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<ul><li><strong>Electric air-taxi startup <keyword id="3355207" type="PERSON" weightage="60" keywordseo="Lilium">Lilium</keyword> is set to go public via a <keyword id="1817616" type="ORGANIZATION" weightage="60" keywordseo="SPAC">SPAC</keyword> merger in a deal worth $3.3 billion.</strong></li><li><strong>Lilium will merge with Qell Acquisition Corp., which is led by a former executive of General Motors.</strong></li><li><strong>The 7-seater jet under development at Lilium can take off and land vertically and has a planned commercial launch of 2024. </strong></li><li><strong><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</strong></li></ul><p>The SPAC craze continued on Tuesday as electric air-taxi startup <a href="https://markets.businessinsider.com/news/stocks/lilium-announces-intention-to-list-on-nasdaq-through-a-merger-with-qell-acquisition-corp-and-reveals-development-of-its-7-seater-electric-vertical-take-off-and-landing-jet-1030257721">Lilium said it would merge with Qell Acquisition Corp.</a> in a deal worth $3.3 billion in pro forma equity value of the combined companies.</p><p>Lilium is a German-based firm that is developing electric air-taxis that can vertically take-off and land. The firm is currently building a 7-seater jet that it expects to launch commercial operations for in 2024. According to Lilium, the electric taxi-jet has a projected cruise speed of 175 mph at 10,000 feet, and has a range of 155 miles. </p><p>Former General Motors executive Barry Engle will join the board of the combined company, as will former Airbus CEO Tom Enders.</p><p>"I have spent my career in mobility and been part of the electrification of the automotive industry. The market and societal potential from the electrification of air travel is enormous," Qell said. </p><p>The SPAC merger will raise total gross proceeds of $830 million for Lilium, and investors include Baillie Gifford, BlackRock, Tencent, and Palantir. Lilium will use the proceeds to fund the launch of commercial operations, including finalizing production facilities in Germany and obtaining type certification of the aircraft. </p><p>Qell Acquisition Corp. traded up 3% on the merger news to just above its $10.00 offering price. </p>

Electric air-taxi startup Lilium set to merge with former GM executive's SPAC in $3.3 billion deal

<ul class="summary-list"><li>Flying-taxi companies hope to revolutionize the daily commute for the cost of an Uber.</li><li>Competition led to one lawsuit before it was settled and Archer and Wisk agreed to work together.</li><li>Nature inspires many of the futuristic designs, Frank Stephenson told BI.</li></ul><p>Picture the scene: It's rush hour and you're running late for a meeting on the other side of town. If you're in a city with good public transportation, you could pile onto a busy metro train or you could get in a car or taxi and slog through traffic.</p><p class="MsoNormal">In a few years, if everything goes according to plan, you might be able to open an app to hail a non-polluting aircraft and avoid the ground congestion altogether.</p><p class="MsoNormal">This is the vision for Archer Aviation, one of several companies building electric vertical-takeoff-and-landing aircraft, better known as eVTOLs or flying taxis.</p><p class="MsoNormal">It shouldn't cost much more than an Uber, either. Adam Goldstein, the CEO of Archer, previously told Business Insider he expects a seat in its six-passenger <a target="_blank" href="https://www.businessinsider.com/united-electric-air-taxi-archer-evtol-2023-6">Midnight aircraft</a> to cost about $100.</p><p class="MsoNormal">An <a target="_blank" href="https://www.uber.com/global/en/r/routes/manhattan-ny-to-ewr/">Uber from Manhattan to Newark Airport</a> costs $85 for a 40-minute drive. Archer says its Midnight flying taxi would need 10 minutes for the same journey, which the company plans to make its first commercial service in 2025.</p><p class="MsoNormal">BI attended the Dubai Airshow last month, where Goldstein started the sustainability conference with a speech about the company's ambitions.</p><p class="MsoNormal">"The transportation grid is still stuck in two dimensions. There's lots of trips out there where people are willing to spend 60, 90, or even 120 minutes in a car," he said. "Now we can solve these trips by going to the air."</p><p class="MsoNormal">Helicopters are the main alternative today, but they're expensive and many cities have banned their mass use due to noise complaints. Goldstein said that Archer's Midnight is "near silent when flying overhead."</p><p class="MsoNormal">Volocopter, a German startup set to bring its flying taxis to <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-neom-project-green-city-fossil-fuels-oil-2023-12">Saudi Arabia's planned megacity Neom</a>, hopes to run its first service during next summer's Paris Olympics.</p><p>Most other eVTOL firms, including Archer, are targeting certification by 2025. Goldstein said Archer wants to start mass operations in 2028, when "hundreds" of flying taxis would operate in one city as Los Angeles transportation officials plan for their use during that year's Olympics.</p><h2>Why the flying-taxi designs look unique</h2><p>Frank Stephenson got his start designing cars. After Ford sponsored his design education, he worked for the company in Cologne, Germany. He also designed the Mini Cooper and the Fiat 500 and worked as a design director for Ferrari, Maserati, and McLaren.</p><p class="MsoNormal">His enthusiasm for aircraft was infectious as he spoke to BI at the Dubai Airshow. Midway through a sentence, the Italian Air Force's aerobatics team roaring overhead through plumes of red, white, and green smoke diverted his attention.</p><p class="MsoNormal">At first, pivoting to aviation might seem like a curious move, but for Stephenson, it made perfect sense.</p><p class="MsoNormal">"I think from as far back as I can remember, as a kid even, I was just interested in anything that moved," Stephenson told BI.</p><p>After leaving McLaren, Stephenson started his own design studio where his first client was Lilium Air Mobility.</p><div type="image" title="A model of a eVTOL Lilium Jet, electric vertical take-off and landing jet is displayed during the Farnborough International Airshow 2022 on July 18, 2022" height="2336" width="3500" msid="106100926" hostid="261"></div><p>These sleek, modern aircraft often appear as if they were plucked from the set of "Blade Runner," but for Stephenson, "everything I design is based on influences from nature."</p><p class="MsoNormal">"There's nothing more intelligent than nature in design," he told BI. "Who the heck says it has to look like an airplace anyways, because what's an airplane? It's a sausage with wings on it."</p><p class="MsoNormal">For Lilium, he was first inspired by the sea, because "a fish is theoretically more aerodynamic than a bird."</p><p class="MsoNormal">"The engineers were like, 'Oh my gosh, we've never thought about doing it like this before. And it works really well.' So that world opened up to me. It's like the first days of the automobile."</p><h2>United Airlines has ordered $1 billion's worth of Archer's Midnight craft</h2><p>"Once you can start replacing work-and-going-home trips with this aircraft, it's beyond my wildest imagination how you change where people live and work, and how much you can really impact mobility going forward," Nikhil Goel, Archer's chief commercial officer, told BI.</p><p class="MsoNormal">"Sustainability is big, but it's also just sexy," he added. "It's a really great way to get from A to B."</p><p class="MsoNormal">Goel, a former McKinsey consultant who cofounded <a target="_blank" href="https://www.businessinsider.com/joby-aviation-to-acquire-uber-elevate-wins-75-million-investment-2020-12">Uber Elevate</a> before joining Archer, has the polished air of a Silicon Valley executive.</p><p class="MsoNormal">"The best-case scenario is probably still more than I would expect," he said. "I always say that if you'd asked Steve Jobs, 'How many iPhones would you sell in 2023?' He would have predicted probably a tenth of what we have today.</p><p class="MsoNormal">"So best-case scenario, I don't know, everybody in the world is able to use this to go from A to B."</p><div type="image" title="Nikhil Goel of Archer smiling wearing a grey suit and cyan tie stood in front of the Midnight eVTOL at the Dubai Air Show" height="3200" width="4800" msid="106100927" hostid="261"></div><p>There's still a lot to get through first. After aviation authorities certify them, eVTOL companies would need to scale up manufacturing. Then comes the infrastructure: building enough vertiports — eVTOL takeoff facilities — for mass use.</p><p class="MsoNormal">Vertiports are similar to helipads but include recharging and hangaring options.</p><p class="MsoNormal">But the money involved suggests that airlines believe there's promise. American Airlines, United Airlines, and Azul Brazilian Airlines have each made $1 billion deals with Vertical Aerospace, Archer, and Lilium, respectively.</p><p class="MsoNormal">Goldstein said United's order with Archer has a further $500 million option, which would bring the total up to 300 aircraft.</p><p class="MsoNormal">"We are working with the best manufacturing suppliers in the game — Honeywell, Safran, Garmin, FACC — so we think from a certification perspective, we've nearly eliminated all the risks," Goel said.</p><p class="MsoNormal">He added that the biggest priority for the coming year is the "final stages of certification."</p><p class="MsoNormal">Archer has also started building its main manufacturing plant in Georgia, where it will work with the auto giant Stellantis to produce up to 2,300 aircraft a year. Archer added that the factory will be capable of producing 650 vehicles a year when it starts its first phase of operations in 2024.</p><p class="MsoNormal">"Already on day one, it will be less than half the cost of a helicopter," Goel told BI. Helicopters cost about $10 per passenger mile, whereas Goel said the Midnight will cost about $4 to $5 per passenger mile.</p><p class="MsoNormal">He said it's cheaper because there's "very little maintenance cost" and "it's 100% all electric so there's no fuel cost."</p><p>"As we increase the utilization and load factor, the aircraft will be at $2 to $3," he added. "And then from there, you add in autonomy, scale manufacturing, our long-term goal is to get about $1."</p><h2>Self-flying taxis</h2><p>Not every eVTOL company is prioritizing passenger transportation. AutoFlight, a Chinese startup with offices in Germany and California, is first targeting certification for its cargo eVTOL.</p><p class="MsoNormal">"Developing an aircraft is a really expensive adventure, and we believe the cargo version will be much quicker to certify, and produce and sell, and generate revenues," Jocelyn Moreau, AutoFlight Europe's head of operations, told BI.</p><p class="MsoNormal">"What we see here at the Dubai Airshow, and at the Paris Air Show, is that there will be a high demand for cargo as well as for passengers," he added.</p><p class="MsoNormal">Moreau, a former manager at Airbus Helicopters Deutschland GmbH, joined the eVTOL space because "it was the new revolution going on."</p><p class="MsoNormal">"With two colleagues of mine, we left Airbus to be part of the revolution, and try on our own an exciting adventure," he said.</p><p class="MsoNormal">Moreau told BI he expects AutoFlight's cargo eVTOL to be certified in China within six to 12 months, but that a passenger version could take another two or three years to get certified.</p><p class="MsoNormal">The emphasis on cargo also means AutoFlight is better positioned to explore self-flying-aircraft options.</p><p class="MsoNormal">"We are already flying autonomously with the cargo version," Moreau said. "There is no pilot, there's no cockpit. There's nothing."</p><p class="MsoNormal">"For the passenger version, we believe we need a pilot first," he added. "And maybe in a few years' time when people are used to flying, then there will be no pilot."</p><p class="MsoNormal">Goldstein said Archer is aiming for its aircraft to be fully autonomous in 2030. It's made progress after reaching an agreement with Wisk Aero, an eVTOL company owned by Boeing, following a two-year dispute.</p><p class="MsoNormal"><a target="_blank" href="https://www.businessinsider.com/flying-taxi-rivals-archer-and-wisk-settle-dispute-will-collaborate-2023-8">Wisk accused Archer of stealing trade secrets</a> in a 2021 lawsuit. The complaint alleged that Archer hired ten Wisk engineers and produced an aircraft with "a striking resemblance" to a Wisk patent. A forensic investigation found that two of those former Wisk engineers downloaded thousands of files shortly before leaving for Archer, according to the lawsuit.</p><p class="MsoNormal">In August, the rivals settled and agreed to work together. Wisk is now Archer's exclusive provider of autonomous-flying technology, and Boeing agreed to invest an undisclosed amount into Archer as part of a $215 million funding round.</p><p>In a press release, Archer said the agreement would help it avoid "hundreds of millions of dollars of spending" on research and development.</p><h2>'You don't get tired of them — they just look right'</h2><div type="image" title="Frank Stephenson wears a black suit and poses in front of AutoFlight's Prosperity I" height="1399" width="2500" msid="106100928" hostid="261"></div><p>After Lilium, Stephenson also designed eVTOLs for Archer and AutoFlight, which he said is "probably the most effective design so far."</p><p class="MsoNormal">Unlike Archer's Midnight, AutoFlight's Prosperity I doesn't need the propellors to tilt — horizontal rotors take the aircraft up and down, and the ones on the back push it forward.</p><p class="MsoNormal">"The intention I always had from the beginning was: How simple can you reduce all the elements, and it doesn't look boring, it still looks futuristic?"</p><p class="MsoNormal">"It ends up looking beautiful because it's so functional when it does," Stephenson told BI. "There's nothing really ugly in nature — something might shock you, but it doesn't look wrong."</p><p class="MsoNormal">"The cars and the objects that are designed for efficient functionality tend to last a long time in terms of aesthetics. You don't get tired of them — they just look right."</p><p class="MsoNormal">"It's an incredibly interesting field to be in right now," he added. "30 years from now, I might sound stupid. But right now, we're breaking new ground."</p>

