Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Technology-powered urban air mobility platform Blade Urban Air Mobility's (NASDAQ: BLDE) share price is climbing on Thursday after the announcement of an alliance with magniX USA Inc.
MagniX will supply its Electric Propulsion Units (EPU) to Lima NY Corp, one of Blade’s largest aircraft operating partners, to convert Lima’s Blade-branded fleet of amphibious Cessna Caravans to all-electric aircraft.
Blade is the exclusive platform for Lima flights offered to the public with routes including flights between the Blade Aqua Lounge at the East 23rd Street seaplane base in New York City, the eastern end of Long Island, New York, and the Blade Terminal in Nantucket, Massachusetts.
Lima will be the exclusive owner in the northeast United States of the supplemental type certificate to convert the Caravan’s current generation turbine engine to the magniX EPU.
Blade President Melissa Tomkiel said, “Amphibious seaplane service has always been an essential part of our urban air mobility strategy, given the aircraft’s unique ability to access city centers through conveniently located waterways, such as Manhattan’s East River, as well as traditional airports.
“The electrification of our accessible fleet of Blade-branded aircraft, made possible through our alliance with magniX and Lima, one of our key operating partners, will further accelerate our transition to quiet, emission-free flight, allowing us to reduce the environmental and sound impact in and around the communities where we fly.”
Blade's stock price is currently trading at $9, up 3.09% shortly after the Wall Street open.
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