Lilium, once a darling in the nascent industry of electric aircraft that raised more than $1 billion before going public, has ceased operations and laid off about 1,000 workers after efforts to gain financing and exit insolvency failed.

Lilium NV is getting a lifeline from a consortium of European and North American investors who plan to acquire the operating assets of the air taxi company’s main subsidiaries.

Electric air taxi startup Lilium (OTC:LILMF) stock price gained ~268% as it signed an asset purchase agreement with Mobile Uplift, a company set up by an experienced consortium of investors from Europe and North America.

A consortium of investors has resurrected Lilium just days after the electric air taxi startup ceased operations and laid off about 1,000 employees.

German eVTOL startup Lilium has ceased operations as of this week, sunsetting a decade-long effort funded with over US$1 billion to build electric air taxis, with nary a single aircraft delivered.