stake in order to actively participate in a new industry — urban air mobility — through a company with a leading position in this sector and with which it has already entered into strategic agreements, such as the development of a network of vertiports in Florida.
At the deal price, the merged company, which will be called Lilium, will be worth USD 3.3 billion and will be positioned as one of the leading players in this new air mobility market.
The institutional tranche, priced at USD 10 per share, amounts to USD 450 million, which will provide the merged company with USD 830 million in funding to launch commercial operations in 2024. This includes completion of the manufacturing facility in Germany, mass production of the Jet, and completion of the certification process.
Lilium’s new 7-seater eVtol is expected to reach a cruising speed of 280 km/h, an altitude of about 10,000 feet and have a range of about 250 km. With these capabilities, the 7-Seater Lilium Jet and regional shuttle service business model are projected to deliver the best unit economics, with passenger and enterprise opportunities.
Lilium is partnering with world-class suppliers whose technology and services have been certified in aerospace around the world for decades, including: Toray Industries, Aciturri and Lufthansa Aviation Training.
As part of Ferrovial’s innovation strategy, the company plans to acquire direct or indirect stakes in startups that offer it a meaningful position in future markets or that may represent a competitive advantage in the process of transforming mobility and infrastructures.