Flying taxis could take to the skies by next year. Here's why the aviation industry is so excited about eVTOLs.

<br /> A German start-up company is currently developing a ultra light personal <keyword id="2836188" type="UNKNOWN" weightage="100" keywordseo="electric-plane">electric plane</keyword>, the first of its kind, which can be powered from a wall socket, is eco-friendly, and can even take off and land vertically even from the back of your home.<br />
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The plane would be a two-seater one, would be entirely electric, and uses a ducted fan so that it can be simpler, quieter and safer than the conventional helicopters.<br />
 <br /> "Our goal is to develop an aircraft for use in everyday life. We are going for a plane that does not need the complex and expensive infrastructure of an airport," said <keyword id="3355208" type="PERSON" weightage="100" keywordseo="Daniel-Wiegand">Daniel Wiegand</keyword>, CEO of Lilum, the company hosted in a European Space Agency (ESA) business incubator.<br />
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"To reduce noise and pollution, we are using electric engines so it can also be used close to urban areas," Daniel added.<br />
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The plane, which will have a range of 500 kilometres, will be on sale by 2018.<br />
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Talking of the features, it sports a touch screen, fly-by-wire joystick controls, retractable landing gear, wing doors, large storage, panoramic windows and a battery that can be recharged from any wall plug.<br />
 <br />
"The half-size prototype is already flying and now under test. The full-size unmanned prototype is planned for this summer," said Thorsten Rudolph, CEO of AZO, which runs the incubator, one of many in ESA's Technology Transfer Programme throughout Europe.<br />
 <br />
"We are helping the Lilium team to turn their idea into a viable business. They are the aircraft experts, and we provide the expertise on how to make a business out of their dream," Rudolph said.<br />
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The retail cost of this plane would be far less than any other similar-sized aircraft, with much lower running costs, said the ESA.<br />
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<a href="http://lilium-aviation.com/"><em>Image source</em></a><br />

