Archer Receives First US Air Force Payment for $142M Contracts

Archer Receives First US Air Force Payment for $142M Contracts

6-Oct-2023 Source: Archer Aviation

Archer Aviation Inc. (NYSE: ACHR), a leader in electric vertical takeoff and landing (eVTOL) aircraft, announced today that the U.S. Air Force has provided the company with its first installment of nearly $1M on their recently announced contracts valued at up to $142 million. The initial payment is expected to be the first of many payments made to Archer by the U.S. Air Force and signals the ongoing advancement of the partnership from signature to execution as the AFWERX Agility Prime program works diligently with Archer to assess the transformational potential of the vertical flight market and eVTOL technologies for DoD purposes.

The initial payment is related to a contracted deliverable for a mobile flight simulator which the U.S. Air Force and Archer will use together to train pilots, assess flight controls and improve U.S. Air Force personnel’s understanding of the operational capabilities of Archer’s civilian use eVTOL aircraft platform and potential future development of aircraft for Air Force use. The simulator will also be deployed to key public and industry events to increase public awareness and engagement with eVTOL technology.

Several more of Archer’s deliverables are already underway with the U.S. Air Force as part of the contracts, which include the sharing of wind tunnel testing reports, project specific certification plans (PSCP’s) and Subject Specific Certification Plans (SSCP’s).

“Archer’s eVTOL technology can help maintain the United States’ position as a global leader in aviation. To see our historic contract with the U.S. Air Force move from signature to execution at a rapid pace is a reflection of the strong commitment that the U.S. Department of Defense has made to securing our country’s future by investing in transformational technology,” said Adam Goldstein, Archer’s CEO and founder.

With its vertical takeoff and landing capabilities, target payload of approximately 1,000lbs, proprietary electric powertrain system, and low noise profile, Archer’s Midnight aircraft represents a potential paradigm shift in military aviation and operations. These aircraft hold the promise of enhancing rapid response, agility, and operational effectiveness across a wide range of mission profiles, from personnel transport and logistics support to rescue operations and more. Archer’s Midnight aircraft are expected to provide a much safer and quieter alternative to helicopters while being more cost-effective for the U.S. military to transport, operate and maintain in the field.

The views expressed are those of the author and do not necessarily reflect the official policy or position of the Department of the Air Force, the Department of Defense, or the U.S. government.

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