Lilium GmbH (“Lilium”) is positioned to be the worldwide chief in regional electrical air mobility. The 7-Seater Lilium Jet, an electrical vertical take-off and touchdown jet, and Lilium’s service for individuals and items, allow sustainable, high-speed transportation.Combining with Qell Acquisition Corp., led by Barry Engle, a former president of Basic Motors North America, offers Lilium with entry to capital and business expertise. Helps the deliberate launch of economic operations in 2024.Utilizing Lilium’s proprietary Ducted Electrical Vectored Thrust (“DEVT”) know-how, the 7-Seater Lilium Jet is projected to ship the most effective unit economics, with market-leading capability, low noise and excessive efficiency.Expertise for the 7-Seater Lilium Jet has been developed over 5 years and confirmed throughout 4 generations of know-how demonstrator plane. CRI-A01 certification foundation was acquired from EASA in 2020.Lilium has over 400 engineers and a management workforce chargeable for delivering a number of the most advanced plane in aviation historical past.
Partnerships are in place with world-leading aerospace, know-how and infrastructure companions together with Aciturri, Toray Industries, Lufthansa Aviation Coaching, Ferrovial and Tavistock Growth Firm.Launch community in Florida deliberate, with as much as 14 vertiport growth websites confirmed, to be constructed and operated by Lilium’s infrastructure companions.Transaction values the mixed firm at roughly $three.three billion professional forma fairness worth on the $10.00 per share PIPE worth.Complete gross proceeds to the corporate are anticipated to be roughly $830 million, together with roughly $380 million in money at the moment held in belief (assuming minimal redemptions) and the proceeds of a $450 million PIPE funding, together with investments by Baillie Gifford, funds and accounts managed by BlackRock, Tencent, Ferrovial, LGT and its direct affect investing arm Lightrock, Palantir, Atomico, FII Institute and personal funds affiliated with PIMCO.Mixed firm anticipated so as to add Barry Engle to the Board, becoming a member of present Board members together with former Airbus CEO Tom Enders.
Munich & San Francisco; March 30, 2021– Lilium GmbH (“Lilium”), positioned to be the worldwide chief in regional electrical air mobility, with the event of its electrical vertical take-off and touchdown jet, has entered right into a definitive enterprise mixture settlement with Qell Acquisition Corp.(“Qell”), a publicly listed particular objective acquisition firm (Nasdaq: QELL). Qell, led by Barry Engle, a former president of Basic Motors North America, is concentrated on growing next-generation, sustainable mobility. Upon closing of the transaction, the corporate shall be referred to as Lilium, and it’s anticipated that odd shares shall be listed on the Nasdaq beneath the ticker image LILM.
Lilium can revolutionize regional journey, saving individuals hours not minutes. Utilizing its 7-Seater Lilium Jet, revealed right this moment, Lilium’s regional shuttle service will allow sustainable, high-speed transportation. The 7-Seater Lilium Jet has market-leading capability and is the primary of Lilium’s serial plane. It’s able to quiet vertical take-off, permitting Lilium entry to extra touchdown websites and the chance to construct larger community density, avoiding the necessity for costly floor infrastructure. The 7-Seater Lilium Jet and regional shuttle service enterprise mannequin are projected to ship the most effective unit economics, with passenger and enterprise alternatives.
The Lilium 7-Seater Jet
The Lilium 7-Seater Jet has a projected cruise velocity of 175 mph at 10,000 ft and a spread of 155+ miles, together with reserves. It’s the end result of 5 years of know-how growth throughout 4 generations of know-how demonstrators, together with Lilium’s full-scale 5-Seater.
Lilium utilized for concurrent sort certification for a high-capacity plane with EASA and the FAA in 2018. Growth of the 7-Seater Lilium Jet started in stealth mode following this milestone. In 2020 the 7-Seater Lilium Jet acquired CRI-A01 certification foundation from EASA.
Lilium has efficiently developed, examined and refined the underlying know-how for electrical vertical take-off and touchdown jets – Lilium’s proprietary Ducted Electrical Vectored Thrust (“DEVT”) know-how, together with key management techniques, plane and battery structure. DEVT know-how permits Lilium to scale to higher-capacity plane and maintain noise emissions and floor footprint low.
