(Reuters) -Air taxi firm Archer Aviation ( ACHR ) on Wednesday said that it has won a bid to acquire rival Lilium's portfolio of about 300 advanced air mobility patent assets for 18 million euros ($20.91 million), expanding its own portfolio to over 1,000 patent assets.

Shares of San Jose, California-based company rose by about 8.5% in morning trade.

The Lilium portfolio spans high-voltage systems, battery management, advanced aircraft design, flight controls, electric engines, propellers, and ducted-fan technologies, which it said could unlock future advances in light-sport aircraft and regional air mobility.

Founded in 2015, German air-taxi maker Lilium invested more than $1.5 billion in electric vertical takeoff and landing aircraft (eVTOL) technology before filing for insolvency last year amid unresolved financial challenges.

With commercial launches still years away, the eVTOL industry is rapidly burning through cash as companies continue to seek fresh investments to sustain operations.

Industry experts say further consolidation may be inevitable as firms race to secure regulatory approvals, bolster supplier networks and bring aircraft to market, driven by demand for faster, cleaner urban transport.

U.S. air taxi firms are expected to benefit from Washington's push to speed deployment through executive orders and a pilot program announced last month.

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