The Future Investment Initiative Institute has invested in Lilium These are electric jets that can take off and land vertically 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).