Archer Air, an electric flying car start-up company specializing in sustainable air mobility, is on a mission to manufacture the world’s first fully-electric vertical takeoff and landing aircraft.
The Palo Alto, California-based aviation company is designing, manufacturing, and operating a fully-electric vertical takeoff and landing aircraft that can carry four passengers.
Led by co-founders Adcock and Adam Goldstein, Archer aims to advance the benefits of sustainable air mobility and become the leader in the new era of Urban Air Mobility (“UAM”), a $1 trillion-plus market, according to leading industry research.
Archer’s fully-electric aircraft is expected to travel distances of up to 60 miles at 150 mph while producing minimal noise using the technology available today. The aviation company hopes to transform how people approach everyday life, work, and adventure while benefiting the environment and a future zero-emissions world. This dynamic is particularly important as urban density continues to grow.
The company is now one step closer to achieving its objective and going from concept to certified aircraft. According to a CNBC report, Archer is raising $1.1 billion through a merger with Atlas Crest Investment Corp.
Atlas Crest Investment Corp., a special purpose acquisition company, announced they have entered into a definitive agreement for a business combination that would result in Archer becoming a publicly listed company. It is anticipated that the post-closing company, Archer, will be listed on the NYSE with ticker symbol “ACHR.”
In further news, United Airlines announced that it has agreed to invest in Archer as part of the airline’s broader effort to partner with leading technology companies that will decarbonize air travel.
United estimates that using one of Archer’s aircraft could reduce CO2 emissions by up to 50% per passenger on a trip between Hollywood and Los Angeles International Airport (LAX), which is one of the initial cities Archer plans to launch their fleet and one of United’s largest hubs in 2024.