RIYADH — The Future Investment Initiative Institute (FII-I) has invested in Lilium as part of a strategy to develop and leverage sustainable and environmentally-friendly alternatives to traditional combustion engines in the air travel industry.

Lilium is pioneering the Electric Vehicle Take-Off-and-Landing (EVTOL) aircraft segment. These are electric jets that can take off and land vertically — they offer a sustainable and less carbon-intensive way for travelers to beat traffic, hop between cities, and connect regional destinations up to 250 km.

The Lilium seven-seater jet received the CRI-A01 certification basis last year from the European Aviation Safety Agency (EASA), its primary regulator is pursuing concurrent certification from the US regulator, the Federal Aviation Authority (FAA).

The 7-Seater Lilium Jet will be the first model to go into serial production with a cruise speed of 175 miles per hour (280 kph) and a range of more than 155 miles (250 kilometers).

In addition to the FII-Institute, other investors in the placement include fund manager Baillie Gifford, funds and accounts managed by BlackRock, Tencent, Ferrovial, LGT and its direct impact investing arm Lightrock, Palantir, Atomico and private funds affiliated with PIMCO.

The total gross proceeds to the company are expected to be approximately $830 million, including approximately $380 million cash held in trust (assuming minimal redemptions of Qell Acquisition Corp.'s existing public stockholders) and $450 million from the PIPE investment.

The Munich-based EVTOL company Lilium, positioned to be a global leader in regional electric air mobility, intends to be listed on the US stock market via a SPAC merger with Qell Acquisition Corp., in a deal valuing the combined company at $3.3 billion pro forma equity value at the $10.00 per share PIPE price.

The FII Institute is a new class of hybrid Think Tank/Foundation with part of its mission to support the development of technologies to address the biggest social and environmental challenges.

The Institute has a global mandate and will be investing directly into deep innovative companies in sustainability and then supporting the growth and impact of those companies.

Alexander Asseily, chief strategy officer, Lilium, “We view the FII Institute as one of the leading global platforms for sustainable impact investments and a strategic partner who can help drive our vision for an open global architecture for carbon neutral air travel.”

Richard Attias, CEO of the FII Institute, said, “Our investment in Lilium is aligned with the FII-Institute’s mission: to support initiatives and projects which will have a positive impact on humanity. Our trilogy strategy: Think-Xchange-Act is allowing us to play an active role in the new sustainable economy." — SPA