LithiumBank Resources

Archer Aviation Signs Framework Agreement For Multi-Hundred-Million Dollars To Accelerate Commercial Air Taxi Operations Across UAE

25 April 2024

  • 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 / Apr 25, 2024 / Business Wire / 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.

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.

Forward-Looking Statements

This press release contains forward looking statements regarding Archer’s business plans and expectations, including statements regarding its aircraft performance and the timing of Archer’s development, commercialization, and certification of its eVTOL aircraft, business opportunities, government incentives, potential investments by third parties in Archer, expansion of Archer’s business internationally, and the building of Archer’s international headquarters and international manufacturing facilities. In addition, this press release refers to a framework agreement that is conditioned on the future execution by the parties of additional binding definitive agreements incorporating the terms outlined in the framework agreement, which definitive agreements may not be completed or may contain different terms than those set forth in the framework agreement. 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.

photo

Sign Up To Get Daily Green Stock News In Your Inbox

Please review our Disclaimer and Privacy Policy before subscribing.

STOCK QUOTE

FEATURED GREEN STOCK

UGE International

UGE International develops, owns, and operates commercial and community solar projects in the United States and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers...

CLICK TO LEARN MORE

FEATURED GREEN STOCK

Else Nutrition

Else Nutrition is changing the face of early childhood nutrition with clean, sustainable, plant-based products. The company has developed the world’s first whole plant-based infant formula that is targeting the $100+ billion global...

CLICK TO LEARN MORE

COPYRIGHT ©2022 GREEN STOCK NEWS