Future Flight Global Announces Planned Purchase of up to 116 Archer Midnight Aircraft Worth up to $580M
August 13 2024 - 8:00AM
Business Wire
- Archer and Future Flight Global have signed a memorandum of
understanding (MOU) for the planned purchase of up to 116 Midnight
Aircraft worth up to $580M
- Along with this MOU, Future Flight Global made an initial
deposit, and the MOU sets out nearly $5M in pre-delivery payments
to be paid upon the completion of the parties’ definitive aircraft
purchase agreement
- Future Flight Global was founded by members of the leadership
team at Titan Aviation which has been operating business jets
worldwide for over two decades
- This aircraft purchase is planned to support the companies’
joint launch of electric vertical take-off and landing aircraft
operations in key global markets
- Archer’s indicative order book increases to nearly $6B*
Archer Aviation Inc. and Future Flight Global (FFG) today
announced an agreement focused on the deployment of electric
vertical take off and landing aircraft (eVTOL) services across top
global markets.
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the full release here:
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Archer and Future Flight Global have
signed a memorandum of understanding (MOU) for the planned purchase
of up to 116 Midnight Aircraft worth up to $580M (Photo: Business
Wire)
The agreement includes the planned purchase by FFG of up to 116
of Archer’s Midnight aircraft, worth up to $580M. This brings
Archer’s indicative order book to $6B.* The two companies are now
working to formalize definitive agreements covering the intended
aircraft purchases and strategic operating alliance, with nearly
$5M in pre-delivery payments planned upon their completion.
Midnight, Archer’s electric vertical take off and landing
aircraft, is designed to offer passengers a sustainable, low-noise
and safe alternative to ground transportation. Archer’s goal is to
transform urban travel, replacing 60–90 minute commutes by car in
traffic with estimated 10–20 minute electric air taxi flights.
FFG, which has been under development for the past three years,
is founded by members of the leadership team at Titan Aviation,
including former CEO Karan Singh. Titan Aviation has been operating
business jets under multiple air operator certificates worldwide
for over two decades with deep experience catering to the world’s
top executive travelers. FFG and Titan have a joint venture that
will deploy and operate advanced air mobility assets globally.
Together, Archer and FFG plan to launch air taxi services in
some of the largest markets globally, including Southeast Asia,
Europe and the Middle East.
First, FFG will operate select routes within Archer’s planned
air taxi service, leveraging Archer’s existing vertiport
infrastructure network with partners such as Signature and Atlantic
Aviation, and will collaborate with new vertiport partners to
provide service in other high-demand locations.
Second, FFG will also seek to deploy Midnight to provide
on-demand transit to their most high value clients——inclusive of
corporations, hotels, governments and high net worth
individuals.
To support these plans, Archer and FFG will work together on
ecosystem development, infrastructure, regulatory engagement and
demand generation.
“The aviation industry is on the cusp of its most exciting
revolution in decades,” said Karan Singh, CEO and Founder of FFG.
“We’re partnering with Archer to provide tailored, flexible
aviation services to our top clients in some of the world’s most
exciting destinations. Midnight’s versatility makes it well-suited
to diverse routes and mission profiles, while also providing a
world-class experience and operational efficiency that's attractive
to our corporate clients.”
“This new agreement both grows our prospective order book to
nearly $6B, and opens up Archer’s global reach to premium
international markets,” said Andrew Cummins, Director of Business
Development at Archer. “As our first private aviation partner, and
with their deep ties in aviation and bold approach, FFG is
positioned to be a new leader in modern aviation. Partnering with
Karan and the team at FFG was an obvious choice and an ideal
relationship for Archer.”
*Orders under the order book remain conditional, subject to the
execution of further definitive agreements with each customer and
the satisfaction of certain conditions. Order values represent the
Company’s estimate based on an indicative $5M per aircraft price.
This is only a prediction and actual results may differ materially
due to a variety of factors.
About Archer
Archer is a leader in the electrification of aviation. We are
designing and developing the key enabling technologies and aircraft
that are necessary to power the next great transportation
revolution. Our goal is for our proprietary technology to deliver
unprecedented connectivity to the people and places across the most
congested cities in the world.
To learn more, visit www.archer.com.
About Future Flight Global
Future Flight Global (FFG) is a pioneer in the adoption,
implementation, and integration of advanced air transportation. We
deliver innovative, sustainable, and safe mobility solutions that
seamlessly connect the world. FFG leverages its extensive knowledge
of the aircraft operations ecosystem to drive advancements in this
emerging industry and lead the third aerospace revolution.
www.futureflightglobal.com.
Forward-Looking Statements
This press release contains forward looking statements regarding
Archer’s future business plans, including statements regarding the
timing, amount and value of the planned purchases of Archer’s
aircraft by a third party and certain related pre-delivery
payments, the timing development, commercialization, and
certification of its eVTOL aircraft, business opportunities, and
the expansion of Archer’s business internationally. In addition,
this press release refers to an MOU that is conditioned on the
future execution by the parties of further binding definitive
agreements incorporating the terms outlined in that initial
agreement, which definitive agreements may not be completed or may
contain different terms than those set forth in the initial
agreement. These forward-looking statements are only predictions
and may differ materially from actual results due to a variety of
factors. The risks and uncertainties that could cause actual
results to differ from the results predicted are more fully
detailed in Archer’s filings with the Securities and Exchange
Commission, including its most recent Annual Report on Form 10-K
and Quarterly Report on Form 10-Q, available at www.sec.gov. In
addition, please note that any forward-looking statements contained
herein are based on assumptions that Archer believes to be
reasonable as of the date of this press release. Archer undertakes
no obligation to update these statements as a result of new
information or future events.
Source: Archer
Text: ArcherIR
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