Air Chateau International has announced plans to purchase up to 100 Midnight electric vertical take-off and landing (eVTOL) aircraft from Archer Aviation.
At the Dubai Air Show, the two companies signed a memorandum of understanding (MOU) covering the planned purchase, which has a value of up to 500 million USD.
This agreement includes an initial non-refundable pre-delivery payment of 1 million USD that will be paid by 31 December 2023.
The companies will now formalise definitive agreements for the planned purchase, which may include additional pre-delivery payments of up to 4 million USD.
Air Chateau plans for Acorn Capital Ltd. to be its financial partner in this transaction.
Archer Founder and CEO, Adam Goldstein said:It was an honour hosting Air Chateau’s team at the Dubai Air Show 2023 during which they were able to touch, see and feel our aircraft as it headlined the show. Their recognition that our Midnight aircraft meets what the customer demands in the UAE market and desire to secure the purchase of up to 100 Midnight aircraft is another exciting validation of our efforts to bring to market an aircraft that will revolutionise how people move in and around cities.
Air Chateau plans to own and operate the Midnight aircraft in the United Arab Emirates (UAE), including from its heliport and lounge terminal at the land side of Dubai World Central / Al Maktoum International Airport.
Its operations offer last-mile services between airports, cities and attractions and are targeted at ultra-high-net-worth individuals.
This newly announced relationship will strengthen Archer’s plans to commence air taxi operations in Abu Dhabi and Dubai in 2026. The parties will also explore opportunities to collaborate on the required infrastructure investment in these cities.
Dr. Samir Mohamed, Chairman and Founder of Air Chateau said:This remarkable opportunity signifies the ongoing evolution of Air Chateau, heralding a transformative era in our industry. Embarking on our journey into being an infrastructure provider two years ago for helicopters, today, we stand at the precipice of realising our vision for the future of urban air mobility with eVTOLs in Dubai and across the UAE. The support of our visionary partners has been instrumental in our journey, and as we unveil this exciting chapter, we are privileged to share a collective vision. We are very grateful for having the opportunity to pave the way for the future of Air Mobility in Dubai with Archer.
