KakaoMobility Selects Archer Aviation As Its eVTOL Partner And Will Fund Archer’s Korean Commercialization Efforts; Together They Will Conduct Public Flight Demonstrations As Part Of Korea’s Grand Challenge As Soon As Q4’2024
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The Korean government has set the goal of commercializing urban air mobility in the country by the mid-2020s, and in support of that objective the
Ministry of Land, Infrastructure and Transport (MOLIT) is hosting the K-UAM Grand Challenge, which is a public-private joint demonstration of electric vertical take-off and landing (eVTOL) aircraft intended to build public support. -
KakaoMobility’s consortium, which also includes LG UPlus Corp and
GS E&C Corp. will participate in the Grand Challenge as one of only three consortiums to hold public demonstration flights in tandem with Korea’sMinistry of Land, Infrastructure, and Transport . This participation will include, among various initiatives, public demonstration flights of Archer’s aircraft and engagement with regulators to develop certification and operational standards. -
KakaoMobility will pay Archer
$7M in 2024 as the first installment to cover early commercialization efforts inKorea , with a second installment expected inJanuary 2025 . -
The agreement between KakaoMobility and Archer also covers the planned purchase by KakaoMobility of up to 50 of Archer’s Midnight aircraft worth up to an approximate value of
$250M , with pre-delivery payments also expected in 2025 after the Grand Challenge. -
The consortium will be working towards jointly commercializing eVTOL operations in
South Korea in 2026 with KakaoMobility planning to offer its over 30M users the opportunity to travel via Archer’s electric air taxis in some of the country’s largest cities.
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Image above depicts simulated flight and planned operations of Archer aircraft in partnership with KakaoMobility in
KakaoMobility plans to own and operate Archer’s Midnight aircraft in
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
Archer’s Chief Commercial Officer
The consortium’s complementary strengths gives it the ability to work collaboratively to build a comprehensive approach to integrate all-electric air taxis into
The consortium is focused on bringing electric air taxis to
About Archer
Archer is designing and developing electric vertical takeoff and landing aircraft for use in urban air mobility networks. Archer’s mission is to unlock the skies, freeing everyone to reimagine how they move and spend time. Archer's team is based in
To learn more, visit www.archer.com.
About KakaoMobility
KakaoMobility is a subsidiary of Kakao, a
KakaoMobility’s Media Details
reese.jh@kakaomobility.com
Archer Forward-Looking Statements
This press release contains forward looking statements regarding Archer’s future business plans, including statements regarding the timing, amount and value of the planned purchases of Archer’s aircraft by a third party and certain related pre-delivery payments, the timing development, commercialization, and certification of its eVTOL aircraft, business opportunities, and the expansion of Archer’s business internationally. In addition, this press release refers to an agreement that is conditioned on the future execution by the parties of additional definitive agreements incorporating the terms set forth in such agreement. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. The risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Archer’s filings with the
Source: Archer
Text: ArcherIR
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