Coming soon: A personal plane that you can land in your garden

<ul class="summary-list"><li>For an industry based entirely on the arrival of a new kind of aircraft, many technological and logistical hurdles must be cleared.</li><li>Those include battery tech, business plans, and the role drones must play before flying cars can take off.</li><li>The good news is that heaps of startups are working on these problems — and we've rounded up the best contenders to deliver the future of flight.</li></ul><p>Though <a href="http://images.markets.businessinsider.com/6-hot-startups-that-can-make-flying-cars-actually-happen-2020-11">investment opportunities</a> abound in the world of aerial mobility - for those patient enough to play the long game - staying abreast of the key technological challenges still standing in the way of viable, widespread electric air taxi service is important. It helps to temper expectations and filter out the hype.</p><p>This is especially true because the industry is having a bit of an early reckoning, with instigator and cheerleader Uber <a href="https://www.businessinsider.com/joby-aviation-to-acquire-uber-elevate-wins-75-million-investment-2020-12">offloading the Elevate program</a> that helped spawn the movement back in 2016. Whether you think this is merely the first domino to fall in an effort that's already incomprehensibly ambitious, or merely an inevitable hiccup - likely one of many - the move reinforces the lesson that nothing in <keyword id="31907" type="COMPANY" weightage="100" keywordseo="Aviation">aviation</keyword> is a foregone conclusion. Supporters may waver, companies may fail, and necessary innovations may not materialize.</p><p>For an industry based entirely on the arrival of a new kind of aircraft, using new propulsion technologies and powered by the same <keyword id="45741" type="PERSON" weightage="60" keywordseo="batteries">batteries</keyword> that have so far required massive innovation just to push a car 200 miles, many challenges remain-and yes, batteries are a big part of it. </p><p>"The low energy density of batteries continues to force eVTOL makers to make significant design tradeoffs, resulting in performance that can only marginally meet customer mission requirements," warns Ben Marcus, co-founder of venture-capital firm <a href="https://www.up.partners/">UP.Partners</a>, which formed this year to invest in the necessary building blocks of the flying car business.</p><ul class="read-more-links"><li>Read more: <a href="https://www.businessinsider.com/zeroavia-founder-reveals-challenges-advice-aviation-startups-2020-12'">ZeroAvia's founder reveals how he got $21 million to build a plane that won't go to market for a decade</a></li></ul><p>"The industry must also develop autonomy systems that significantly improve the safety of vertical-lift aircraft relative to human-piloted helicopters before they will make a significant difference in the daily commutes of millions of people."</p><p>Furthermore, the new technologies will have to be certifiable to safety standards that are much higher than for terrestrial transport systems - mostly given the fact that if something fails on the ground, the solution is often as simple as pulling over and stopping, something not easily done in aircraft. They must be practical for commercial applications, with adequate passenger space and flight range, and appealing to potential passengers. The flight experience needs to be comfortable and secure, or nobody will want to fly in the new aircraft.</p><p>Fortunately, Marcus adds, there are a lot of cooks in the kitchen - commercial R&amp;D labs, government agencies, university engineering departments - and plenty of beneficiaries beyond commuters looking to coast over gridlock. The same technologies that will lift those folks will also deliver pizzas, execute search-and-rescue missions, inspect power lines, shuttle emergency supplies, and more.</p><h2><strong>Drones need to light the way</strong></h2><p>The technological pipelines for all this needed innovation are already very active, with pilot projects and commercial deployment of drone-based systems, which use a lot of similar technologies to those needed for passenger-carrying aircraft, being initiated around the globe. </p><p>Marcus cites Zipline and Matternet as companies already delivering medical supplies in many parts of the world, while UPS, Amazon, Google Wing, and others are <a href="https://www.wired.com/story/drone-delivery-services-are-actually-finally-almost-here/">working with the FAA to establish drone delivery systems</a> in the U.S. These companies will operate in clearly defined geographic areas and under strict rules for how high and in what conditions their aircraft can fly.</p><ul class="read-more-links"><li>Read more: <a href="https://www.businessinsider.com/zipline-drone-coronavirus-supplies-africa-rwanda-ghana-2020-5">How Zipline engineered drones to deliver vital COVID-19 medical supplies to rural Ghana and Rwanda in minutes</a></li></ul><p>Once the early delivery systems prove they can successfully complete their missions, they'll need to graduate to wider geographic areas and be able to operate in the presence of other aircraft, whether human-piloted or autonomous. Marcus' own initiative, AirMap, a drone-management software company, is working to help devise a system that will be needed to define paths through communities, factoring in winds and weather at low altitudes, electronic noise that might interfere with navigation or communications to local air traffic networks, and risk areas, such as those with dense pedestrian traffic.</p><p>The idea is that eventually the drones will be able to function with full awareness of other aircraft in the area, map out their own routes to their destinations while avoiding conflicts, and generally be able to keep themselves out of trouble. These are the same capabilities - collectively known as autonomy - that will be required of larger electric aircraft capable of carrying actual passengers.</p><h2><strong>Autonomy in reach</strong></h2><p>That ultimate goal, fully autonomous flight, is being tackled by companies such as Reliable Robotics, Merlin Labs, X-Wing, Near Earth Autonomy, Daedalean, Skydio, and others. Skydio founder Adam Bry is consciously taking a walk-then-run approach to artificial intelligence-based systems controlling aviation. </p><p>This begins with consumer drones that can safely and reliably follow people and vehicles <a href="https://www.youtube.com/watch?v=iKlpCG367AE&amp;feature=youtu.beu.be">while avoiding obstacles</a>, followed by industrial and commercial applications. Skydio just signed the largest-ever commercial drone contract, for 5,000 Skydio 2 drones to be used in <a href="https://www.eagleview.com/newsroom/2020/09/eagleview-skydio-partnership-revolutionizing-virtual-property-inspections/">residential roof inspections</a>. It will then move to drones that can operate independently in public airspace, and then, ultimately, those passenger-carrying aircraft. "That's the big flywheel that we're trying to spin up," Bry says. "Over time, as the core algorithms get better based on the validation of the data, I think we get more and more confident in scaling them up to bigger and bigger and higher-consequence vehicles and systems."</p><div type="image" title="Skydio" height="1582" width="3000" msid="79979189" hostid="261"></div><p>Bry says that while the air taxi future will take a long time to come to fruition, due to the multitude of new technologies that need to converge, there are many paths for innovation that can be exploited to develop the capabilities safely. For instance, he notes that simply keeping autonomous drones low to the ground and within 50 feet of structures will keep out of the way of other aircraft, while enabling the devices to be widely deployed. "That's where we're going to see the most progress in the short term," he says. "There's so much value in terms of data collection that you can get by flying 30 to 50 feet from the ground."</p><h2><strong>Building the business</strong></h2><p>Until that evolution gains significant traction, human-occupied systems, like drones, will also be constrained to very specific corridors and flight conditions. But even there, the technology is advancing surprisingly quickly. EHang, based in China, has been working to launch an air taxi pilot program for Dubai. German startup Volocopter has been doing the same in Singapore. Munich-based Lilium just announced plans for an air taxi service that will launch in 2025 near Orlando. The latter will shuttle passengers between Lake Nona and destinations within the anticipated 186-mile range of its aircraft, the Lilium Jet. </p><div type="image" title="Lilium Air Taxi test flight" height="1752" width="3004" msid="79979193" hostid="261"></div><p>Lilium COO Remo Gerber says such a system, which would be privately funded though potentially with backing from the city of Orlando, could test solutions for multiple technological challenges at once-the logistics of reserving and booking flights, the infrastructure required for its $25 million "vertiport," the specific capabilities of the aircraft itself, and the whole development process itself. </p><p>Yet he is optimistic that a minimal ground presence will mean greater economic viability. "If we were to ever think about putting a high-speed ground transportation system anywhere in the world, you wouldn't even get through the permitting stage alone in four years," he says. "But we believe we could have a very large, significant network up and running across the whole state of Florida-while giving people a beautiful view, too."</p><h2><strong>Batteries are the linchpin</strong></h2><p>It's possible, however, that absolutely none of this will happen-at real scale, anyway-without a significant breakthrough in power technology.  While early system battery-electric air taxi systems will likely be able to get away with short-range aircraft that will need to be charged before every flight, eventually the aircraft will need to be able to deliver on the 180-plus mile ranges and the hyper-fast recharging that have been promised but not yet validated. Companies leading the charge here, so to speak, include Cuberg, MagniX, Ampaire, and Verdego Aero. </p><div type="image" title="Alaka'i Technologies unveils a model of a working prototype of Skai, a hydrogen fuel cell powered multi-rotor aircraft the company designed to carry up to five passengers, during an event in Newbury Park, California, U.S., May 29, 2019.  REUTERS/Andrew Cullen" height="2752" width="4128" msid="79979196" hostid="261"></div><p>However, just because air taxis will be electric, that doesn't mean they necessarily have to be powered by batteries. Alaka'I Technologies and ZeroAvia are both developing hydrogen-powered propulsion systems for electric aircraft. Alaka'I was selected for a series of flight tests and assessments in NASA's Advanced Air Mobility National Campaign, and ZeroAvia executed its first flight test, in September, of a conventional six-seat aircraft converted to its hydrogen-based electric system. </p><p>According to Marcus, <keyword id="169046" type="COMPANY" weightage="60" keywordseo="hydrogen">hydrogen</keyword> power just might find a home in aviation much more readily than it has in automotive applications. If so, it could prove to be a significant piece to the air taxi technology puzzle-but one of many pieces nonetheless.</p><ul class="read-more-links"><li style="list-style-type: none;"><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/electric-planes-future-of-aviation-problems-regulations-2020-3">Why electric planes haven't taken off yet</a></li><li><a href="https://www.businessinsider.com/electric-planes-are-ready-to-disrupt-the-airline-industry-2020-3">The electric-plane revolution is finally here, and it promises to shake up the $840 billion airline industry</a></li><li><a href="https://www.businessinsider.com/venture-capital-vcs-electric-aviation-startups-2020-11">8 electric aviation startups poised to blow past the jet age and modernize air travel and logistics</a></li></ul></li></ul>

The 4 biggest hurdles blocking the arrival of flying cars - and the top startups with the best shot of blowing past them

