The company Archer is looking at operating the first test flights for Midnight, its electric Vertical Takeoff & Landing Aircraft (eVTOL), this summer. Details of the development progress of this eVTOL were announced this week during the company’s first quarter financial figures.
Midnight’s development
Archer is one of the many companies globally currently developing eVTOL aircraft. This Santa Clara-based firm is creating Midnight, an eVTOL backed by United Airlines, which could have its first operations between 2025 and 2028. Archer’s goal is to obtain a Type Certification from the Federal Aviation Administration (FAA) in late 2024.
The company has submitted 15 of its 18 Subject Specific Certification Plans to the FAA as it claims that it is steadily progressing towards the certification of the eVTOL Midnight.
On May 11, Archer announced it completed the final assembly of its first Midnight aircraft. The eVTOL was shipped from Acher’s Palo Alto facility to its flight test facility in Salinas, California. There it will now go through a series of ground tests leading up to its planned first flight this summer and will be employed as part of the company’s “for credit” testing with the FAA in support of Type Certification.
The company’s strategy is to allow Archer to fly many of the same test points needed during the certification process to further validate the aircraft before the FAA witnesses.
About Midnight
Midnight will have a range of up to 100 miles. Archer designed it to perform rapid back-to-back flights with minimal charge time in between, as it aims to transform inter-city travel, replacing commutes by car that can take over an hour in traffic with electric air taxi flights that last between ten and 20 minutes.
United Airlines, Archer’s main customer, recently announced Chicago’s first commercial air taxi route employing Midnight. This route will be between Chicago O’Hare International Airport and Vertiport Chicago, and it is set to begin services in 2025.
Archer’s financial results in the first quarter
During the first quarter of 2023, Archer posted a $113.1 million net loss and liquidity of $450 million in cash, cash equivalents, and short-term investments. The company’s Chief Executive Officer, Adam Goldstein, said in a statement,
“I am thrilled with the milestones our team has achieved in the first quarter of 2023. We have continued to make significant progress toward our goal of revolutionizing urban mobility, and our accomplishments are a testament to the dedication and hard work of our world-class team. We remain steadfast in our commitment to delivering safe, sustainable, and low noise urban air mobility beginning in 2025.”
The company had total operating expenses worth $112 million during the period. These expenses represent investments required to achieve the key elements of its commercialization plan, the airline explained in a letter to shareholders.
Are you excited about seeing Archer’s new eVTOL aircraft flying for the first time? What do you think about the eVTOL boom across the industry? Let us know in the comments below.
