Slovak entrepreneur funding rescue of German flying taxi startup

Lilium had already filed for bankruptcy and was just hours from folding entirely on Christmas Eve when a consortium of investors swooped in to save it.

The consortium said a key figure is entrepreneur Marian Bocek, who runs holding company DTM Investment and founded Slovak battery manufacturer InoBat.

It is understood that Bocek, aged in his 40s, is providing more than 100 million euros ($103 million) in funding, out of more than 200 million euros from the consortium.

Germany's Bild daily first revealed the investor's identity.

A consortium spokesman said they now needed to find other partners and customers to launch production in earnest.

The group also said it has changed its name from Mobile Uplift Corporation to Lilium Aerospace.

Bocek's InoBat is already a supplier to Lilium. Chinese battery maker Gotion owns a substantial stake in InoBat.

Lilium has been developing small electric-powered jets that can take off and land vertically.

Founded in 2015, the company attracted substantial interest, with 100 firm orders for its jets to date and hundreds more pre-orders.

It burnt through huge amounts of money in development costs, however, and initially turned to the state for emergency funding, but the request was rejected.

This led the firm to declare bankruptcy in October before the new consortium of investors emerged.

Lilium has yet to conduct a manned test flight. The first trial is expected this year, followed by the first anticipated deliveries to customers in 2026.