<ul class="summary-list"><li>The aviation industry emits hundreds of millions of tons of CO2 into the atmosphere every year.</li><li>The industry has committed to net-zero emissions by 2050 to better battle climate change.</li></ul><p>EVTOLs are <a href="https://www.businessinsider.com/american-united-investing-billions-in-new-type-of-aircraft-evtols-2021-7">low or zero-emission urban air mobility aircraft</a> that are primarily marketed as short-haul air taxis. The vehicles are <a href="https://www.businessinsider.com/photos-premium-flying-taxi-cabin-ordered-by-american-airlines-vx4-2022-9">ideal for populated areas</a> with no runways or other infrastructure needed by commercial jets and can offer efficient, fast transport in cities that are typically congested with roadway traffic.</p><p>Manufacturing giants like Boeing and Airbus are developing new eVOTLs to revolutionize air travel, like <a href="https://www.businessinsider.com/boeing-invests-wisk-air-taxi-startup-autonomois-electric-aircraft-2022-1">Boeing-backed Wisk</a> and <a href="https://www.businessinsider.com/cityairbus-makes-first-public-flight-airbus-flying-taxi-evtol-2020-7">Airbus' all-electric, four-seater CityAirbus NextGen</a>.</p><p>While low-emission <a href="https://www.rolls-royce.com/media/press-releases/2022/21-03-2022-poweroftrent-rr-sustainable-aviation-fuel-agreement-with-air-bp-for-engine-tests.aspx">sustainable aviation fuel</a> is one promising solution for the global airline industry to lower its carbon emissions and reach net-zero carbon emissions by 2050 as <a href="https://www.icao.int/newsroom/pages/icao-council-adopts-new-co2-emissions-standard-for-aircraft.aspx">mandated by the International Civil Aviation Organization,</a> manufacturers and airlines will need to invest in additional technologies to meet the 2050 goal, with many turning to electric aircraft like eVTOLs.</p><p>The future of the new type of aircraft is promising, but even the soonest projections put it years away from entering service. Experts also note that there are still difficulties that have not been solved yet, like the lack of current infrastructure to support the new vehicles as well as the lack of any federal regulatory standards.</p><p>Additionally, it's impossible to be sure how the flying public will take to the new kind of aircraft once they can book trips on it.</p><p>Despite the potential hurdles, several airlines worldwide have taken interest in eVTOLs and electric planes, with the notable exception of Delta Air Lines, which is the <a href="https://www.businessinsider.com/delta-only-major-us-carrier-not-order-supersonic-or-evtol-2022-8">only major US carrier that has not yet made a commitment.</a></p><p>Here's a look at the airlines that have invested in electric planes and eVTOLs with the hope they will one day provide an efficient, eco-friendly mode of transportation.</p><h2>Vertical Aerospace's VX4</h2><div type="image" title="The Vx4 is being developed by the UK firm Vertical Aerospace." height="1500" width="2000" msid="94103769" hostid="261" sizebytes="159324"></div><p>Vertical Aerospace's VX4 aircraft has received interest from airlines in every corner of the world, having <a href="https://www.businesswire.com/news/home/20220808005081/en/Vertical-Aerospace-Announces-First-Half-Year-2022-Results">amassed over 1,400 pre-orders for the VX4</a> as of June 30. The company hopes the aircraft will be certified by 2025 and flying soon after that.</p><p>Airline investors include American, Virgin Atlantic, Spanish charter airline Iberojet, Japan Airlines, Brazil-based GOL, Air Greenland, and AirAsia, <a href="https://www.businesswire.com/news/home/20220718005818/en/Electric-Flight-Moves-a-Step-Closer-as-Vertical-Aerospace-and-CAE-Partner-on-Pilot-Training">according to the company</a>. The latter three are via placements made by aircraft leasing company Avolon, which has ordered over 500 VX4s. </p><h2>Embraer's Eve</h2><div type="image" title="How the full vehicle could look." height="1200" width="1600" msid="94103771" hostid="261" sizebytes="74182"></div><p>Eve is Embraer's eVTOL four-seater product that has a <a href="https://www.businessinsider.com/photos-flying-taxi-with-most-orders-fly-by-2026-embraer-2022-7">backlog of over 1,900 aircraft.</a></p><p>The manufacturer has partnered with several carriers worldwide to promote urban air mobility, like Florida's <a href="https://eveairmobility.com/eve-and-global-crossing-airlines-sign-letter-of-intent-for-up-to-200-evtol-aircraft-and-enable-future-collaboration-for-uam/">Global Crossing Airlines</a>, Australia's <a href="https://eveairmobility.com/eve-and-sydney-seaplanes-announce-partnership-to-bring-uam-services-to-sydney-with-an-initial-order-of-50-evtols/">Sydney Seaplanes</a>, Dubai's <a href="https://eveairmobility.com/eve-and-falcon-aviation-services-announce-partnership-to-introduce-evtol-flights-in-dubai/">Falcon Aviation Services</a>, Kenya Airways' subsidiary <a href="https://eveairmobility.com/eve-and-kenya-airways-fahari-aviation-sign-an-agreement-to-scale-urban-air-mobility-with-an-order-of-up-to-40-evtols-to-fly-people-and-cargo/">Fahari Aviation</a>, Western Australia-based <a href="https://eveairmobility.com/eve-aviair-and-helispirit-announce-partnership-with-an-order-of-up-to-50-evtols/">Aviair</a>, US regional airlines <a href="https://eveairmobility.com/eve-and-republic-airways-announce-partnership-to-develop-regional-operator-network-of-the-future-with-an-order-for-up-to-200-evtol-aircraft/">Republic Airways</a> and <a href="https://eveairmobility.com/eve-and-skywest-announce-partnership-to-develop-regional-operator-network-with-an-order-for-100-evtol-aircraft/">SkyWest Airlines</a>, Singapore-based startup <a href="https://eveairmobility.com/embraers-eve-and-ascent-further-partnership-with-a-commitment-to-bring-uam-operations-to-the-asia-pacific-region/">Ascent</a>, and helicopter operators <a href="https://eveairmobility.com/eve-announces-halo-as-launch-partner-in-the-urban-air-mobility-market-with-an-order-for-200-evtol-aircraft/">Halo</a> and <a href="https://eveairmobility.com/eve-and-helisul-announce-partnership-to-develop-uam-products-and-services-in-brazil-with-an-initial-order-of-up-to-50-evtols/">Helisul Aviation</a>.</p><p>United is the most recent carrier to announce an investment in Eve. On Thursday, the <a href="https://www.united.com/en/us/newsroom/announcements/cision-125237">carrier put down $15 million</a> for a <a href="https://www.united.com/en/us/newsroom/announcements/cision-125237">conditional order</a> for 200 eVTOLS, with an option for 200 more. Eve hopes its eVTOL will be flying passengers as soon as 2026.</p><h2>Airbus' CityAirbus NextGen</h2><div type="image" title="CityAirbus NextGen" height="818" width="1091" msid="94103773" hostid="261" sizebytes="17540"></div><p>Airbus hopes to shake up the flying taxi market with its eVTOL product, CityAirbus NextGen. The four-seater vehicle can fly up to 60 miles, making it a viable candidate for intra-city flying. NextGen <a href="https://www.airbus.com/en/newsroom/press-releases/2021-09-airbus-reveals-the-next-generation-of-cityairbus">builds upon Airbus' original CityAirbus</a> with a new design that includes fixed wings and a V-shaped tail.</p><p>With the announcement of the modified eVTOL, the company <a href="https://www.airbus.com/en/newsroom/press-releases/2021-09-airbus-reveals-the-next-generation-of-cityairbus">said</a> it plans to conduct test flights in 2023 and get the flying taxi certified by 2025.</p><p>The <a href="https://www.airbus.com/en/newsroom/press-releases/2022-04-airbus-and-ita-airways-partner-to-develop-urban-air-mobility-in">planemaker has partnered with Italy's ITA Airways </a>to "explore the creation of tailored UAM services, by identifying strategic use cases for emission-free mobility solutions."</p><h2>Joby Aviation's eVTOL</h2><div type="image" title="The Joby flying vehicle in flight, with clouds and the sunset behind it." height="3648" width="4864" msid="94103775" hostid="261" sizebytes="111798"></div><p>Joby Aviation took over Uber Elevate — the company's air taxi arm — in 2020. The manufacturer has since partnered with Toyota to create a five-seater eVTOL, and Tokyo-based All Nippon Airways to <a href="https://ir.jobyaviation.com/news-events/press-releases/detail/28/ana-holdings-and-joby-partner-to-bring-air-taxi-service-to">bring the electric vehicle to Japan</a>. </p><p>Like many of its competitors, the manufacturer hopes to get its air taxi flying as soon as 2024.</p><h2>Heart Aerospace's ES-19</h2><div type="image" title="United Airlines and Heart Aerospace partner to develop an electric aircraft." height="664" width="886" msid="94103777" hostid="261" sizebytes="21480"></div><p>While not an eVTOL, Heart Aerospace is marketing a 19-seater electric plane, <a href="https://markets.businessinsider.com/news/stocks/electric-aircraft-set-to-take-flight-by-2026-under-new-agreements-with-united-airlines-ventures-breakthrough-energy-ventures-mesa-airlines-heart-aerospace-1030600846">dubbed the ES-19</a>. United has <a href="https://heartaerospace.com/wp-content/uploads/2021/07/Heart-Aerospace-Series-A-Press-Release-July-13-2021.pdf">ordered</a> 100 of the type once the aircraft meets the airline's "safety, business and operating requirements." The carrier's regional partner Mesa Airlines has also ordered 100 ES-19s, and New Zealand-based Sounds Air <a href="https://www.rnz.co.nz/audio/player?audio_id=2018808724">plans to have "at least three"</a> ES-19s in its fleet by 2026.</p><p>Meanwhile, Finland flag carrier <a href="https://www.finnair.com/us-en/bluewings/sustainability/finnair-strengthens-collaboration-with-pioneering-electric-aviation-startup-heart-aerospace--2253482">Finnair</a>, Swedish airline BRA, Norway's Wideroe, Air Greenland, Quebec-based Pascan, California's Quantum Air, UK startup CityClipper, and Scandinavian Airlines have all signed letters of intent for the aircraft, <a href="https://www.ainonline.com/aviation-news/air-transport/2020-09-23/heart-unveils-electric-propulsion-system-es-19-airliner">according to the company</a>.</p><h2>Archer Aviation's "Midnight" Air Taxi</h2><div type="image" title="Archer Aviation Midnight." height="749" width="998" msid="94103779" hostid="261" sizebytes="12324"></div><p>In mid-August, United announced its $10 million deposit for 100 of Archer Aviation's "Midnight" eVTOLs. Midnight will not be unveiled until later this year, a company spokesperson told Insider, but it has a <a href="https://www.businessinsider.com/united-airlines-electric-flying-taxis-archer-aviation-maker-midnight-photos-2022-8#a-spokesperson-for-archer-told-insider-the-firm-wont-be-unveiling-the-midnight-until-later-this-year-however-they-said-some-of-the-design-principles-will-be-the-same-as-maker-which-it-has-been-flight-testing-since-december-2021-5">prototype</a> of its smaller "Maker" eVTOL that has been undergoing flight testing since December 2021.</p><p>United hopes to get "Midnight" in service by 2024.</p><h2>Rolls-Royce's P-Volt</h2><div type="image" title="51025071088_437ea45d71_o" height="1178" width="1571" msid="94103781" hostid="261" sizebytes="100404"></div><p>In March 2021, Rolls-Royce <a href="https://www.rolls-royce.com/media/press-releases/2021/11-03-2021-rr-and-tecnam-join-forces.aspx">announced</a> a partnership with airframer Tecnam and Norwegian regional airline Widerøe to develop the <a href="https://www.businessinsider.com/rolls-royce-widere-tecnam-building-all-electric-aircraft-for-2026-2021-3">P-Volt electric aircraft</a>. The zero-emission plane is expected to enter service in 2026.</p><h2>Lilium's eVTOL Jet</h2><div type="image" title="Lilium Jet." height="706" width="942" msid="94103784" hostid="261" sizebytes="45794"></div><p>German aircraft manufacturer <a href="https://lilium.com/newsroom-detail/capital-markets-day-planned-1-billion-commercial-deal-with-brazilian-airline-azul-appointment-of-new-board-members">Lilium has partnered with Brazilian airline Azul</a> to create a "co-branded network in Brazil" using the seven-seater Lilium Jet. Lilium plans to sell 220 eVTOLs to Azul, which would operate and maintain the fleet.</p><p>The deal is worth $1 billion, with flights expected to start in 2025, though the aircraft should be ready for use by 2024.</p>

