Boeing Co. confirmed that U.S. and European regulators have approved the 787-9 Dreamliner model. This is a milestone for the company and they hope that the new model will boost profits for the flagship jetliner program.

The European Aviation Safety Agency and the U.S. Federal Aviation Administration gave the green light for the first deliveries of the long-range jet. The 787-9 Dreamliner seats about 290 passengers, and is 20 feet longer than the current model. It can also fly as far as 8,300 nautical miles on routes that can be as long as 16 hours.

“Certification of the 787-9 is confirmation that the airplane meets the highest levels of safety and performance, as demonstrated through a rigorous test program, including extensive laboratory validations, flight-test activities and thorough analysis and evaluation,” Boeing said in a statement.

The first jets are scheduled to be delivered to their first customer, Air New Zealand.

Although regulators have certified the safety of the Dreamliner, it is still undergoing tweaks. Boeing said that one part of the backup turbine system needs to be restructured. A cockpit knob will also be redesigned.

The Dreamliner is set to make its first commercial flight on October 15 when it flies between Auckland and Perth in Australia, and then Shanghai and Tokyo at a later time.

The 787-9 Dreamliner is listed at $249.5 million. The price today has risen over 40 percent since it was first announced in 2006. One of the reasons for the price increase is that Boeing spent a large amount in order to supply a fuel-efficient jet that is demanded by many airlines. However, Boeing’s President Dennis Muilenburg said that Boeing has reduced their costs by around 30 perecent since the first six 787-9 Dreamliners that they manufactured.

The 787-9 Dreamliner makes up 40 percent of Boeing’s orders for their Dreamliners.

The Boeing 787-9 Dreamliner’s First Flight

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