Why Lilium Shares Are Taking Off Monday

Shares of electric vertical take-off and landing jet company Lilium N.V. LILM are trading higher Monday after the company announced it received European Union Aviation Safety Agency (EASA) Design Organization Approval.

What Happened: Lilium received approval from EASA, positioning it as a company authorized to hold a type-certificate for an eVTOL aircraft in Europe. The approval formally acknowledges Lilium's ability to design and develop safe and compliant aircraft. 

"In many respects, today's announcement marks a cornerstone for Lilium and evidences our market leadership in advancing the aviation industry. Achieving Design Organization Approval reflects EASA's confidence in Lilium and differentiates us against others currently pursuing eVTOL development and regulatory approval," said Klaus Roewe, CEO of Lilium.

Following the approval, Lilium is now the only eVTOL manufacturer with both an EASA and FAA certification basis for a powered lift eVTOL aircraft. Lilium said it's also pursuing concurrent type-certificate validation of the Lilium Jet with the FAA under the provisions of the Bilateral Aviation Safety Agreement between the European Union and the U.S. 

See Also: Why Arvinas (ARVN) Shares Are Seeing Blue Skies

LILM Price Action: Lilium shares were up 7.94% at 95 cents at the time of publication, according to Benzinga Pro.

Photo: courtesy of Lilium.