Archer Aviation (NYSE:ACHR) stock is in the news Wednesday after the company announced a new deal for electric vehicle takeoff and landing (eVTOL) infrastructure.
Archer Aviation has signed an agreement with Atlantic Aviation that will see it adding infrastructure for eVTOLs to some of its already-existing locations. That includes facilities in Los Angeles, New York City, Northern California and South Florida.
Archer Aviation notes that this deal will see Atlantic Aviation install BETA Technologies’ interoperable rapid recharging systems at its sites. This will allow for Archer to make use of these locations to recharge its Midnight air taxi.
Archer Aviation Chief Commercial Officer Nikhil Goel said the following about the deal with Atlantic Aviation:
“These initial eVTOL vertiport locations will provide a launching pad for future expansion across Atlantic’s portfolio and ensure that our Midnight aircraft has safe, centrally located landing facilities for our future passengers.”
How This Affects ACHR Stock
Today’s deal shows that Archer Aviation is moving forward with its plans to offer commercial flights via its Midnight air taxi. That might mean long-term gains are waiting for ACHR stock investors if demand for its services becomes strong.
Archer Aviation isn’t the only eVTOL company that has signed an infrastructure deal with Atlantic Aviation. Joby Aviation (NYSE:JOBY) announced a similar deal today as well.
ACHR stock is down 2.3% as of Wednesday morning.
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On the date of publication, William White did not hold (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.