Airlines like United and American are betting on electric air taxis that could change the way we get around and between cities — here's the 8 companies they're partnering with

<ul class="summary-list"><li>The air taxi startup Lilium announced a deal with Spanish infrastructure company Ferrovial to build over 10 landing locations in Florida.</li><li>Most Florida residents will live within 30 minutes of one of the flying-taxi hubs.</li><li>The state's first commercial flight could be announced as soon as this spring.</li></ul><p>Florida will serve as a hub for one of the world's first jet-powered flying taxis- an all-electric vertical-takeoff-and-landing <keyword id="6385716" type="UNKNOWN" weightage="60" keywordseo="aircraft">aircraft</keyword>.</p><p>The five-year-old startup Lilium, based out of Munich, announced a deal on Wednesday with Spanish infrastructure company Ferrovial to build over 10 landing locations - called "vertiports" - in several major cities across Florida, <a href="https://www.businessinsider.com/flying-taxi-vertiport-orlando-lilium-airport-uber-flying-car-2020-11">including Orlando</a>.</p><p>Lilium's Chief Operating Officer, Dr. Remo Gerber, said most Florida residents will live within 30 minutes of one of the flying taxi hubs, as the company plans to spread the hubs throughout the state. </p><p>The state's first commercial flight could be announced as soon as this spring. Lilium plans to have flights up and running worldwide by 2025. The company's Chief Commercial Officer, Remo Gerber, told Insider in 2019 that Lilium plans to offer the service for as little as <a href="https://www.businessinsider.com/lilium-70-air-taxi-rides-will-be-a-reality-by-2025-2019-5">$70 per flight</a>.</p><p><em><strong>Read more: </strong><a href="https://www.businessinsider.com/venture-capital-vcs-electric-aviation-startups-2020-11?r=gk-sub">Meet the 8 electric aviation startups poised to blow past the jet age and modernize air travel and logistics, according to industry experts</a></em></p><p>The jet is emissions free and is designed to fit seamlessly into an urban environment. Lilium's press release says the aircraft is "as loud as a passing truck when taking off," and cannot be heard when flying over 400 meters above the ground.</p><p>"By saving time and enhancing connectivity, the service will drive significant economic growth for cities and increase access to industry, culture, and nature," the <a href="https://newsroom.ferrovial.com/en/press_releases/ferrovial-lilium-vertiport-agreement/">press release</a> says.</p><p>Current models of the jet seat five people. The <keyword id="6360326" type="UNKNOWN" weightage="60" keywordseo="electric">electric</keyword> jet is designed to require minimal maintenance and low costs once in full operation. </p><p>The jet looks different than any other aircraft, according to Lilium, as it operates with 36 single-stage electric motors and does not require the oil circuits and gearboxes of a typical jet. The company compares its model to a family car, as the product has the same number of individual parts. </p><p>The 36 electric jet engines allow the aircraft to move at considerable speed, as they tilt up for takeoff and forward for flight. The jet will operate faster than any of its competitors at about 186 miles per hour.</p><p><em><strong>See also: </strong><a href="https://www.businessinsider.com/solar-power-electric-airplane-flight-charging-airports-beam-global-2020-11?r=gk-sub">Airports don't have the infrastructure to charge the coming wave of electric planes - and a solar power startup CEO says he has the solution</a></em></p><p>Ferrovian's Innovation Director Rafeal Fernandez said flying taxis represent the future of <keyword id="34991" type="ORGANIZATION" weightage="100" keywordseo="transportation">transportation</keyword>.</p><p>"We partner with Lilium, one of the leading companies in this nascent urban air mobility ecosystem to deliver an innovative mode of transport that will shorten distances and improve the quality of life for citizens," Fernandez said in the press release.</p><p>The concept of flying taxis has taken off across the globe and could represent a trillion-dollar industry. A Morgan Stanley Research <a href="https://www.morganstanley.com/ideas/autonomous-aircraft">study</a> from 2020 found that the market for flying electric taxis could hit $1.5 trillion by 2040.</p><p>Lilium isn't the only company looking to create sustainable air traffic, over 100 different electric-jet programs are in development worldwide, including plans from companies like <a href="https://markets.businessinsider.com/news/stocks/toyota-invests-400-mln-in-joby-aviation-s-evtol-aircraft-project-1028828869">Toyota</a>, <a href="https://www.airbus.com/innovation/zero-emission/electric-flight.html">Airbus</a>, and <a href="https://www.seattlebusinessmag.com/business-operations/boeing-backed-company-planning-make-electric-airplanes">Boeing</a>. Hyundai and Uber have <a href="https://www.businessinsider.com/uber-hyundai-motor-team-up-to-develop-electric-air-taxi-2020-1">teamed up</a> to develop an electric air-taxi service as well.</p><p>Lilium has several big-time investors, including Tencent and Atomico. In the summer, the company <a href="https://www.businessinsider.com/lilium-spacex-raises-35-million-flying-taxis-2020-6">raised $35 million</a> from Baillie Gifford, a SpaceX backer. </p>

Florida will become home to 10 electric flying taxi hubs called 'vertiports'

