Archer Soars on Sale of Electric Air Taxis to US Air Force (3)

Archer Aviation Inc. surged the most intraday since February 2021 after agreeing to build as many as six of its Midnight electric air taxis for the US Air Force in a deal worth up to $142 million.

The shares advanced as much as 31% after the California startup saidon Monday that it expanded a 2021 partnership through the Air Force Agility Prime program. The electric vertical take-off and landing aircraft model will be evaluated as an alternative to helicopters for operations from personnel transport to search-and-rescue.

The US military has used Agility Prime contracts to back an array of ...