Lilium (LILM) extends battery partnership with InoBat

Electric vertical take-off and landing (“eVTOL”) jet developer, Lilium N.V. (NASDAQ: LILM) announced Friday that the company is extending its existing partnership with InoBat.

InoBat is expected to deliver a substantial volume of high-performance battery cells for the Lilium Jet. This ongoing collaboration reinforces Lilium's strategy of diversifying cell production sources, ensuring a robust supply of battery cells for the initial deployment of the Lilium Jet and the upcoming years.

Lilium Jet's battery cells will be manufactured by InoBat at its current Volta I facility and the upcoming Volta II plants located in Voderady, Slovakia. The commencement of production at the Volta I plant is scheduled for early 2024.

“We are delighted to move ahead with InoBat towards high-volume production of Lilium Jet battery cells. Consistent with best practice and our stated strategy, we expect that multiple cell suppliers will support our aircraft program, with the aim to ensure a reliable volume production of battery cells for years to come.” Said Lilium CEO, Yves Yemsi.

Lilium will maintain ownership of the intellectual property rights associated with the Lilium Jet battery technology. Rigorous third-party testing of prototype Lilium battery cells has consistently showcased the advanced capabilities of this technology, highlighting its impressive energy capacity, power, and cycle life.

“Lilium’s vision to revolutionize air travel and its commitment to innovation strongly align with our core strategy in the global EV market.” Said InoBat CEO Marian Bocek.

“We look forward to taking our ongoing collaboration with Lilium to the next level,” Bocek added.

Shares of LILM are down 4.63% in mid-day trading on Friday.

By Michael Elkins | [email protected]

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