Shares of German aerospace company, Lilium N.V. (NASDAQ: LILM) surged in pre-market trading at the time of publishing on Tuesday after the company announced an agreement with Shenzhen Eastern General Aviation Co. (Heli-Eastern), a major low-altitude general aviation carrier and helicopter service provider. According to the terms of the agreement, Heli-Eastern is likely to order 100 jets from Lilium and could partner with Lilium to “identify potential sites and partners for Lilium’s vertiports and other ground infrastructure.”
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Heli-Eastern operates in the Guangdong-Hong Kong-Macao Greater Bay Area in China and after “type-certification of the Lilium Jet, Heli-Eastern will operate the aircraft in the region and provide crewing and maintenance services.”
Lilium is expanding in a big way in China and has also signed a Memorandum of Understanding (MoU) with the Bao’an District of Shenzhen municipality to open a Lilium regional headquarters in China.
Today’s jump in the stock aside, LILM stock has tanked by more than 50% in the past year.