<ul class="summary-list"><li><keyword id="88011" type="COMPANY" weightage="60" keywordseo="american-airlines">American Airlines</keyword> said it'd invest in <keyword id="6865774" type="UNKNOWN" weightage="60" keywordseo="vertical-aerospace">Vertical Aerospace</keyword> and agree to preorder its eVTOL <keyword id="6385716" type="UNKNOWN" weightage="60" keywordseo="aircraft">aircraft</keyword>.</li><li>Vertical Aerospace's VA-X4 is designed to fly up to four passengers distances of over 100 miles.</li><li>Experts expect more <keyword id="44023" type="ORGANIZATION" weightage="60" keywordseo="airlines">airlines</keyword> to invest in eVTOL aircraft as firms develop them.</li></ul><p>American Airlines is making an investment in the future of aviation, <a href="https://finance.yahoo.com/news/american-airlines-invests-future-urban-203000725.html">announcing</a> an agreement to preorder $1 billion worth of a new type of aircraft designed to fly over congested cities.</p><p>The airline, based in Fort Worth, Texas, said on Thursday that it also expected to invest $25 million in Vertical Aerospace, a UK firm developing electric vertical takeoff and land aircraft, or <keyword id="6861875" type="UNKNOWN" weightage="60" keywordseo="evtols">eVTOLs</keyword>, helicopter-like electric aircraft that aim to offer intracity <keyword id="34991" type="ORGANIZATION" weightage="100" keywordseo="transportation">transportation</keyword> and an alternative to driving.</p><p>Vertical Aerospace's flagship VA-X4 aims to fly up to four passengers to distances exceeding 100 miles while achieving speeds of up to 200 mph. American could likely offer airport transportation to and from its largest hubs.</p><p>American said it agreed to preorder up to 250 of Vertical Aerospace's aircraft, worth $1 billion, with the option to order 100 more.</p><p>"It's a relatively low-risk, high-reward investment and strategy by American," Henry Harteveldt, a travel-industry analyst and cofounder of Atmosphere Research Group, told Insider.</p><p>"The airline is not betting its financial future in these aircraft with this investment right now," Harteveldt said, adding that American likely has strict requirements that Vertical Aerospace must meet before it hands over more cash for its aircraft.</p><div type="image" title="American Airlines Vertical Aerospace eVTOL" height="1308" width="1748" msid="83436868" hostid="261"></div><p>American said sustainability was also a focus of its order - the VA-X4 is designed to be a carbon-zero aircraft powered by batteries instead of jet fuel.</p><p>"Emerging technologies are critical in the race to reduce carbon emissions and we are excited to partner with Vertical to develop the next generation of electric aircraft," Derek Kerr, American's chief financial officer, said in a statement.</p><p>United Airlines this year <a href="https://www.businessinsider.com/united-airlines-orders-1-billion-in-evtol-aircraft-from-archer-2021-2">announced a partnership with Archer Aviation</a>, another eVTOL startup that <a href="https://www.reuters.com/business/autos-transportation/archers-flying-taxi-makes-splashy-debut-heated-market-2021-06-11/">just unveiled its flagship Maker aircraft</a>. United and its regional airline partner Mesa Airlines are set to debut the aircraft in Los Angeles, offering flights to Los Angeles International Airport from so-called vertiports around the notoriously congested city.</p><p>"United and American genuinely recognize that the airline of the future will be tangibly different than the airline of today," Harteveldt said.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/archer-aviation-spac-public-valuation-founders-fly-passengers-for-united-2021-2">How 2 startup founders with no aviation experience landed a $1 billion deal to make electric aircraft for United</a></em></p><p>Harteveldt expects more airlines to invest in the eVTOL space, as Delta is the only holdout among the US's big three international airlines. And there's no shortage of eVTOL startups to invest in, with firms like Joby Aviation, Lilium, and Volocopter inching closer to the finish line on viable aircraft.</p><p>Vertical Aerospace has said the VA-X4 is on track for certification in 2024, and it could be flying American's passengers soon after.</p>

American Airlines could pay $1 billion for up to 250 eVTOLs to fly travelers over congested cities and highway traffic

<p>The Baden start-up Volocopter is one of those companies that top politicians like Dorothee Bär repeatedly praise as a great hope for Germany as a technology location.</p><p>The start-up is considered a prime example of so-called "moonshot" ideas that address seemingly insoluble problems. "From the very beginning, our great vision was that everyone should be able to fly," is the motto <a href="https://www.businessinsider.de/tech/der-deutsche-elon-musk-macht-elektrische-lufttaxis-2018-2/">of Volocopter founder Alexander Zosel.</a> And in a climate-neutral way.</p><p>The company from Bruchsal in Baden, founded in 2011, has now come a step closer to this vision.</p><p>On Wednesday, Volocopter announced that it would start commercial scheduled flights in the Asian city-state of Singapore over the next three years. The plan is to start with a tourist route along the skyline of the port.</p><p>Later, commuter connections, such as neighboring economic centers, are to be added. If the plan works out, Singapore would be the first metropolis in the world where electric air taxi services in public transport are about to be introduced.</p><h2>Use in local traffic</h2><p>By 2026, the startup says it plans to hire a total of 200 employees, including pilots, engineers, and operations managers to build a route network on site. Volocopter CEO Florian Reuter explained the fact that Singapore - and not a German metropolis - had been chosen as the location of choice by citing the regulatory environment.</p><p>"The city's research institutes play an essential role in this respect. Topics such as route validation for autonomous operation, materials science and research on battery technology are very important for our long-term business success," Reuter said.</p><h2>Permission not yet certain</h2><p>The company still needs approval from the civil aviation authority in Singapore and the European Union Aviation Safety Agency (EASA). Since the two authorities have recently concluded a working agreement, the company is optimistic that the permit will be in place within three years. In an earlier announcement, Volocopter had even brought 2021 into play as the launch date - but later rejected that.</p><p>For industry insiders, the debut in Singapore is hardly a surprise, since the city-state is considered much more aggressive when it comes to implementing new mobility concepts due to its traffic density.</p><p>Volocopter already has good contacts there. In 2019, the company completed the first manned flight of a passenger drone in urban areas. Around the same time, it opened an office there and inaugurated its first air cab station.</p><h2>Range of 35 kilometers</h2><p>At the center of the plans is <a href="https://www.businessinsider.de/gruenderszene/automotive-mobility/volocopter-flugtaxi-stadt-volocity/">the Volocity air cab model</a>, which, unlike its three predecessor models, is intended for series production. It is to have a range of 35 kilometers and an airspeed of up to 110 kilometers per hour and offer space for two people and hand luggage.</p><p>In recent years, the startup has <a href="https://www.businessinsider.de/gruenderszene/automotive-mobility/db-schenker-volocopter-series-c/">attracted renowned investors</a> for the development, including Deutsche Bahn, Daimler and the Chinese car manufacturer Geely.</p><p>With its "moonshot" idea, the start-up is not alone. Several companies worldwide, including Lilium GmbH in Weßling near Munich and the aircraft manufacturer Airbus, are working on the development of such passenger drones.</p><p>The German competitor Lilium also had news on Wednesday. The company announced that it would train the pilots for its electric vertical take-off aircraft in cooperation with Lufthansa. A job that promises little future: in the long term, the air cabs are to fly autonomously.</p>

