Future Flight Global (FFG) has signed a memorandum of understanding (MoU) with Archer with the intention of purchasing up to 116 of the eVTOL developer's Midnight aircraft. The MoU is valued at around $580 million.
Along with the MoU, FFG has made an initial deposit as well as the MoU setting out nearly $5 million in pre-delivery payments to be paid upon the completion of a purchase agreement. The aircraft is planned to support both companies' planned joint launch of eVTOL operations in key global markets. FFG is an advanced air mobility (AAM) company that has been in development for three years.
FFG will operate select routes within Archer's planned air taxi service, leveraging Archer’s existing vertiport infrastructure network with partners such as Signature and Atlantic Aviation, and will collaborate with new vertiport partners to provide service in other high-demand locations.
"This new agreement both grows our prospective order book to nearly $6bn, and opens up Archer’s global reach to premium international markets," said Andrew Cummins, director of business development at Archer.
FFG will also seek to deploy Midnight to provide on-demand transit to their most high value clients, including corporations, hotels, governments and high net worth individuals.