Lilium, the insolvent flight taxi startup, has finally found an investor. The company signed a purchase agreement with the investment consortium Mobile Uplift Corporation on Tuesday. The buyer plans to acquire the assets of Lilium and its subsidiary Lilium E-Aircraft.
Subject to the fulfillment of certain conditions, the agreement is expected to enable the subsidiaries to obtain sufficient financial resources to resume their business activities, according to Lilium. The proceeds from the sale will be used in accordance with German insolvency law.
The signing of the investment agreement marks “a significant breakthrough” said Lilium CEO Klaus Roewe. “The closing of the transaction in early January will enable us to start our business anew.”
Lilium had filed for insolvency for the two subsidiaries in late October. Recently, there were reports that the startup would ultimately cease to exist, and that almost all employees had already been let go by Friday. However, the “Wirtschaftswoche” now reports that the deal could save as many as 775 jobs initially.