Lilium (NASDAQ: LILM) has announced the successful closing of a $119 million capital raise from existing shareholders, new investors, and strategic partners. The company says that participants included Honeywell, Aciturri and LGT.

Lilium’s new CEO, Klaus Roewe, as well as three additional board members also participated in the financing. The company says that it plans to utilize funds to continue development of its eVTOL aircraft.

Lilium CEO Klaus Roewe stated: “We are pleased to have such a high-quality group of supporters in a challenging macro environment. These proceeds are expected to strengthen our balance sheet and advance our commercialization efforts including signing of customer agreements with pre-delivery payments, reaching an agreement with EASA on our Means of Compliance, and commencing assembly of the type-conforming aircraft for the final manned flight test campaign.” 

Lilium is creating a sustainable and accessible mode of high-speed, regional transportation for people and goods. The company’s Lilium Jet is an all-electric vertical take-off and landing aircraft that offers leading capacity, low noise and high performance with zero operating emissions. 

Working with aerospace, technology and infrastructure leaders, the company’s 800+ strong team includes approximately 450 aerospace engineers and an experienced leadership team. Founded in 2015, Lilium’s headquarters and manufacturing facilities are in Munich, Germany, with teams based across Europe and the U.S.

Shares of Lilium trade on the NASDAQ under the ticker symbol LILM.