Investment firm Baillie Gifford’s cash injection gives the company a 4% stake in Lilium. In return, the five-year-old electric vertical take off and landing firm has just become a tech unicorn with a valuation of $1 billion, the FT reports. [Read: Tesla supplier ready to make ‘million mile’ batteries, Musk remains silent] This investment brings Lilium’s total investment to $375 million, evtol.com reports. Lilium’s relatively basic concept, of what is effectively a drone big enough for five humans, is said to have caught the attention of Baillie Gifford, which has also invested in a similar startup from California called Joby. According to a spokesperson for the investor, it seems the company is making a long term bet on this kind of eVTOL technology. While there will be hurdles to overcome, such as regulations and safety, the system requires little more than a concrete landing pad and chargers for the vehicle’s batteries. It should be noted that this technology is a long way off and is still in its very early days. Last year, Lilium unveiled its concept after a successful test flight of an early development model. The company is currently shaping up, and this investment will certainly help, to launch its first commercial vehicle in 2025.
