Benzinga | Oct 13, 2021 01:38PM EDT

ABB, Lilium Collaborate On Charging Infrastructure For Regional Air Travel

* ABB Ltd (NYSE:ABB), through its ABB E-mobility division, plans to provide the charging infrastructure for Lilium NV's (NASDAQ:LILM) high-speed regional air network, scheduled for commercial launch in 2024. Financial terms were not disclosed.

* Lilium announced planned launch networks in Florida, Germany, and Brazil. ABB will develop, test, and supply the MegaWatt fast-charging infrastructure necessary for the quick turnaround time for the all-electric 7-Seater Lilium Jet.

* The ABB charging points are designed to fully charge batteries in ~30 minutes and charge up to 80% in 15 minutes.

* The regional air network will comprise a series of vertiports with multiple parking bays and high-power charging points. The MegaWatt Charging System (MCS), the infrastructure to be developed under this planned partnership, will allow direct current (DC) charging of up to 1000 kW and be used for heavy-duty electric vehicles, trucks, and buses.

* Price Action: ABB shares are trading higher by 1.79% at $33.62, while LILM is higher by 0.41% at $9.84 during the premarket session on Wednesday.