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Archer Aviation, a leading developer of electric vertical takeoff and landing (eVTOL) aircraft, just made one of its boldest moves yet. The company agreed to acquire Hawthorne Airport for $126 million in cash.

According to Archer’s latest shareholder letter, the deal includes the remaining 30 years on the airport’s master lease and an exclusive option to take a controlling stake in the on-site fixed-base operator, subject to city approval.

This historic 80-acre site includes about 190,000 square feet of terminals, office space and hangars. Its location near LAX and major Los Angeles destinations makes it a prime spot for an air taxi network that aims to change how people move in crowded cities.

PENNSYLVANIA BILL SEEKS TO LEGALIZE FLYING CARS

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