In a surprising turn of events, a consortium of investors has acquired the operating assets of Lilium, the electric air taxi startup that ceased operations and laid off around 1,000 employees just days ago. Mobile Uplift Corporation, a company set up by investors from Europe and North America, has agreed to acquire the assets of Lilium GmbH and Lilium Aircraft GmbH, according to an announcement on Tuesday.

The deal, expected to close in January, will not provide any funds to the parent company, Lilium N.V, as per German insolvency law. The terms of the agreement remain undisclosed, with consultancy giant KPMG handling the sale process for Lilium. Mobile Uplift Corporation has expressed its intention to rehire workers who were laid off immediately after the opening of the proceedings and the closing of the transaction, although it is unclear if all 1,000 workers will be rehired.

Lilium's spokesperson, Christine Pierk, did not provide any additional information or answer questions about the deal when reached for comment by TechCrunch. However, Lilium CEO Klaus Roewe expressed optimism about the agreement, stating, "We are very pleased to announce the signing of an investment agreement with a very experienced consortium of investors, which is a major breakthrough. Deal closing at the beginning of January will allow us to restart our business."

The acquisition marks a new chapter for Lilium, which had raised over $1 billion from private investors before going public on the Nasdaq Exchange in 2021 via a reverse merger with a blank-check company, SPAC Qell. Despite landing significant customers, including an order from Saudi Arabia for 100 electric planes, the company struggled to develop a vertical take-off and landing (VTOL) aircraft with speeds of up to 100 km/h, burning through cash faster than it could raise more from investors.

Lilium's financial woes ultimately led to its insolvency filing in October, after failing to secure emergency funding. The company's collapse sent shockwaves through the electric aviation industry, raising concerns about the viability of similar startups. However, the acquisition by Mobile Uplift Corporation offers a lifeline to Lilium, allowing the company to restructure and exit insolvency with its technology intact and without debt.

The deal's implications extend beyond Lilium, as it highlights the resilience of the electric air taxi industry and the willingness of investors to support innovative startups. As the industry continues to evolve, the revival of Lilium serves as a testament to the potential of electric aviation and the importance of perseverance in the face of adversity.

With the deal expected to close in January, all eyes will be on Mobile Uplift Corporation's plans to restructure Lilium and restore the company to its former glory. As the electric air taxi industry continues to take shape, the fate of Lilium will be closely watched, serving as a bellwether for the sector's future growth and development.