German eVTOL jet maker Lilium announced that it is ceasing operations for its two subsidiaries, citing a lack of funding and an inability to pay its existing debts. As a result, the company plans to file for insolvency and will apply for self-administration proceedings.

The development comes seven years after Lilium’s first test flight and two years before it planned to begin deliveries. The company had already compiled a list of potential customers, including Saudi Arabia with an order for up to 100 jets and American advanced air mobility company UrbanLink with an order for 20 aircraft.

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