Extra details about the 7-Seater Lilium Jet, and underlying know-how, could be discovered at Lilium.com/jet
Daniel Wiegand, Co-Founder and CEO, Lilium:
“We’re extremely excited to disclose the event of our 7-Seater Lilium Jet and announce the subsequent stage of our progress. It is a validation of all of the arduous work over the past 5 years from our gifted workforce and our world-class companions and buyers.
Our imaginative and prescient is to create a sustainable and accessible mode of high-speed journey and produce this to each neighborhood. Transport infrastructure is damaged. It’s expensive in private time, house consumption and carbon emissions. We’re pursuing our distinctive electrical jet know-how as a result of it’s the key to higher-capacity plane, with decrease value per seat mile whereas delivering low noise and low emissions.
In the present day’s announcement brings us nearer to launching our passenger service. In Qell, we now have discovered a companion who shares our ambition for sustainable mobility and brings great expertise in operating mobility and hardware companies.”
Barry Engle, Founder and CEO, Qell:
“We’re thrilled to be partnering with Lilium to collectively construct the chief in regional electrical air mobility. Qell got down to discover an distinctive and bold know-how firm, with vital progress potential — and in Lilium we now have discovered that. Lilium has distinctive know-how and some of the completed engineering and business groups in electrical aviation. The 7-Seater Lilium Jet is a game-changer for transportation.
The skilled Qell management workforce is wanting ahead to working with Lilium. Our board has a collective set of experiences in rising companies, strengthening operations, increasing globally, elevating capital and creating long-term worth.
I’ve spent my profession in mobility and been a part of the electrification of the automotive business. The market and societal potential from the electrification of air journey is big. I, and the entire workforce at Qell, are excited for the affect Lilium can have and the half we are able to play.”
Path to Serial Manufacturing and Commercialization
The proceeds from the transaction are meant to fund the launch of economic operations, deliberate for 2024. This contains the finalization of serial manufacturing amenities in Germany, launch of serial manufacturing plane and completion of sort certification.
Lilium has put in place a rigorous aerospace program throughout all certification, design, testing and manufacturing phases, with maturity gates at each stage of the plane’s growth cycle.
Lilium has over 400 engineers and a mixed Four,000 years of aerospace expertise. Lilium’s completed management workforce was beforehand chargeable for growing and delivering a number of the most profitable and sophisticated plane in aviation historical past, together with the Airbus A320, A350 and A380, Eurofighter Storm, Gulfstream G650 and Harrier VTOL.
The 7-Seater Lilium Jet shall be Lilium’s first plane to enter serial manufacturing. Lilium’s plane can have 30x fewer parts than a business airliner and is designed for ease of manufacturability and scalability. Lilium applies automotive-style design for manufacturing strategies and is designing for totally automated high-quality manufacturing of its engines, actuators and batteries.
Lilium is partnering with world-class suppliers whose know-how and providers have been licensed in aerospace world wide for many years. This contains: Toray Industries, offering the carbon composites for the plane’s major buildings; Aciturri, manufacturing the fuselage and wing techniques; and Lufthansa Aviation Coaching, coaching Lilium’s pilots.
Thus far, Lilium has secured roughly $200 million of commitments from infrastructure companions, together with Ferrovial and Tavistock Growth Firm. As much as 14 vertiports are already deliberate in Florida. Lilium can also be in superior discussions with key infrastructure companions for 10 vertiports to construct a community throughout Europe.
The transaction values the mixed firm at an implied $three.three billion professional forma fairness worth on the $10.00 per share PIPE worth. The mixed firm is anticipated to obtain roughly $830 million of gross proceeds from a completely dedicated widespread inventory PIPE providing of $450 million, together with roughly $380 million money held in belief, assuming minimal redemptions of Qell’s current public stockholders. The PIPE contains participation from main strategic and long-term monetary buyers together with Baillie Gifford, funds and accounts managed by BlackRock, Tencent, Ferrovial, LGT and its direct affect investing arm Lightrock, Palantir, Atomico, FII Institute and personal funds affiliated with PIMCO. Web money from the transaction shall be used to fund the business launch of Lilium’s 7-Seater Jet. Lilium’s current shareholders will roll 100% of their shares into the mixed firm. As well as, upon completion of the transaction, Daniel Wiegand will maintain three:1 tremendous voting shares.
