News Summary

• Lilium, which was founded in 2015, was developing a vertical take-off and landing aircraft with speeds of up to 100 km/h.
• The company raised more than $1 billion from investors before going public in 2021 on the Nasdaq via a merger with Qell.
• Archer Aviation beat out Ambitious Air Mobility Group and U.S.-based Joby Aviation with the winning bid of €18 million ($21 million) for all 300 of Lilium’s patent assets.