Electric Air Taxi Secures $90 Million in Funding

German aviation company Lilium has announced $90 million in funding for its electric air taxi.

CNN calls the vertical takeoff and landing (VTOL) vehicle an “electric flying car,” but it’s more like a flying taxi, a short-range, five-seat passenger jet. The all-electric Lilium jet can travel approximately 300 km/hour (186.4 mph) on a single charge, with no emissions and minimum noise pollution (critical for urban transportation). The company estimates that the air taxi can fly from Manhattan to JFK Airport in about 5 minutes.

The German firm tested the VTOL jet in April, and the company is shooting for a similar price point as the same trip in a ground taxi (but with no idling time to run up the meter).

“This  investment  is  a  tremendously important step for Lilium as it enables us to make the five-seat jet a reality,” said Lilium co-founder and CEO, Daniel Wiegan.

“This is the next  stage in our rapid evolution from an idea to the production of a commercially successful aircraft that will revolutionize the way we travel in and around the world’s cities.”

The vehicle’s 36 jet engines (each individually shielded to prevent catastrophic failure) enables the air taxi to take off like a helicopter (or Osprey), before the flaps tilt forward to function like a conventional airplane.

And while the Lilium jet includes numerous safeguards, you’ll still need a pilot’s license (with 20 hours of training) to operate it.

Of course, the potential regulatory concerns will probably keep the air taxi grounded far longer than any tech issues, but I look forward to seeing the Lilium in action.