July 31 (Reuters) - Archer Aviation (ACHR.N) shares jumped as much as 33% on Monday after the air taxi maker entered into a deal to provide up to six of its "Midnight" aircraft to the U.S. Air Force.
The deal, worth up to $142 million, includes delivery of vertical takeoff and landing (eVTOL) aircraft, pilot training, development of maintenance and repair operations, and share data such as additional flight test and certification-related test reports.
The California-based company in May completed the final assembly of its first "Midnight" (eVTOL) aircraft.
It can carry four passengers and a pilot and has a range of up to 100 miles (160.9 km).
Last month, Joby Aviation (JOBY.N), which also has a deal with the U.S. Air Force, said it would deliver the first two electric aircraft in March 2024 to the Edwards Air Force Base after completing their initial testing.
Persons:
Archer, Billy Nolen, Archer's, Pratyush Thakur, Maju Samuel
Organizations:
Archer Aviation, U.S . Air Force, Joby Aviation, Edwards Air Force Base, Federal Aviation Administration, FAA, Thomson
Locations:
California, Bengaluru