Archer Aviation (NYSE: ACHR), a leading producer of electric vertical takeoff and landing aircraft, and Air Chateau International joined forces at the Dubai Air Show, signing an agreement for Air Chateau to potentially buy up to 100 of Archer's Midnight eVTOL aircraft, valued at around $500 million.
The initial step involves a $1 million pre-delivery payment due by December 31, 2023, with further payments expected to total $4 million after signing.
Additionally, Archer intends to establish an Engineering Center of Excellence to support advanced air mobility in the Middle East, collaborating with local manufacturing and maintenance providers in Abu Dhabi to bolster the region's Smart and Autonomous Vehicle Industry.
Archer Founder and CEO, Adam Goldstein stated: “Their recognition that our Midnight aircraft meets what the customer demands in the UAE market and desire to secure the purchase of up to 100 Midnight aircraft is another exciting validation of our efforts to bring to market an aircraft that will revolutionize how people move in and around cities.”
Archer is designing and developing electric vertical takeoff and landing aircraft for use in urban air mobility networks.
Shares of Archer Aviation trade on the NYSE under the ticker symbol ACHR.