Archer Aviation Selects Hexcel To Advance Production Capabilities

Archer Aviation Inc ACHR and Hexcel Corp HXL entered into a letter of intent regarding the supply of carbon fiber material used to manufacture production aircraft.
As per the proposed relationship terms, Hexcel will provide Archer with high-performance carbon fiber and resin systems, also known as prepreg, needed to fabricate composite parts for Archer's production aircraft.
Archer expects the proposed relationship to enable it to mitigate supply chain risks as it builds the foundation for producing its all-electric aircraft.
"This is a terrific opportunity for Hexcel to join with an innovative leader such as Archer to bring eVTOL to market," commented Nick Stanage, Hexcel Chairman, CEO, and President.
Price Action: ACHR shares are trading lower by 8.65% at $4.12 and HXL lower by 0.45% at $55.48 on the last check Thursday.