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Three aviation technology businesses built inside Boeing are moving to a smaller company focused on electric air taxis.
Electric vertical takeoff and landing, or eVTOL, describes aircraft designed to lift off and land like helicopters but powered by battery-driven electric motors instead of combustion engines.
Archer Aviation (NYSE: ACHR) has signed definitive agreements to acquire Wisk Aero, SkyGrid, and Insitu from Boeing (NYSE: BA); the announcement sent Archer shares up 16% while Boeing climbed 0.5% to about $234.
Three businesses, one common thread Wisk Aero built autonomous eVTOL aircraft and has completed more than 1,700 flight tests across six generations of hardware.
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