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

Verified

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:

Archer Aviation has commenced its up to $142 million contract with the U.S. Air Force, receiving an initial payment and delivering a mobile flight simulator for pilot training on its Midnight eVTOL.
This partnership with the Air Force's innovation arm, AFWERX, will involve flight testing of the Midnight eVTOL with Air Force pilots and explores potential military variants.
Archer plans to launch commercial air taxi services with United Airlines by 2025, focusing on short urban routes near major airports in cities like Chicago and New York.
The company is a key competitor in the eVTOL market, aiming for 2025 service entry, but faces strong competition from rivals like Joby Aviation, who are slightly ahead in some milestones, and international players like Volocopter.

See a mistake? Contact us.

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.