Archer Aviation Secures Initial $1 Million Payment Through Air Force Contract

The installment is expected to be the first of many for Archer, which signed contracts with AFWERX Agility Prime worth up to $142 million in July.

Jack Daleo

Wednesday, October 04, 2023 at 05:11 PM ET

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Archer’s Midnight eVTOL air taxi will be shipped to an Air Force base for testing and demonstrations in the coming months. [Courtesy: Archer Aviation]

Key Takeaways:

The U.S. Air Force has started executing its up to $142 million contract with Archer Aviation, making an initial payment and receiving a mobile flight simulator to begin pilot training for the Midnight eVTOL.
This partnership with AFWERX will lead to flight testing of Archer's Midnight eVTOL with Air Force pilots and could potentially result in a military variant of the aircraft.
Archer aims to launch commercial air taxi services with United Airlines by 2025 in major U.S. cities, utilizing the Midnight eVTOL for efficient, short-range passenger transport.
Archer is accelerating its manufacturing capabilities through a partnership with Stellantis, targeting high-volume production by 2024, while vying for market leadership against other eVTOL competitors like Joby Aviation.

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The U.S. Air Force has gotten the ball rolling on its recently announced contracts with electric vertical takeoff and landing (eVTOL) aircraft manufacturer Archer Aviation.

Archer on Wednesday received the Air Force’s initial installment of nearly $1 million, the first of what is expected to be many payments under the agreement valued at up to $142 million. In return, Archer sent the Air Force a mobile flight simulator, specified as a deliverable under the contracts.