Archer Receives First U.S. Air Force Payment On Landmark Contracts Valued At Up To $142 Million

Rhea-AI Summary

U.S. Air Force pays Archer nearly $1M as first installment of $142M contract, signaling advancement of partnership. Archer's eVTOL aircraft represents a potential paradigm shift in military aviation. Simulator will be used for pilot training and public awareness.

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• U.S. Air Force pays Archer nearly $1M as first installment of $142M contract
• Archer's eVTOL aircraft represents a potential paradigm shift in military aviation

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• U.S. Air Force moves quickly to begin executing on recently announced contracts, pays Archer nearly $1M for a mobile flight simulator as the first installment of landmark contracts valued at up to $142 Million
• U.S. Air Force and Archer will begin training Air Force pilots and personnel on Archer's eVTOL aircraft capabilities through flight simulation before advancing to piloted flight testing with Archer’s Midnight aircraft

SANTA CLARA, Calif.--(BUSINESS WIRE)-- 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.

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. (Photo: Business Wire)

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.

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.

About AFRL

The Air Force Research Laboratory is the primary scientific research and development center for the Department of the Air Force. AFRL plays an integral role in leading the discovery, development, and integration of affordable warfighting technologies for our air, space and cyberspace force. With a workforce of more than 11,500 across nine technology areas and 40 other operations across the globe, AFRL provides a diverse portfolio of science and technology ranging from fundamental to advanced research and technology development. For more information, visit www.afresearchlab.com.

About AFWERX

The innovation arm of the DAF and a directorate within the Air Force Research Laboratory brings cutting edge American ingenuity from small businesses and start-ups to address the most pressing challenges of the DAF. Employs approximately 325 military, civilian and contractor personnel at six hubs and sites executing an annual $1.4B budget. Since 2019, has executed 4,671 contracts worth more than $2B to strengthen the U.S. defense industrial base and drive faster technology transition to operational capability. For more information, visit: www.afwerx.com.

Archer Forward Looking Statements

This press release contains forward looking statements regarding Archer’s future business plans, including statements regarding the timing of Archer’s development, commercialization, and certification of its eVTOL aircraft, performance and development of its aircraft, expected use cases, total potential value of its relationship with the DoD and business opportunities. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. The risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Archer’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, available at www.sec.gov. In addition, please note that any forward-looking statements contained herein are based on assumptions that Archer believes to be reasonable as of the date of this press release. Archer undertakes no obligation to update these statements as a result of new information or future events.

Source: Archer

Text: ArcherIR

View source version on businesswire.com: https://www.businesswire.com/news/home/20231004830384/en/

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Source: Archer Aviation