By Chris Wack
Archer Aviation shares were up 8% to $11.16 after the company received FAA certification to launch its pilot training academy.
The company, which plans to launch electric air taxi flights, said this certification, referred to as Part 141, is granted to a flight school by the FAA, signifying that it is a formally recognized and regulated institution for pilot training.
Archer will now be able to train and qualify pilots as part of its newly launched training academy, with plans to build a pipeline of pilots in preparation for its planned commercial air taxis services with its Midnight aircraft.
The company's Midnight is a piloted, four-passenger aircraft designed to perform rapid back-to-back flights with minimal charge time between flights.
The stock hit its 52-week high of $12.48 on Jan. 7, and is up 111% in the past 12 months.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
February 18, 2025 12:15 ET (17:15 GMT)
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