Archer Aviation Inc. (NYSE:ACHR), a leader in eVTOL aircraft, and KakaoMobility, Korea’s leading mobility as a service (MaaS) platform service company, signed an agreement to partner for joint participation in the K-UAM Grand Challenge and covers the planned purchase by KakaoMobility of up to 50 of Archer’s Midnight eVTOL aircraft worth up to an approximate value of $250M, including pre-delivery payments.
KakaoMobility, along with its consortium partners LG UPlus Corp. and GS E&C, have chosen Archer as their eVTOL aircraft partner to ensure they reach their goal of conducting public demonstration flights with eVTOL aircraft in the country in late 2024. KakaoMobility will pay $7M in 2024 to Archer as the first installment to help fund early commercialization efforts in Korea, with a second installment in Q1 2025.
