ACHR - Archer Aviation and NASA to collaborate on eVTOL technology

2024-01-22 07:59:36 ET

Archer Aviation Inc (NYSE: ACHR) just announced to have signed a Space Act Agreement with NASA. Its shares are up 5.0% in premarket on Monday.

Details of Archer-NASA agreement

National Aeronautics and Space Administration is coming together with the New York listed firm to study its “higher performance battery cells”.

The collaboration will evaluate their safety for Advanced Air Mobility (AAM) and “space applications”. NASA and Archer Aviation are also committed to gauging “energy and power performance capabilities” of the said battery cells.

In November, the $1.52 billion company based out of San Jose, California reported $51.6 million of net loss for its third financial quarter – down from $91 million a year ago.

The eVTOL stock is currently down more than 20% versus its high in mid-December.

Here’s what Archer Aviation CEO said today

Note that battery technology is expected to serve as a notable enabler for mass production of electric aviation in the coming years. Adam Goldstein – the chief executive of Archer Aviation said in a press release today:

Many countries are challenging the U.S. in this new era of flight. Our country is at risk of losing global leadership unless we work together to seize the moment and pioneer this new era of aviation tech.

Last year, Archer Aviation Inc also partnered with Wisk Aero – the air taxi unit of Boeing Co on autonomous flight technology. The eVTOL firm wants to go live with its commercial operations in 2025.

Wall Street currently has a consensus “buy” rating on .

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