Volocopter announces first scheduled air cab flights in Singapore

<ul class="summary-list"><li>The booming <keyword id="1817616" type="ORGANIZATION" weightage="60" keywordseo="SPAC">SPAC</keyword> market has been spooked by the acting <keyword id="6362470" type="ORGANIZATION" weightage="60" keywordseo="sec">SEC</keyword> director's recent hints that new rules could be on the way.</li><li>The financial forecasts used by companies going public through SPACs could come under scrutiny.</li><li>A close look at the so-called Total Addressable Market estimates used by companies involved in SPACs shows why caution is advised.</li></ul><p>Last week John Coates, the Harvard academic who is acting director of the Securities and Exchange Commission's division of corporate <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword>, caused a kerfuffle in the world of SPACs.</p><p>In a highly readable (really!) <a href="https://www.sec.gov/news/public-statement/spacs-ipos-liability-risk-under-securities-laws">treatise</a> on blank-check companies, <a href="https://www.businessinsider.com/who-is-getting-rich-on-spacs-2021-2">as special-purpose acquisition companies are also known</a>, Coates issued a warning to the investment bankers, lawyers, entrepreneurs, part-time board members, and other charlatans exploiting the trend. Plenty could go wrong, he said, when those who raise SPAC funds then buy a company. He ticked off a list of concerns from conflicts of interest <a href="https://www.businessinsider.com/who-is-getting-rich-on-spacs-2021-2">to celebrity involvement</a> to the potential ordinary investors being lured by "baseless hype."</p><p>Coates focused on the use of financial projections in SPAC deals. Because a SPAC buying a target technically is a merger, not an IPO, most have assumed it's okay to ignore IPO rules, which <a href="https://markets.businessinsider.com/news/stocks/spac-blank-check-merger-sec-official-blank-dealmakers-risks-complexities-2021-4-1030267783">prohibit financial projections</a> that could be used to bamboozle investors. Coates cautioned SPAC sponsors against becoming too comfortable with this loophole-and suggested the SEC might make rules to clarify matters.</p><p>The SEC official didn't give specific examples of "baseless hype," but he might have mentioned the way companies describe the market opportunity in front of them. SPAC after SPAC, in presentations to investors, describe the "total addressable market" they are attacking. The implication is that even if they have little or no business today their potential is huge.</p><p>Like the financial projections that worry the SEC, these market-size estimates - nearly always rosy and often far out into the future - ought to give pause to investors. SPACs tend to buy unproven companies, like flying car manufacturers and space "infrastructure" companies. (If they were proven, the companies likely would go the more respectable IPO route.) Because investors can't possibly know what these startups might become, the potential market size estimates are important for making an investment decision.</p><p><a href="https://www.businessinsider.com/6-hot-startups-that-can-make-flying-cars-actually-happen-2020-11">Flying car companies</a> are particularly good at this cheerful prognostication. Three have announced plans to become SPACs so far. Two, <a href="https://www.businessinsider.com/archer-aviation-spac-public-valuation-founders-fly-passengers-for-united-2021-2">Archer Aviation</a> and Lilium, say their market could be as big as $3 trillion by 2040. Both based their guesstimate on the same 2018 Morgan Stanley research report by analyst Adam Jonas. The far-into-the-future estimate applies a kitchen-sink approach to market sizing by including revenue projections for several industries, including airlines, cargo, ride-hailing, and "key accelerants" like batteries, communications equipment, and software.</p><p>I asked Morgan Stanley for a copy of the Dec., 2018, Jonas report, "Flying Cars: Investment Implications of Autonomous Urban Air Mobility," so I could dig into the assumptions Archer and Lilium are relying on. A Morgan Stanley spokeswoman said "we decline at this time, due to this report being outdated." Good point, though one wonders why it's good enough for companies about to include average investors as their shareholders.</p><p>Joby Aviation, another flying car company has a more modest, but also aggressive estimate of its potential market. It told investors it saw a $500 billion addressable market in the US alone and a global market of "north of $1 trillion." Joby didn't cite a date by which this market will appear. But it did source its estimate to another 2018 study, this one by tech consultant Booz, Allen, Hamilton.</p><p>That study, prepared for NASA, <a href="https://ntrs.nasa.gov/citations/20190001472">is available online</a>. A summary notes that the US prognostication is "for a fully unconstrained scenario" and that factors like weather, certification, regulatory hurdles, and public perception could reduce its near-term estimate to 0.5% of the total, or $2.5 billion. As it happens, the BoozAllen consultant who wrote the report, Rohit Goyal, now works in "product intelligence" for Joby, according to his LinkedIn profile. Investors might do well to ask him about the report's assumptions.</p><p>Let's be clear about something: Making a guess at the total size of a potential market is a valuable exercise for investors. The late Don Valentine, a founder of Sequoia Capital, was famous for paying attention to the size of the market opportunity to the exclusion of all else. But he was making risky venture-capital bets. Lise Buyer, an advisor to companies that go public, and a fund manager, research analyst and VC at various stages of her career, told me it's "totally legit for investors to ask what's the biggest the market could be if everything goes right. But I think they will roll their eyes when the numbers get too big."</p><p>Or at least they ought to.</p><h2>***</h2><h2><em>In other news:</em></h2><p>While I have you, I'd like to recommend a fine book that reflects badly on big business. It's called <a href="https://www.amazon.com/Death-Mud-Lick-Companies-Delivered/dp/1982105313">"Death in Mud Lick: A Coal Country Fight against the Drug Companies that Delivered Opioid Epidemic"</a>, by the Pulitzer-prize winning West Virginia investigative journalist Eric Eyre.</p><p>There are plenty of good books about the opioid scourge, including Beth Macy's "Dopesick" and the just-out and rapturously reviewed Sackler family takedown "Empires of Pain" by Patrick Radden Keefe. Eyre's book focuses on the role of the big drug distributors - Cardinal Health, McKesson, and AmerisourceBergen - in pushing pills for years that led to an overdose epidemic. Each of these companies is locked in multi-state litigation to resolve the type of allegations Eyre details. CEOs of each, for what it's worth, signed the Business Roundtable's 2019 <a href="https://www.businessroundtable.org/business-roundtable-redefines-the-purpose-of-a-corporation-to-promote-an-economy-that-serves-all-americans">statement of purpose</a>, which, among other things, promises to "respect the people in our communities and protect the environment by embracing sustainable practices across our businesses." After reading this book you'll be hard pressed to judge their actions respectful or sustainable.</p><p>I planned to write an entire column on hollow corporate statements and how they relate to the current climate of corporate activism and political awareness. But the lead editorial in the current issue of <em>The Economist</em> published a perfect distillation of what I wanted to say. So instead, I'll link to it <a href="https://www.economist.com/leaders/2021/04/15/the-political-ceo">here</a>.</p><p><em>Adam Lashinsky is a Business Insider contributor and former executive editor at Fortune magazine, where he spent 19 years. He is the author of two books: <a href="https://www.amazon.com/Inside-Apple-Americas-Admired-Secretive-Company/dp/145551215X?tag=bisafetynet2-20">"Inside Apple"</a> (about Apple) and <a href="https://www.amazon.com/Wild-Ride-Inside-Ubers-Domination/dp/0735211396?tag=bisafetynet2-20">"Wild Ride"</a> (about Uber).</em></p>

