Saudi funding helps flying taxis take off

The Future Investment Initiative Institute has invested in Lilium

  
Saudi Arabian currency. Image used for illustrative purpose.

Saudi Arabian currency. Image used for illustrative purpose.

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RIYADH: A German company developing a flying taxi has attracted Saudi funding.

The Future Investment Initiative Institute has invested in Lilium, a pioneer in the Electric Vehicle Take-Off-and-Landing (EVTOL) aircraft segment, SPA reported.

It is part of a wider strategy by the institute to develop sustainable and environmentally-friendly alternatives to traditional fuel engines, SPA said.

These are electric jets that can take off and land vertically — potentially offering a sustainable and less carbon-intensive way for travelers to beat traffic, hop between cities, and connect to regional destinations within a 250 kilometers range.

The 7-seater Lilium Jet will be the first model to go into serial production with a cruise speed of 175 miles per hour and a range of more than 155 miles (250 kilometers).

“Our investment in Lilium is aligned with the FII-Institute’s mission: To support initiatives and projects which will have a positive impact on humanity,” said Richard Attias, CEO of the FII Institute.

The Lilium jet has already received CRI-A01 certification from the European Aviation Safety Agency (EASA), and now is pursuing concurrent certification from the US regulator, the Federal Aviation Authority (FAA).

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