Archer Aviation Inc ACHR has expanded its partnership with the Department of Defense (DoD) with new contracts from the U.S. Air Force with a total value of up to $142 million.
Archer specializes in electric vertical takeoff and landing (eVTOL) aircraft.
The contract includes the delivery of up to six of Archer's Midnight aircraft to the Air Force along with sharing of additional flight test data and certification related test reports.
It also includes pilot training, and the development of maintenance and repair operations.
eVOTL aircraft holds the promise of enhancing rapid response, agility, and operational effectiveness across a wide range of mission profiles.
Archer has been partnering with the DoD since 2021 on a series of projects through the U.S. Air Force's AFWERX program.
Price Action: ACHR shares are trading higher by 3.14% at $4.93 in premarket on Monday.
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