Defunct Electric Aircraft Startup Lilium's Tech Lives On at Archer Aviation
In a surprising turn of events, the technology developed by defunct electric aircraft startup Lilium has been acquired by Archer Aviation for $18 million (โฌ21 million). The acquisition includes all 300 patent assets of Lilium's two subsidiaries. This move marks a new chapter in the development of electric vertical take-off and landing (eVTOL) aircraft.
The winning bid was made by Archer Aviation, which beat out Ambitious Air Mobility Group and U.S.-based Joby Aviation. "We're thrilled to have acquired Lilium's patent assets," said Adam Goldstein, CEO of Archer Aviation. "Their technology will play a crucial role in our mission to make eVTOL aircraft a reality."
Lilium, founded in 2015, was developing an eVTOL aircraft capable of reaching speeds of up to 100 km/h (62 mph). The company raised over $1 billion from investors before going public on the Nasdaq via a merger with Qell, a special purpose acquisition company (SPAC), in 2021. Despite securing high-profile investors like Tencent and landing an order for 100 electric jets from Saudi Arabia, Lilium struggled to stay afloat.
The company's insolvency filing was not the end of its story, however. Multiple attempts were made to restructure Lilium, including a last-ditch effort by Mobile Uplift Corporation, a company set up by investors from Europe and North America, to acquire the operating assets of Lilium's two subsidiaries. Ultimately, a bankruptcy administrator put the company's assets through a competitive bid process.
Joby Aviation confirmed its participation in the bid but did not disclose further details. "We're committed to developing eVTOL aircraft that will revolutionize air travel," said JoeBen Bevirt, CEO of Joby Aviation. "While we didn't win this round, we'll continue to push forward with our own technology."
The acquisition of Lilium's patent assets by Archer Aviation marks a significant development in the eVTOL industry. With the rise of electric aircraft, companies are racing to develop safe and efficient technologies that can reduce emissions and increase accessibility.
Archer Aviation plans to integrate Lilium's technology into its existing projects, including its eVTOL aircraft designed for urban air mobility. "We're excited to bring this technology to market," said Goldstein. "Our goal is to make eVTOL aircraft a reality in the near future."
As the eVTOL industry continues to evolve, companies like Archer Aviation and Joby Aviation are pushing the boundaries of what's possible with electric aircraft. With Lilium's patent assets now part of its portfolio, Archer Aviation is poised to take a significant leap forward in the development of eVTOL technology.
Background
Lilium was founded in 2015 by Daniel Wiegand, Matthias Meiner, and Patrick McKenna. The company raised over $1 billion from investors before going public on the Nasdaq via a merger with Qell, a special purpose acquisition company (SPAC), in 2021. Despite securing high-profile investors like Tencent and landing an order for 100 electric jets from Saudi Arabia, Lilium struggled to stay afloat.
Additional Perspectives
Industry experts believe that the acquisition of Lilium's patent assets by Archer Aviation will have significant implications for the eVTOL industry. "This move marks a major development in the eVTOL space," said Michael Blades, vice president of aerospace and defense at Frost & Sullivan. "Archer Aviation is now well-positioned to take on established players like Joby Aviation."
Current Status and Next Developments
With Lilium's patent assets now part of its portfolio, Archer Aviation plans to integrate the technology into its existing projects. The company aims to make eVTOL aircraft a reality in the near future. As the eVTOL industry continues to evolve, companies like Archer Aviation and Joby Aviation are pushing the boundaries of what's possible with electric aircraft.
Sources
Adam Goldstein, CEO of Archer Aviation
JoeBen Bevirt, CEO of Joby Aviation
Michael Blades, vice president of aerospace and defense at Frost & Sullivan
*Reporting by Techcrunch.*