The Boards of Administrators of each Lilium and Qell have unanimously authorised the proposed enterprise mixture, which is anticipated to be accomplished within the second quarter of 2021, topic to the approval by Qell’s stockholders and the satisfaction or waiver of different customary closing circumstances recognized within the enterprise mixture settlement.
Extra details about the proposed transaction shall be supplied in a Present Report on Kind Eight-Ok to be filed by Qell right this moment with the U.S. Securities and Trade Fee (“SEC”) and out there at www.sec.gov.
JP Morgan Securities LLC and Barclays Capital Inc. are performing as monetary and capital markets advisors to Qell. Citi is performing as unique monetary advisor to Lilium. JP Morgan Securities LLC, Barclays Capital Inc. and Citigroup International Markets Inc. acted as lead placement brokers for the PIPE transaction. Orrick Herrington & Sutcliffe LLP and Ropes & Grey LLP are serving as authorized advisors to Lilium. Goodwin Procter LLP is serving as authorized advisor to Qell. JPMorgan Securities LLC and Barclays Capital Inc. acted because the joint book-running managers of Qell’s IPO.
Lilium and Qell will host an investor webcast at Eight am ET, March 30, 2021 to current the transaction. To entry the webcast, individuals must register upfront on-line by visiting https://www.webcast-eqs.com/qellacquisition20210330. A pre-recorded model of the investor webcast can even be made out there at www.qellspac.com, and a transcript of this webcast shall be filed by Qell with the SEC.
Lilium’s imaginative and prescient is to create a sustainable and accessible mode of high-speed, regional transportation. Utilizing the 7-Seater Lilium Jet, an electrical vertical take-off and touchdown jet, providing main capability, low noise and excessive efficiency, Lilium is constructing a transport community and repair for individuals and items. Working in partnership with world-leading aerospace, know-how and infrastructure companions, business operations are deliberate to launch in 2024. Lilium’s 600+-strong workforce contains over 400 aerospace engineers and a management chargeable for delivering a number of the most profitable plane in aviation historical past. Based in 2015, Lilium’s headquarters and manufacturing amenities are in Munich, Germany, with groups based mostly throughout Europe and the U.S. To study extra, go to www.lilium.com
Fashioned in San Francisco in August 2020, Qell Acquisition Corp. (Nasdaq: QELL) is a publicly-traded particular objective acquisition firm (“SPAC”) created to put money into a high-growth enterprise within the next-generation mobility, transportation or sustainable industrial know-how sectors. The administration workforce, led by Barry Engle, has deep expertise and networks throughout each incumbents and rising know-how firms.
Essential Info In regards to the Proposed Enterprise Mixture and The place to Discover It
A full description of the phrases of the transaction shall be supplied in a registration assertion on Kind F-Four to be filed with the SEC by Qell DutchCo B.V., which is able to later be transformed right into a Netherlands public restricted legal responsibility firm (naamloze vennootschap) (“Lilium N.V.”) that can embody a prospectus with respect to Lilium N.V.’s securities to be issued in reference to the enterprise mixture and a proxy assertion with respect to the shareholder assembly of Qell to vote on the enterprise mixture. Qell urges its buyers, shareholders and different individuals to learn, when out there, the preliminary proxy assertion/prospectus filed with the SEC and paperwork included by reference therein as a result of these paperwork will comprise essential details about Qell, Lilium and the transaction. After the registration assertion is asserted efficient, the definitive proxy assertion/prospectus to be included within the registration assertion shall be mailed to shareholders of Qell as of a file date to be established for voting on the proposed enterprise mixture. As soon as out there, shareholders can even be capable to acquire a duplicate of the Kind F-Four, together with the proxy assertion/prospectus, and different paperwork filed with the SEC with out cost by directing a request to: Qell, [email protected] These paperwork can even be made out there on Qell’s web site. The preliminary and definitive proxy assertion/prospectus to be included within the registration assertion, as soon as out there, will also be obtained, with out cost, on the SEC’s web site (www.sec.gov).
