Archer Aviation Inc. surged the most intraday since February 2021 after agreeing to build as many as six of its Midnight electric air taxis for the US Air Force in a deal worth up to $142 million.
(Bloomberg) — Archer Aviation Inc. surged the most intraday since February 2021 after agreeing to build as many as six of its Midnight electric air taxis for the US Air Force in a deal worth up to $142 million.
The shares advanced as much as 31% after the California startup said on Monday that it expanded a 2021 partnership through the Air Force Agility Prime program. The electric vertical take-off and landing aircraft model will be evaluated as an alternative to helicopters for operations from personnel transport to search-and-rescue.Â
The US military has used Agility Prime contracts to back an array of eVTOL makers, including Archer and Joby Aviation Inc. — providing crucial support as the manufacturers work to raise funds, line up commercial customers and bring their new designs to market. Joby expects to deliver its first aircraft to the Air Force in 2024.
Shares of Archer gained 28% at 11:04 a.m. in New York. The stock has more than tripled this year, bringing its market value to about $1.5 billion.
(Updates shares throughout)
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