Archer Aviation shares moved higher after the "flying car" maker announced that it had signed a Space Act Agreement with the National Aeronautics and Space Administration (NASA).
The leader in electric vertical takeoff and landing (eVTOL) aircraft said the partnership would initially be focused on researching high-performance battery cells and safety testing for Advanced Air Mobility and space applications.
Archer’s battery pack will be tested by NASA to validate its use across these applications, with testing to be focused on the safety, energy and power performance capabilities of the battery pack.
“We’re extremely proud to partner with NASA, who has pioneered the eVTOL industry over the last three-plus decades, in support of our collective mission to ensure US leadership in aerospace continues for decades to come," Archer CEO Adam Goldstein said in a statement.
“Many countries around the world are challenging the US in this new era of flight and our country is at risk of losing its global leadership position unless we work together, government and industry, to ensure we seize the moment and pioneer this new era of aviation technology, which stands to benefit all Americans."
Shares of Archer Aviation had added 4.1% at US$5.27 shortly before noon on Monday.