Archer Aviation (NYSE: ACHR) has received a $10 million pre-delivery payment from United Airlines for 100 of the company’s electric vehicle takeoff and landing (eVTOL) aircrafts. The company says that the payment bolsters confidence in the commercialization of eVTOL aircrafts as well as Archer’s ability and leadership skills. Archer recently completed its production aircraft’s Preliminary Design Review and is now advancing to the next stage of its development and commercialization efforts. 

The pre-delivery cash deposit continues a trend of strong support by the airline throughout development of Archer’s aircraft. United Airlines recently formed a Joint eVTOL Advisory Committee with Archer, allowing both parties to work more closely on eVTOL maintenance and operational matters. Committee members include Archer’s operations and maintenance leadership, as well as leadership from United’s maintenance, materials, and engineering groups.

Archer Aviation CEO Adam Goldstein commented: “I am incredibly proud of the entire Archer team as we reach this milestone in our partnership with United Airlines. To receive a cash deposit is validation of Archer’s achievements to date, not only with flight testing and product development, but also a great signal of confidence in our roadmap to commercialization. We’re thankful to United for their continued partnership as we usher in this new era in air travel.”

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.

Shares of Archer Aviation trade on the NYSE under the ticker symbol ACHR.