Archer Aviation (NYSE:ACHR) and Korean Air have announced a partnership to commercialize Archer’s Midnight electric vertical takeoff and landing (eVTOL) aircraft in South Korea.
Under the agreement, Korean Air may purchase up to 100 Midnight aircraft, initially focusing on governmental applications before expanding to broader commercial use.
The deal makes Korean Air Archer’s exclusive launch partner in the Korean market.
The California-headquartered firm’s Midnight aircraft is designed to carry a pilot and four passengers at speeds of up to 150 miles per hour, offering shorter travel times for short-haul trips compared with road travel. The aircraft is intended for rapid, back-to-back operations, and features low noise and zero emissions.
“Korean Air’s expertise in aerospace and their comprehensive strategic vision for the future make them the ideal partner for Archer,” Archer CEO Adam Goldstein said in a statement.
“We are excited to introduce Midnight alongside them in one of the world’s largest aerospace markets.”
Jin Kyu Lim, SVP and head of Korean Air’s Aerospace Business, added: “By combining Archer’s industry-leading eVTOL technology with Korean Air’s five decades of aerospace MRO and manufacturing expertise and strong commitment to innovation, we aim to lay the foundation for the next generation of air mobility in the Republic of Korea.”
Shares of Archer Aviation moved higher on the news, adding 5.2% at about $12 late morning on Monday.