Air taxi start-up Lilium (NASDAQ: LILM) has reportedly secured a firm order from a state-owned Saudi Arabian airline. Investors appreciate the vote of confidence, sending Lilium shares up about 10% as of 11:30 a.m. ET.

Lilium is one of several start-ups working to develop and commercialize so-called "eVTOL" airframes, shorthand for electric vertical takeoff and landing planes. The aircraft are designed to take off and land like a helicopter, ferrying a handful of people over city traffic or from an outer suburb to a metropolitan airport.

On Thursday, Reuters reported that airline Saudia is closing in on a major order for Lilium planes. The agreement would build on a framework between the two companies signed 18 months ago, with Lilium reportedly eager to convert that framework into a firm order.

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Source Fool.com