Archer Aviation Shares Are Taking Off Today: What's Driving The Action?

Archer Aviation Inc ACHR shares are trading higher. The air mobility company on Monday entered into new contracts with the U.S. Air Force.

What To Know: Archer said it significantly expanded its partnership with the Department of Defense (DoD) through the signing of new contracts with the Air Force valued at up to $142 million. 

The contracts include the delivery of up to six of Archer's Midnight aircraft, the sharing of additional flight test data and test reports, pilot training and maintenance and repair operations development.

"This historic agreement reflects the steadfast commitment by our Armed Forces to embrace the cutting-edge technology our eVTOL aircraft offer," said Adam Goldstein, founder and CEO of Archer.

"We look forward to working closely with the U.S. Department of Defense and the U.S. Air Force to integrate Midnight into their operational fleet with a focus on transport, logistics and rescue operations."

Archer has maintained a partnership with the DoD since 2021 through the Air Force's AFWERX program.

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ACHR Price Action: Archer shares were up 35.7% at $6.50 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Archer.