Lilium Extends Partnership For Production Of Lilium Jet Battery Cells

Lilium N.V. LILM disclosed extending its existing partnership with InoBat to prepare large-scale production of its high-performance battery cells.

As per the terms, InoBat will build Lilium Jet battery cells at its existing Volta I and future Volta II plants in Voderady, Slovakia, with production at the Volta I plant due to start in early 2024. 

InoBat's Volta II plant will be first gigafactory having a production capacity of up to 4 gigawatt hours (GWh), which is expected to be required to supply Lilium's battery cell needs in the coming years. 

The partnership reaffirms Lilium's multiple-sourcing strategy for cell production and will contribute towards securing a healthy supply of Lilium's battery cells for entry into service of the Lilium Jet and the years thereafter.

"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 Yves Yemsi, COO of Lilium.

Price Action: LILM shares are trading lower by 5.77% at $0.8103 on the last check Friday.

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