Members within the Solicitation Course of
Qell, Lilium and their respective administrators and government officers could also be deemed individuals within the solicitation of proxies from Qell’s stockholders with respect to the enterprise mixture. An inventory of the names of these administrators and government officers and an outline of their pursuits in Qell shall be filed within the registration assertion to be filed by Qell DutchCo B.V., which is able to later be transformed into Lilium N.V. on Kind F-Four, which is able to embody the proxy assertion/prospectus, for the proposed enterprise mixture and be out there, with out cost, at www.sec.gov.
This press launch comprises sure forward-looking statements throughout the which means of the federal securities legal guidelines, together with, however not restricted to, statements relating to the advantages of the proposed enterprise mixture, the anticipated timing of the proposed enterprise mixture, Lilium’s, Qell’s and Lilium N.V.’s proposed enterprise and enterprise mannequin, the markets and business by which Lilium, Qell and Lilium N.V. (collectively, the “Lilium Group”) intend to function, the anticipated timing of the commercialization and launch of the Lilium Group’s enterprise in phases, and the anticipated outcomes of the Lilium Group’s enterprise and enterprise mannequin when launched in phases. These forward-looking statements typically are recognized by the phrases “consider,” “mission,” “anticipate,” “anticipate,” “estimate,” “intend,” “technique,” “future,” “alternative,” “plan,” “might,” “ought to,” “will,” “would,” “shall be,” “will proceed,” “will probably consequence,” and related expressions. Such statements are based mostly on administration’s perception or interpretation of knowledge at the moment out there. Ahead-looking statements are predictions, projections and different statements about future occasions which are based mostly on administration’s present expectations with respect to future occasions and are based mostly on assumptions and topic to threat and uncertainties and topic to vary at any time. The Lilium Group will function in a quickly altering rising business. New dangers emerge each day. Given these dangers and uncertainties, you shouldn’t depend on or place undue reliance on these forward-looking statements. Precise occasions or outcomes might differ materially from these contained within the projections or forward-looking statements.
Many elements may trigger precise future occasions to vary materially from the forward-looking statements on this press launch, together with, however not restricted to, the next dangers: (i) the transaction will not be accomplished in a well timed method or in any respect, which can adversely have an effect on the value of Qell’s securities; (ii) the transaction will not be accomplished by Qell’s enterprise mixture deadline and the potential failure to acquire an extension of the enterprise mixture deadline if sought by Qell; (iii) the events’ failure to fulfill the circumstances to the consummation of the enterprise mixture, reminiscent of Qell’s shareholders or Lilium’s shareholders failing to undertake the enterprise mixture settlement, failing to fulfill the minimal belief account quantity following redemptions by Qell’s public shareholders or an lack of ability to safe vital governmental and regulatory approvals; (iv) the Lilium Group’s skill to implement enterprise plans, working fashions, forecasts and different expectations and determine and understand further enterprise alternatives after the completion of the proposed enterprise mixture; (v) the failure of the Lilium Group and its present and future enterprise companions to efficiently develop and commercialize the Lilium Group’s enterprise or vital delays in its skill to take action; (vi) the Lilium Group’s lack of ability to safe or defend its mental property; (vii) the impact of the announcement or pendency of the proposed enterprise mixture on Lilium Group’s enterprise relationships, efficiency and operations typically; and (viii) the end result of any authorized proceedings that could be instituted in opposition to Qell or the Lilium Group associated to the proposed enterprise mixture. The foregoing record of things will not be exhaustive. Ahead-looking statements converse solely as of the date they’re made. You’re cautioned to not put undue reliance on forward-looking statements, and the Lilium Group assumes no obligation and doesn’t intend to replace or revise these forward-looking statements, whether or not because of new info, future occasions or in any other case.
No Provide or Solicitation
This press launch shall not represent a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed enterprise mixture. This press launch shall additionally not represent a suggestion to promote or the solicitation of a suggestion to purchase any securities, nor shall there be any sale of securities in any states or jurisdictions by which such supply, solicitation or sale could be illegal previous to registration or qualification beneath the securities legal guidelines of any such jurisdiction. No providing of securities shall be made besides via a prospectus assembly the necessities of Part 10 of the Securities Act of 1933, as amended.
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