Archer Aviation Soars 17%+ on Plans for San Francisco 'Air-Mobility Network'
$Archer Aviation(ACHR.US$ soared more than 15% Friday after the air-taxi start-up announced plans for a five-stop "air-mobility network" in the San Francisco Bay area.
ACHR rose 17.3% to a $3.66 close on word of the plans, which include a memorandum of understanding with $Kilroy Realty Corp(KRC.US$ all use that firm's South San Francisco waterfront campus as one of five planned "hubs." Other planned stops include Napa, San Jose, Oakland and Livermore.
"We're thrilled to collaborate with Kilroy on developing infrastructure to support Archer's air mobility service and laying the foundation for a robust network of landing sites throughout the Bay Area," Archer executive Bryan Bernhard said in announcing the plans, which call for operations to begin as early as late 2025.
Archer is developing four-person electric vertical takeoff and landing aircraft (or "eVTOLs") that could fly people from point to point within cities, avoiding road traffic.
The company believes its planned San Francisco network could replace one- to two-hour car trips with 10- to 20-minute flights.
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