Archer Aviation Shares Rise After Deal for Up to $500M in Electric Aircraft

Dow Jones11-07

By Chris Wack

Archer Aviation shares were up 10% to $3.53 after the company signed an agreement with Soracle for advanced air mobility services to Japan, which includes the purchase of up to $500 million of Archer's electric aircraft.

Soracle is a joint venture established by Japan Airlines and Sumitomo Corp.

Soracle plans to launch its operation in Japan using Archer's Midnight aircraft, with the goal of offering electric air taxi flights in cities where existing ground transportation is constrained by traffic or geographic barriers.

The joint venture has obtained the right to place aircraft orders of up to 100 Midnight aircraft, totaling $500 million, which would include pre-delivery payments based on certain milestones in advance of aircraft delivery.

Soracle will develop a variety of flight routes in locations such as Tokyo, Osaka, Nagoya, Hokkaido, Setouchi and Okinawa.

Archer and Soracle are working with the Japanese Civil Aviation Bureau to obtain the necessary permissions and certifications.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

November 07, 2024 10:46 ET (15:46 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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