What's Going On With Electric Vertical Take-Off And Landing Jet Company Lilium Wednesday?

Zinger Key Points
  • eVolare, a top UK aviation company, inks a deal to acquire 4 Lilium Jets for London operations.
  • Lilium expands partnership with Luxaviation Group to develop electrified ground infrastructure in Europe and the Middle East.

Lilium NV LILM stock is trading higher Wednesday as Volare Aviation subsidiary eVolare inked a deal to acquire 4 Lilium Jets. Volare Aviation is one of the U.K.’s largest helicopter and private jet operators. The financial terms of the deal remain undisclosed.

The parties have also agreed on terms for reserving up to 12 Lilium Jet production slots for eVolare and its customers. Based in Oxford, U.K., eVolare plans to operate Lilium Jets in the London area, connecting London with outer cities and the coastal regions of England.

The current agreements follow an initial firm agreement between Lilium and eVolare in 2022.

Dustin Dryden, Founder of eVolare, said: “eVolare wants to position itself as the leader of eVTOL in the UK, managing Lilium Jets for our customers but also operating the aircraft on a scheduled or chartered basis.”

Separately, Lilium expanded its partnership with Luxaviation Group, a leading business aircraft and helicopter operator.

The expansion aims to leverage Luxaviation Group-owned ExecuJet’s network of Fixed-Based Operations (FBOs) and newly developed locations to create electrified ground infrastructure for the Lilium Jet in key markets across Europe initially. Further sites in the Middle East are planned.

ExecuJet’s expanded presence in France is one area they target for electrification.

Lilium stock lost 13% in the last 12 months. Investors can gain exposure to the stock via SPDR Portfolio Developed World Ex-US ETF SPDW and SPDR S&P International SmallCap ETF GWX.

Price Action: LILM shares are trading higher by 0.55% to $0.9394 premarket at the last check Wednesday.

Photo via Shutterstock

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