Lilium today announced that an $830 million IPO merger with Qell Acquisition Corp. will fund the development of its seven-seat eVTOL aircraft. The German company confirmed that the series-production Lilium Jet due to enter commercial service in 2024 will have two more seats than the current five-seat technology demonstrator.

Qell is a San Francisco-based special purpose acquisition company (SPAC) led by former General Motors North America president Barry Engle. Total gross proceeds from the deal are projected at $830 million, including $380 million in cash and the proceeds from a $450 million private investment in public equity (PIPE) investment with backers including Baillie Gifford, BlackRock, Tencent, Ferrovial, LGT/Lightrock, Palantir, FII Institute, and PIMCO. The combined company is expected to be valued at around $3.3 billion.

Lilium confirmed in 2018 that it filed concurrent type certification applications with both EASA and the FAA for the larger all-electric aircraft, which will carry a pilot and up to six passengers. The Lilium Jet is projected to have a range of more than 155 miles and a cruise speed of 175 mph at 10,000 feet. This performance is slightly less than the 186 miles/186 mph targets for the five-seat technology demonstrator, reflecting tradeoffs being made to secure the additional payload.

A longer version of this story is available at FutureFlight.aero, a news and information resource developed by AIN to provide objective, independent coverage and analysis of cutting-edge aviation technology, including electric aircraft developments and advanced air mobility.