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Aviation electrification company Archer announced a new agreement with Japan Airlines (JAL) and Sumitomo Corporation […]]
Archer Lands up to $500 Million Purchase Deal for Electric Aircraft in Japan – ESG Today
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Archer Lands up to $500 Million Purchase Deal for Electric Aircraft in Japan
Mark Segal
November 8, 2024
Aviation electrification company Archer announced a new agreement with Japan Airlines (JAL) and Sumitomo Corporation air mobility-focused joint venture Soracle, including an intended purchase of up to 100 electric aircraft for approximately $500 million.
The agreement follows the launch earlier this year by JAL and Sumitomo of Soracle, aimed at establishing an electric vertical take-off and landing aircraft (eVTOL) company in Japan. Key eVTOL benefits highlighted by the companies at the launch of Soracle included significantly lower carbon emissions of eVTOL vehicles relative to existing commercial aircraft, the ability to operate with no runway, and low noise during takeoff and landing.
Soracle said that it plans to launch advanced air mobility (AAM) services in Japan using Archer’s Midnight aircraft. Configured to operate with a pilot and up to four passengers, Midnight travels at up to 150 mph, and is capable of back-to-back flights of 20-50 miles with minimal charge time in between. The aircraft is powered by six lithium-ion battery packs, and operates with zero emissions during flight.
Andrew Cummins, Senior Director of Business Development at Archer, said:
“Japan is widely respected for its forward thinking approach to transportation and this investment into advanced air mobility is yet another example of that. We’re proud to stand with Soracle ahead of this new era of flight—together, we are committed to bringing an innovative, sustainable and convenient transportation alternative to the country.”
Archer and Soracle said that they plan to conduct a public flight demonstration at the World Expo in Japan in 2025 as a first step towards commercializing AAM services in Japan.
Yukihiro Ota, Chief Executive Officer at Soracle, said:
“Through the operation of eVTOL aircraft, Soracle aims to enrich lives and society by creating more accessible air transportation services in Japan. We will provide safe and reliable services to passengers by making the most of the wealth of knowledge we have accumulated at Japan Airlines and Sumitomo Corporation. Today’s announcement is a first step towards making the future we envision a reality.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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