Lilium has completed its business combination with Qell Acquisition. The transaction was approved by Qell's shareholders during a special meeting in which more than 98% of the votes cast were in favour of the deal.

Daniel Wiegand, co-founder and CEO of Lilium says: "In 2015 with the clear vision that the decarbonisation of aviation is inevitable, we set out to build a team and product that would radically transform the way the world moves. Six years and five generations of technology demonstrator aircraft later, we're closer than ever to this goal. Today's milestone will bring us even closer to launching our service in 2024 and making sustainable, high-speed regional air travel a reality to communities around the world."

Lilium will receive approximately $584 million of gross proceeds, including from funds managed by strategic and long-term financial investors. Net cash from the transaction will be used to fund the commercial launch of Lilium's seven-seater jet and its existing shareholders will roll 100% of their shares into the combined company.

Barry Engle, CEO and co-founder of Qell adds: "We see Lilium as a once-in-a-lifetime opportunity that will be at the forefront of a whole new industry. Lilium has the capacity to revolutionise regional travel, saving people hours so they can quickly travel from city to city. Using its seven-seater Lilium Jet, Lilium's regional shuttle service should enable sustainable, high-speed transportation. Qell is proud to bring this exciting company to the public markets."

Tom Enders will become chairman of the board and will be joined on the board of directors by Daniel Wiegand, Barry Engle, Gabrielle Toledano, Henri Courpron, David Wallerstein, Niklas Zennström, David Neeleman and Margaret M. Smyth.