Shares of Archer Aviation (ACHR) rallied Wednesday after the company's subsidiary, Archer Air, was granted a Part 135 Air Carrier & Operator Certificate from the Federal Aviation Administration (FAA).
Archer makes electric vertical takeoff and landing aircraft, or eVTOLs.
The certificate is a key step in the electric air taxi maker's ability to begin commercial flights. Specifically, it allows Archer to begin operating commercial aircraft to refine its systems and procedures before launching its four-passenger aircraft, named Midnight, into service.
At the time of writing, Archer shares are up 4.9% at $3.41.
"Today's achievement is another key step that demonstrates Archer's work with the FAA continues to gain momentum as Archer is now one of two air taxi manufacturers in the world to have announced receipt of a Part 135 certificate from the FAA," said the company.
In addition to its Part 135 certificate, Archer previously announced it has received its Part 145 certificate from the FAA, allowing it to perform specialized aircraft repair services.
This means Archer has now received the two key operational certificates from the FAA, which will enable it to begin its air taxi operations when Midnight receives its Certification from the FAA.
"We are honored to receive the Part 135 Air Carrier & Operator Certificate from the FAA, which is another important stepping stone on the way to commencing commercial air taxi operations with our Midnight aircraft," stated Adam Goldstein, Founder and CEO of Archer.