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
30 Mai 2024 - 12:00PM
Business Wire
- 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’s Ministry 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 in Korea, with
a second installment expected in January 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.
Archer Aviation Inc. (NYSE: ACHR), a leader in eVTOL aircraft,
and KakaoMobility, Korea’s leading mobility as a service (MaaS)
platform service company, signed an agreement to partner for joint
participation in the K-UAM Grand Challenge and covers the planned
purchase by KakaoMobility of up to 50 of Archer’s Midnight eVTOL
aircraft worth up to an approximate value of $250M, including
pre-delivery payments.
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Image above depicts simulated flight and
planned operations of Archer aircraft in partnership with
KakaoMobility in Seoul (Photo: Business Wire)
KakaoMobility plans to own and operate Archer’s Midnight
aircraft in Korea, offering electric air taxi flights to its over
30M registered users on its Kakao T mobile app starting as early as
2026. KakaoMobility and Archer anticipate starting the service in
Seoul, one of the most congested cities in the world, where the
average commuter spends nearly 90 minutes per day stuck in
traffic.
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 $7M in 2024 to Archer as the first
installment to help fund early commercialization efforts in Korea,
with a second installment in Q1 2025.
Christopher SungWook Chang, Senior Vice President of
KakaoMobility, said: “Our partnership with Archer is a leap forward
for urban mobility. We can’t wait to debut Archer’s Midnight
Aircraft at the K-UAM Grand Challenge in 2024 as a commitment to
transforming the daily commute for millions of Kakao T users. The
vision is clear – reduce the hours lost in traffic and elevate
everyday travel with an electric air taxi service that features
Archer’s Midnight aircraft.”
Archer’s Chief Commercial Officer Nikhil Goel, commented:
“Archer is expanding its international launch strategy to South
Korea through this landmark partnership between Archer Aviation and
KakaoMobility. Together, we are committed to revolutionizing
transportation with Archer’s eVTOL aircraft, ushering in a future
of cleaner, faster, and more efficient travel between and within
Korean cities.”
The consortium’s complementary strengths gives it the ability to
work collaboratively to build a comprehensive approach to integrate
all-electric air taxis into South Korea's urban transportation
landscape. Starting with the K-UAM Grand Challenge, the companies
intend to demonstrate how eVTOL aircraft can transform daily
commutes in Korea. The collaboration will also focus on building
best-in-class infrastructure, including vertiports and air traffic
management systems, to ensure safe and efficient operations.
The consortium is focused on bringing electric air taxis to
Korea because they can play a pivotal role in achieving a more
sustainable future, contributing to South Korea’s broader goals of
reducing carbon emissions and promoting green technology.
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.
About KakaoMobility
KakaoMobility is a subsidiary of Kakao, a South Korea company
that operates a diverse set of services including social
networking, entertainment, finance, and gaming. KakaoMobility
offers Kakao T, Korea’s leading service for taxi-hailing,
designated driver booking, nearby parking space searching, and
real-time traffic information.
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 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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