Lilium Likely Permanently Closed

EVTOL hopeful Lilium has all but thrown in the towel with a second insolvency filing that will likely be its last according to a company statement. “As the funding options to secure Lilium’s future have not materialized in time, Lilium Aerospace has filed for insolvency today”, the company said. “While talks about alternative solutions are still ongoing, the chance for restructuring right now is highly unlikely and therefore operations will be stopped.”

The company filed for insolvency last December but new investors gave hope that it could be resurrected. The new investors pledged $200 million to get the company to certification so it could fulfill its 780 potential orders but the money never materialized. Company co-founder Dr. Patrick Nathan had some cautionary words for others dipping a toe in the business world. “On a pure personal note, reflecting on the past events, I want to share one new key learning with my fellow founders: Never give away control of your own start-up. Never,” Nathan wrote in a social media post.