Archer Aviation secures $215m funding boost for eVTOL aircraft
Archer Aviation Inc. has announced significant Q2 operating and financial results for the period ending June 30, 2023. Notably, the company has confirmed a substantial $215 million equity investment from industry behemoths such as Stellantis, Boeing, United Airlines, ARK Invest, and more, boosting its total funding to an impressive $1.1 billion. In sync with this, Archer Aviation has also acquired US Federal Aviation Administration (FAA) approval for its Midnight eVTOL aircraft flights and initiated an autonomous flight partnership with Boeing and Wisk, effectively settling existing litigation.
Key Investment and Financial Highlights
Boosting its financial strength, Archer Aviation has successfully secured a $215 million equity investment led by its long-term partner, Stellantis. This round notably includes Stellantis’s $70 million acceleration, leaving $55 million available under the recent strategic agreement from January 2023. Stellantis’s contribution extends beyond funding, with stalwarts like CEO Carlos Tavares and CETO Ned Curic providing strategic insight. This funding round, featuring big names like Boeing and United Airlines, as well as ARK Invest, aims to propel Archer Aviation’s aircraft and technological advancements while supporting the establishment of its testing and manufacturing hubs.
Industry Support for Archer Aviation’s Vision
Archer Aviation’s CEO, Adam Goldstein, remarked on the industry’s accelerating pace, “Over the last quarter, we’ve seen the U.S. government make an unwavering commitment that America will lead the way in commercializing eVTOL aircraft… and leaders in the mobility industry, Stellantis, United Airlines, and Boeing, have come together to invest in Archer’s future.” He adds, “Our team’s hard work and dedication have brought us to this exciting moment, and we can’t wait to see Midnight soar.”
Industry Titans Invest in Archer Aviation’s eVTOL Aircrast, Pushing its Valuation Over $1.1bn. Photo courtesy of Business Wire.
Collaborative Ventures: Boeing, Archer Aviation, and Wisk
In a landmark agreement, Archer Aviation, Wisk, and The Boeing Company have embarked on a collaboration targeting the advanced air mobility (AAM) sector’s growth. This union has also led to the amicable settlement of previous court litigations. This strategic tie-up, granting Archer Aviation access to top-tier autonomy technology, paves the way for expansive AAM applications, from transporting cargo to passengers.
Archer Aviation’s FAA Approval and Upcoming Initiatives
Adding another feather to its cap, Archer Aviation’s Midnight eVTOL aircraft has been greenlit by the FAA, confirming that it adheres to all necessary safety benchmarks. This facilitates Archer Aviation’s imminent flight test operations. With its eyes on a 2025 launch, Archer Aviation’s is gearing up for piloted testing of the Midnight in 2024, and prepping for the inauguration of its flagship eVTOL production unit in Covington, Georgia by mid-2024, in collaboration with Stellantis.