These 10 Firms Topped Wednesday’s Trading

6. Archer Aviation Inc. (NYSE:ACHR)

Archer Aviation saw its share prices rise by 16.2 percent at intra-day trading on Wednesday before paring gains to end just up by 8.2 percent at $71.14 apiece following news that Abu Dhabi officially approved the design for its first hybrid heliport, sparking hopes for ACHR’s looming takeoff.

On Wednesday, the UAE General Civil Aviation Authority approved the design of the first hybrid heliport to be located at the Abu Dhabi Cruise Terminal at Zayed Port, a leading hub for the regional cruise industry that welcomes more than 650,000 visitors annually.

The new heliport was developed in partnership with ACHR, AD Ports Group, and Falcon Aviation Services, and will accommodate both traditional helicopters and electric vertical take-off and landing (eVTOL) aircraft.

The approval complemented ACHR’s planned launch of its Midnight aircraft in Abu Dhabi later this year.

In other news, ACHR said it would begin producing 10 Midnight aircraft at its ARC facility in Covington, Georgia this year to support its ongoing certification-related testing programs and deployments with key partners. It also plans to ramp up the factory’s capacity to a range of 650 to 2,000 aircraft annually.