Archer Receives First Nearly $1 Mln U.S. Air Force Payment On Contracts Valued At Up To $142 Mln
(RTTNews) - Archer Aviation Inc. (ACHR), a leader in electric vertical takeoff and landing (eVTOL) aircraft, announced Wednesday that the U.S. Air Force has provided the company with its first installment of nearly $1 million on their recently announced contracts valued at up to $142 million.
The initial payment is expected to be the first of many payments made to Archer by the U.S. Air Force and signals the ongoing advancement of the partnership from signature to execution.
Under the AFWERX Agility Prime program, Archer will assess the transformational potential of the vertical flight market and eVTOL technologies for DoD purposes.
The initial payment is related to a contracted deliverable for a mobile flight simulator which the U.S. Air Force and Archer will use together to train pilots, assess flight controls and improve U.S. Air Force personnel's understanding of the operational capabilities of Archer's civilian use eVTOL aircraft platform and potential future development of aircraft for Air Force use.
The simulator will also be deployed to key public and industry events to increase public awareness and engagement with eVTOL technology.
Several more of Archer's deliverables are already underway with the U.S. Air Force as part of the contracts, which include the sharing of wind tunnel testing reports, project specific certification plans (PSCP's) and Subject Specific Certification Plans (SSCP's).
Archer Air Receives FAA Certification To Begin Operating Commercial Airline
United Airlines, Archer To Launch First Air Taxi Route In Chicago
Swiss Market Ends On Strong Note
European Markets Close Higher As Investors React To Results
Canadian Stocks Mixed As Investors React To Earnings
ECB Holds Interest Rates Steady As Lagarde Decides To Leave
U.S. Economic Growth Exceeds Estimates In Q3
