Archer Aviation: (ACHR.N) made significant strides on July 31, with its stock soaring by an impressive 33% following the announcement of a groundbreaking agreement with the US Air Force. The air taxi operator revealed that it had secured a deal to provide the military with up to six cutting-edge Midnight planes.
Under the terms of this pivotal agreement, Archer will not only supply the US Air Force with eVTOL (electric vertical takeoff and landing) planes but also extend support through comprehensive pilot training, maintenance and repair operations.
Additionally, the exchange of flight test and certification test findings will play a crucial role in ensuring the seamless integration of these advanced aircraft. The potential value of this sale could reach an astounding $142 million, marking a significant boost for the California-based business.
Archer Aviation’s Midnight plane, which completed its first successful EVTOL flight in May, boasts impressive capabilities. With the capacity to carry a skilled pilot and up to four passengers, the Midnight plane can cover distances of up to 100 miles (approximately 160.9 kilometers). Such advancements in electric aircraft technology are redefining the future of transportation and aviation.
Meanwhile, another player in the electric aviation domain, Joby Aviation (JOBY.N), has also forged a pact with the US Air Force. Joby Aviation has set its sights on delivering the first two electric aircraft to Edwards Air Force Base by March 2024 after conducting rigorous testing to ensure optimal performance and safety.
In a strategic move to strengthen its position in the market and achieve its ambitious goal of commercialization by 2025, Archer Aviation recently appointed former FAA acting chief Billy Nolen as its top safety officer. With his extensive expertise and knowledge in aviation safety, Nolen will play a crucial role in fostering business partnerships and ensuring the realization of Archer’s long-term vision.
This year has witnessed remarkable growth for Archer, reflected in its stock’s impressive surge from $6.38 to over four times its value in 2018. The company’s relentless pursuit of innovation and strategic partnerships has positioned it as a key player in the rapidly evolving electric aviation industry.
As Archer Aviation and Joby Aviation revolutionize the concept of air mobility with cutting-edge electric aircraft, the future of aerial transportation is set to undergo a profound transformation. These developments hold the promise of a more sustainable, efficient, and accessible aviation landscape, ushering in a new era of air travel and mobility solutions for generations to come.