Archer Aviation (NYSE:ACHR) stock is rising higher on Wednesday after the electric vertical takeoff and landing (eVTOL) company reached an agreement with Honeywell International (NASDAQ:HON).
According to an Archer Aviation press release, Honeywell International is acting as a supplier for certain parts of its aircraft. That includes flight control actuators, as well as thermal management tech.
Archer Aviation notes that it chose Honeywell International’s products for a couple of reasons. That includes the accuracy of its actuators, which is a requirement with plans to operate its aircraft in urban areas.
Archer Aviation also selected Honeywell International’s MicroVCS thermal management system for its light weight. In addition to that, the system is efficient for its size and has good reliability.
Adam Goldstein, CEO of Archer Aviation, said the following about the deal.
“Honeywell’s position as an established leader in delivering advanced aerospace technologies will be critical to our delivering on our goal of certifying our production aircraft in 2024. It is evident to us that Honeywell shares our belief that the key to commercializing eVTOL aircraft is working with leading aerospace suppliers to ensure we can deliver as safe an aircraft as possible.”
ACHR stock is seeing heavy trading today with the Honeywell International news. This has nearly 2.8 million shares trading as of this writing. That’s above the company’s daily average trading volume of just under 2.7 million shares.
ACHR stock is up 9.6% as of Wednesday afternoon.
Investors looking for more recent stock market news will want to stick around!
InvestorPlace has all the latest stock coverage traders need for Wednesday! Among that is what has shares of Blue Water Vaccines (NASDAQ:BWV), ObsEva (NASDAQ:OBSV), and Microsoft (NASDAQ:MSFT) stock moving today. You can find out all about these topics at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