Why the 'trillion-dollar' markets touted by SPAC startups don't always add up

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Lilium</span></p><p class="caption">Lilium's concept for flying taxis.</p></div><p></p></div></div></p><ul class="summary-list"><li>Lilium, the German flying taxi startup, completed the first maiden flight for its prototype vertical take-off and landing electric jet.</li><li>Lilium has raised $100 million, last year applied for regulatory approval in Europe and the US, and hired its first CFO.</li><li>Flying taxis sound crazy, but chief commercial officer Remo Gerber says they might make more economic sense than ride-hailing firms like Uber.</li><li>Gerber thinks Lilium could offer $70 air taxi rides in Europe by 2025, but first it needs to solve issues around infrastructure and proving its aircraft are safe for humans.</li><li><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></strong></li></ul><p>The next big <keyword id="34991" type="ORGANIZATION" weightage="60" keywordseo="transportation">transportation</keyword> wave after on-demand taxis, scooters, and shared bikes might be the flying car.</p><p>German startup Lilium is among a crop of startups working on flying taxis - electric, on-demand aircraft that transport you around or between cities for the price of a long taxi ride.</p><p>If Remo Gerber, chief commercial officer of Lilium, has his way, you could be paying $70 for a space in a five-seater jet-powered electric aircraft to fly between London and Manchester by 2025.</p><p><em><strong>Read more: </strong></em><a href="https://www.businessinsider.com/lillium-jet-may-be-the-future-of-urban-transportation-2018-2?r=US&amp;IR=T"><em>This electric jet can take off vertically and travel almost 190 miles per hour - and it's already being prototyped</em></a></p><p>"We're planning to sell you the tickets for your ride," Gerber told Business Insider. "You download the app, you book it ten minutes in advance if you're nearby, or perhaps for the next day... it'll be a very user-friendly experience. Our full intention is to be a full operator, rather than selling the aircraft to private individuals."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Lilium</span></p><p class="caption">Lilium's concept for landing and take-off stations.</p></div><p></p></div></div></p><p>Elements of the model might sound familiar, even if the idea of a flying taxi still sounds insane. Gerber is a former executive at Gett, Israel's rival to Uber. He and others in this space are essentially working to recreate the on-demand model for taxis, but with electric aircraft. Lilium and its competitors still face significant technical and regulatory hurdles - more on that later.</p><h2>How do you make money from expensive, flying taxis?</h2><p>Uber's business model is undergoing a brutal test in the public markets. That business model, sceptics say, has been largely driven by Uber undercutting the established taxi market by offering cheap cab rides subsidised by the huge amounts of capital it raised.</p><p>And like Uber, Lilium is venture-backed. It has raised from China's Tencent, Skype founder Niklas Zennstrom's Atomico, and Obvious Ventures, the venture capital backer set up by Twitter cofounder Ev Williams. The company has raised $101 million to date. Will Lilium replicate Uber's model to achieve air taxi dominance?</p><p>Gerber says no. "Some of the ride-hailing plays ultimately subsidised rides in order to gain dominant positions, but we will [have] a positive revenue markup," he said. "It will not just be a negative type of business model. It will be completely different, but still entirely affordable."</p><p>Gerber argues that Lilium, once operational, will work quite differently to Uber. You will be able to order an air taxi via app but, unlike an UberX, that air taxi won't come to you. You'll have to congregate with your fellow passengers at a dedicated station. It's a smaller scale model of how aeroplanes work and, the company claims, safer than more efficient than doing the equivalent journey in a helicopter.</p><p>"You don't think about it as the sharing economy when you get into the plane and go on holiday," Gerber said. "It'll be very comfortable, but people will still be sharing. And that's what will make it affordable, compared to the fully individualised experience of riding in a taxi. And also it'll be fully electric."</p><p>If Lilium fills its five-seater aircraft with passengers paying $70 each, it nets $350 for a single ride. Much more than the average cab fare.</p><p>Another difference is that Lilium will need to hire trained pilots - pricier than cab drivers - and it plans to manufacture and maintain its own fleet of aircraft. It also has to make sure that aircraft can take off and land vertically, that it can really run on jet power and batteries, reduce noise, and create the infrastructure in cities for these vehicles to take off, land, and charge. That seems like a lot of additional expense.</p><p>"Don't forget that aircraft have a longer lifetime," Gerber said. A <a href="https://www.telegraph.co.uk/travel/travel-truths/oldest-passenger-plane-still-in-service/">jet can remain in service for around 25 years</a>, experts say. "They don't degrade as quickly, so the aircraft will last much longer." <span style="font-weight: 400;"></span><span style="font-weight: 400;"></span>He added that the firm will work on autonomous technology for the long-term, potentially reducing the need for lots of human pilots for its aircraft.</p><h2>Lilium's maiden flight was a success</h2><p>The economics of flying taxis remain academic until Lilium can prove it can fly its aircraft safely with human passengers and a pilot, receives approval from the US and European aviation authorities, and makes headway on the infrastructure required to make electric aircraft work.</p><p>The firm filed for regulatory approval on both continents in 2018. Gerber won't say much on progress except to say "we are in the process."</p><p>He and others at Lilium envisage take-off and landing pads being introduced at existing urban transport hubs like railway stations, and thinks it's better to create an open ecosystem that works for multiple flying taxi companies. It feels like a long way off but, Gerber says, cities are proactively approving Lilium because they see it as an environmentally friendly alternative to building roads or railway lines.</p><p>Lilium is celebrating one tangible milestone: it got its first five-seater prototype aircraft off the ground for the first time at its headquarters at a private airport near Munich.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Lilium</span></p><p class="caption">The Lilium Jet.</p></div><p></p></div></div></p><p>The prototype, called the Lilium Jet, comprises a central, oval-shaped body designed to hold five passengers. There are two front wings, and two rear wings, with 12 flaps. These flaps carry a total of 36 electric jet engines, and variously tilt from a vertical to horizontal position depending on whether the craft is taking off or airborne. Off-the-shelf batteries sit in the body, beneath the main cabin.</p><p>This maiden flight on May 4 involved a simple vertical take-off, hover, and land, a spokesman told Business Insider. It lasted around one minute, with the aircraft and its systems performing "exactly as expected." Lilium has done further test flights and eventually hopes to show it can travel a distance and speed of 300km (190 miles) in an hour.</p><p>This is a little different from rivals like Uber, which plan to offer aircraft to fly shorter distances of around 60 miles on a single charge. Lilium envisages being able to fly people from London to Manchester, something it says is achievable because of its jet engine setup.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Uber</span></p><p class="caption">A concept for an Uber flying taxi. The ride-hailing giant is working with four different manufacturers on its flying taxi prototypes.</p></div><p></p></div></div></p><p>A spokesman told Business Insider: "This prototype is our first full-weight, full-size prototype. It brings together a wide range of sophisticated technology and is much more mature, and complex, than our previous prototypes. It's in a form that is ready for certification meaning it has all the safety systems, redundancies, and high-specification parts required for eventual passenger flight, except of course a cabin.</p><p>"So while our previous prototype proved the concept of transition flight, we're taking it to a whole new level here, with a much more mature product."</p><p>It's an impressive achievement, given Lilium raised a fraction of the funding of competitors such as Uber. Boeing, one of the partners building electric aircraft for Uber, <a href="https://www.cnbc.com/2019/01/23/boeing-takes-step-in-developing-uber-air--with-successful-test-flight.html">likewise achieved its first successful test flight</a> in January.</p><p>Progression against that kind of competition is expensive and it is almost certain that Lilium will need to raise new funds. The firm hired its first CFO, Christopher Delbrück, in November.</p><p>Gerber won't share any news on a future raise, but said: "Of course we will always look at making sure the firm is sufficiently capitalised. And we're recognised by the investor community in terms of unique technology the company is producing. Morgan Stanley put the 2040 market size at $1.5 trillion. People recognise the potential, it's almost like the first car."<span style="font-weight: 400;"></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/smart-glasses-review-focals-north-alexa-2019-4">I tried $600 smart glasses and learned why they haven't replaced smartphones yet</a></h3>        <div>                    </div>    </div>

This futuristic flying taxi startup took a giant leap towards making $70 rides a reality within 6 years

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Second Home</span></p><p class="caption">Skype cofounder Niklas Zennström.</p></div><p></p></div></div>LONDON - Niklas Zennström, Skype's cofounder and former CEO, is backing a company building car-sized aircraft in Germany through his venture capital firm Atomico.</p><p>Lilium Aviation, a two-year-old Munich startup, received €10 million (£8.4 million) on Monday from Atomico and other investors to help it develop the personal electric planes that are capable of vertical take-off and landing (VTOL).</p><p>Founded by four entrepreneurs in 2014, Lilium envisages building a quiet, lightweight commuter aircraft that will be capable of flying between cities at a height of 3,000m. It is gearing up to test its first full-sized prototype early next year.</p><p>With an expected range of 300km and estimated top speed of up to 300km/h, the Lilium Jet is aiming to make inter-city travel, faster than any widely available mass transit system. San Francisco to Palo Alto would take less than 15 minutes, while Munich to Frankfurt would take just over an hour.</p><p>"This is a really good example of founders who are using deep technology to take on a very big problem," said Zennström, who has joined the board of the company, at the TechCrunch Disrupt conference. "The way we deal with transportation today is broken. There are congestions and to get from East London to West London takes forever. There is pollution in our cities with carbon dioxide so we get climate change.</p><p>"Of course you have electrical vehicles and autonomous vehicles to deal with some of those things but really to solve it in a big way we think you need to take to the skies."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Lilium Aviation</span></p></div><p></p></div></div></p><p>Atomico, which was set up in 2006 and has raised over $600 million (£472 million) to invest in startups, also backed Lilium in a smaller undisclosed round in June. Lilium said it intends to use the new money to expand its existing team of 35 aviation specialists and product engineers.</p><p>Other companies are also building personal planes but they're going about it in a different way. "Others are taking the concept of a drone and making it really big," said Zennström. "The problem with a drone is the propellers have to create lift all the time so it's going to use a lot of electricity. But Lilium, they're just using thrust to get it up and then it transitions to flight mode with the wings using much less energy. About the same as an electrical car. It's extremely energy efficient."</p><p>Lilium claims that its aircraft - powered by 36 directable electric fans, mounted along the wings and front pods - will be quieter than helicopters and other competitors, while also requiring less infrastructure.</p><p>Lilium CEO Daniel Wiegand said in a statement: "When we founded Lilium we had a single, simple goal - to design the best possible means of transportation for the 21st century. With our technology we can triple the radius of people's lives while preserving our environment, avoiding congestion and eliminating the cost of infrastructure. We can also flexibly connect whole states to single metropolitan areas.</p><p>"A personal vertical take-off and landing aircraft has been the dream of generations. It is the ultimate means of transportation. Together with Atomico we share the vision to make this dream come true for everybody, in the form of the VTOL Lilium Jet."</p>     <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/this-trucks-barrier-expands-out-back-for-quarter-mile-2016-12">This quarter-mile wall folds out of a truck in 60 seconds to protect soldiers</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="JxMWt5NzE6ilXs12CDm77BKVhtlJVxcd" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "lilium aviation" and got 11 results

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This futuristic flying taxi startup took a giant leap towards making $70 rides a reality within 6 years

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