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Archer Signs Framework Agreement For Multi-Hundred-Million Dollars To Accelerate Commercial Air Taxi Operations Across UAE
08:00:00 AM ET, 04/25/2024 - Business Wire
Archer is working with Abu Dhabi to operationalise its air taxi services, in-country manufacturing, and training across the region
Archer is coordinating with government partners across Abu Dhabi to develop the necessary vertiports and charging infrastructure
Archer and ADIO (Abu Dhabi Investment Office) jointly define an ambitious set of operational launch plans and corresponding enablement support
ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Apr. 25, 2024--Archer Aviation Inc., a leader in the development of electric vertical takeoff and landing (eVTOL) aircraft, announced the signing of a framework agreement in Abu Dhabi today at the DRIFTx mobility event, held at the Yas Marina Circuit showcasing the latest in advanced urban mobility, driving discussions, collaboration, and innovation across the sector. This agreement covers multi-hundred-million dollar investments to accelerate Archer’s planned commercial air taxi operations in the UAE, slated to launch as soon as next year, including in-country manufacturing, operations and training across the region. This comprehensive agreement positions Abu Dhabi as one of the world’s leaders in promoting urban air mobility, with plans to commence air taxi operations with Archer’s Midnight aircraft as soon as next year.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240425145771/en/
Archer and ADIO (Abu Dhabi Investment Office) jointly define an ambitious set of operational launch plans and corresponding enablement support (Photo: Business Wire)
Key components of Archer’s collaboration with ADIO include vertiport construction, operational enablement for air taxi operations in the UAE, and in-country manufacturing of Archer’s Midnight aircraft. Under the agreement, ADIO will also ensure local workforce development programmes for Emirati talent and facilitate the establishment of Archer’s international headquarters and Centre of Excellence in Abu Dhabi.
“This substantial agreement with Abu Dhabi is a pivotal moment for Archer’s commercialisation efforts across the Emirates, as it provides the catalyst to accelerate the launch of our electric air taxi service in the UAE as soon as late 2025. The agreement underscores Abu Dhabi’s strong commitment to Archer and conviction to become a global hub for urban air mobility. With Abu Dhabi’s support, we are poised to continue leading the transformation of urban transportation in the Emirate and across the globe,” said Archer founder and CEO, Adam Goldstein.
“Abu Dhabi is leading the way in accelerating the launch of electric air taxis globally, and ADIO is proud to partner with Archer as one of the world’s most innovative companies. We are excited to support Archer toward establishing its international headquarters in Abu Dhabi, and to develop a comprehensive investment framework that will accelerate its progress towards manufacturing and operating its Midnight aircraft in the UAE,” said Badr Al-Olama, Director General of ADIO.
Under this agreement, ADIO will support the development of vertiports, in collaboration with Archer and other air taxi operators, in critical locations throughout Abu Dhabi, enhancing the urban air mobility infrastructure necessary for Archer to scale operations.
ADIO and Archer first announced their memorandum of understanding at the 2023 launch of ADIO’s Smart and Autonomous Vehicles Industry (SAVI) cluster, which aims to transform the future of urban mobility globally by supporting the innovation and commercialisation of smart and autonomous vehicles across land, sea, and air. The framework agreement announced at DRIFTx with Archer represents the culmination of six months of close collaboration between the two entities.
Importantly, ADIO and Archer will continue to work with Archer’s partners to accelerate the company’s progress in the region. With the support of its early investor and UAE’s sovereign wealth fund Mubadala, Archer’s partner operators Falcon Aviation and Air Chateau, and GAL-AMMROC have announced plans to provide maintenance, repair and overhaul support for Archer’s eVTOL aircraft.
Archer’s goal is to transform urban travel, replacing 60- to 90-minute commutes by car with estimated 10- to 20-minute electric air taxi flights that are safe, sustainable, low noise, and cost-competitive with ground transportation. Archer’s Midnight is a piloted, four-passenger aircraft designed to perform rapid back-to-back flights with minimal charge time between flights.
About Archer
Archer is designing and developing electric vertical takeoff and landing aircraft for use in urban air mobility networks. Archer’s mission is to unlock the skies, freeing everyone to reimagine how they move and spend time. Archer's team is based in Santa Clara, CA.
To learn more, visit www.archer.com.
Archer To Report First Quarter 2024 Operating Update and Financial Results on May 9, 2024
"SANTA CLARA, Calif., April 22, 2024--(BUSINESS WIRE)--Archer Aviation Inc. (NYSE: ACHR) will report its first quarter 2024 operating update and financial results after market close on Thursday, May 9, 2024. The company will host a conference call and corresponding live webcast at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its operating update and financial results."
The aviation industry is looking for its own Tesla
"United Airlines (UAL) has a $1 billion agreement with Archer Aviation (ACHR) signed several years ago to purchase up to 200 of the startup’s vertical takeoff and landing vehicles, or eVTOLs. Prior to the United deal, the California-based company partnered with European carmaker Stellantis (STLA).
On an earnings call earlier this year, Archer co-founder Adam Goldstein explained why the company took an investment from the automaker: "When I founded Archer, I knew from watching the EV industry that developing the capability to manufacture our aircraft at high volumes was perhaps the No. 1 enabler of our future success alongside the design and certification of the aircraft," he said."
As you can see, ACHR is still a significant holding for ARK Investments. The screen shots below are current as of Friday 4/19/24
This ETF is (ARKQ). As I've always previously stated, as long as Cathie continues to buy/hold, so will I.
Your experience, Steve, matches one of this site's examples-
You see, giant institutions like mutual funds and ETFs need a lot of liquidity to minimize their market impact. Further, most ETFs are index funds, aiming to track an index.They need to mirror their underlying index closely, so they have to trade on the close, or else they’d be getting different prices than the index records.
You see, giant institutions like mutual funds and ETFs need a lot of liquidity to minimize their market impact. Further, most ETFs are index funds, aiming to track an index.They need to mirror their underlying index closely, so they have to trade on the close, or else they’d be getting different prices than the index records.
Thanks for the confirmation! 😀
We set ambitious goals. We make data-driven decisions, hold ourselves and each other accountable and are committed to relentless execution.
Urban mobility is about to be taken to a whole new dimension. Designed to be capable of flying distances of up to 100 miles,
but optimized to conduct back to back flights of ~ 20 miles with ~12 minutes of charge time in between, at a cost that we believe will be competitive with ground based ride share.
Midnight is aiming to redefine what air travel can be: low cost, low noise, with the safety of commercial airlines.
by six independent battery packs, each supporting a pair of electric engines
Midnight was designed from the start with safety in mind. To achieve our desired levels of safety, redundancy is key. Midnight’s avionics system includes four flight control computers,
with redundant inertial navigation, GNSS and AGL sensors to ensure robust and reliable data to the pilot.
Each pair of forward and aft electric engines are independently powered, helping to ensure the aircraft can safely complete a flight should an entire battery pack fail.
Designed to hold a 1,000+lbs of payload, the aircraft can truly handle four passengers plus a pilot.
