Strategic initiative to provide an innovative
and revolutionary urban transportation solution for the
country.
InterGlobe Enterprises, India’s foremost travel and hospitality
conglomerate and Archer Aviation Inc. (NYSE: ACHR), a leader in
electric vertical takeoff and landing (eVTOL) aircraft, announced
today that they have entered into a memorandum of understanding
(MOU) with the goal of partnering to launch and operate an
all-electric air taxi service in India, subject to appropriate
regulatory approvals and clearances.
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the full release here:
https://www.businesswire.com/news/home/20231109992243/en/
Signing ceremony at InterGlobe
headquarters in New Delhi between Group Managing Director of
InterGlobe, Rahul Bhatia, and Chief Commercial Officer of Archer
Aviation, Nikhil Goel. (Photo: Business Wire)
Rahul Bhatia, Group Managing Director of InterGlobe, and
Nikhil Goel, Chief Commercial Officer of Archer, signed an MOU to
form a proposed partnership through which the parties aim to
provide a revolutionary transportation solution for the country,
improving urban mobility with safe, sustainable, and low-noise
electric air taxi service that is cost-competitive with ground
transportation.
The parties intend to work with select in-country business
partners to operate Archer’s aircraft, finance and build vertiport
infrastructure, and train pilots and other personnel needed for
these operations. The partnership also plans to finance the
purchase of up to 200 of Archer’s Midnight aircraft for the India
operations.
Archer’s Midnight aircraft is a piloted, four-passenger electric
vertical takeoff and landing aircraft designed to perform rapid
back-to-back flights with minimal charge time between flights. The
goal is for a passenger on an InterGlobe-Archer flight to be able
to fly the 27-km Delhi trip from Connaught Place to Gurugram,
typically taking 60 to 90 minutes by car, in approximately 7
minutes.
In addition to urban air taxi services, the parties plan to
pursue a variety of other use cases for the electric aircraft in
India, including cargo, logistics, medical and emergency services,
as well as private company and charter services.
Rahul Bhatia, Group Managing Director of InterGlobe,
said: “Over the last two decades, InterGlobe has been involved in
providing safe, efficient, and affordable transportation to
hundreds of millions of Indians across the country. We are excited
at this new opportunity of bringing an effective, futuristic and
sustainable transport solution by introducing Archer’s electric
aircraft to India.”
“I founded Archer with the vision to help decongest the world’s
largest cities. India is one of, if not the largest opportunity for
eVTOL aircraft utilization in the world, as it is home to the
world’s largest population of over 1.4 billion people and its
largest cities face some of the greatest congestion challenges in
the world,” commented Archer’s CEO and Founder, Adam
Goldstein, “Archer’s all-electric Midnight aircraft is designed
to provide a revolutionary transportation solution that can help
address these congestion issues.”
Nikhil Goel, Chief Commercial Officer of Archer Aviation,
added: “At Archer, our goal is to make cities greener, smarter,
more efficient places to live. We couldn’t be more excited to be
partnering with Rahul and the InterGlobe team to bring our Midnight
aircraft to Indian cities and fundamentally transform mobility
across the country, with the goal of starting with Delhi, Mumbai,
and Bengaluru.”
Urban congestion is not sustainable with the World Bank
projecting that the urban population will more than double by 2050
with short road commutes taking up to 2 hours in many of the
world’s largest cities. Archer’s innovative, state-of-the-art
electric air taxis are designed to provide a safe and sustainable,
low-noise urban mobility solution for India, as it races towards
becoming a $5 trillion economy.
About InterGlobe Enterprises
InterGlobe Enterprises is an Indian travel conglomerate involved
in Aviation (IndiGo), Hospitality, Logistics, Airline Management,
Travel Commerce, Advanced Pilot Training, and Aircraft Maintenance
Engineering. InterGlobe, through its various businesses, employs
more than 58,000 professionals across 120+ cities globally. For
more information, visit www.interglobe.com
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 Santa Clara,
CA.
To learn more, visit www.archer.com.
Forward-Looking Statements
This press release contains forward looking statements regarding
Archer’s future business plans, including statements regarding the
timing of Archer’s development, commercialization, and
certification of its eVTOL aircraft, business opportunities,
aircraft specifications and performance, duration of proposed
routes, and the expansion of Archer’s business internationally. In
addition, this press release refers to MOUs that are conditioned on
the future execution by the parties of binding definitive
agreements incorporating the terms outlined in the MOUs, which
definitive agreements may not be completed or may contain different
terms than those set forth in the MOUs. 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 Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K and Quarterly Report on Form 10-Q,
available at www.sec.gov. In addition, please note that any
forward-looking statements contained herein are based on
assumptions that Archer believes to be reasonable as of the date of
this press release. Archer undertakes no obligation to update these
statements as a result of new information or future events.
Source: Archer Text: ArcherIR
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version on businesswire.com: https://www.businesswire.com/news/home/20231109992243/en/
Archer Media Contacts The Brand Amp -
Archer@TheBrandAmp.com InterGlobe Enterprises media contact Ragini
Chopra – ragini.chopra@interglobe.com
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