Kinwun/iStock via Getty Images
Archer Aviation (NYSE:ACHR) +18% to a one-month high in Friday’s trading, a day after unveiling plans for an air mobility network that will connect five strategic locations across the San Francisco Bay Area in California.
Archer (ACHR) said it envisions its network providing connectivity to communities around the region, allowing people to replace 1-2 hour drives to cities around the Bay Area with flights that take 10-20 minutes.
To anchor the network, Archer (ACHR) said it signed a memorandum of understanding with Kilroy Realty (KRC) identifying the real estate developer’s Kilroy Oyster Point campus in South San Francisco as a critical hub in Archer’s urban air mobility network.
The MoU will provide access to the takeoff and landing site that will connect with planned Archer (ACHR) vertiport locations at Napa, San Jose, Oakland and Livermore, where the company has existing relationships with infrastructure and operations partners.
Archer (ACHR) said an initial launch location at Kilroy Oyster Point could open as early as year-end 2025, adding that the two companies are exploring potential expansion into other locations within Kilroy’s (KRC) portfolio.