Archer secures $215M investment for eVTOL development
Archer Aviation, a developer of electric vertical takeoff and landing (eVTOL) aircraft, has secured a $215 million equity investment, increasing its overall funding to more than $1 billion and bolstering its path to federal certification in the United States and commercial operations in 2025.
Longtime strategic partner Stellantis led the investment round along with Boeing and United Airlines as well as other financial institutions including ARK Invest. The funds are intended to be used for working capital and general corporate purposes, including Archer’s continued development of its aircraft and related technology, as well as the buildout of its manufacturing and test facilities.
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The company also announced its Midnight aircraft received certification from the U.S. Federal Aviation Administration, allowing it to begin flight test operations, which Archer expects to commence in the coming weeks. This is an important step as Archer readies to begin its piloted testing with the FAA in early 2024 and bring online a high volume eVTOL production facility in Georgia in mid-2024 alongside Stellantis.
As part of Archer’s recently announced landmark agreements with the Department of Defense valued at up to $142 million, Archer said it’s on track to deliver the Midnight aircraft to the U.S. Air Force later this year or early next year, which the company believes will be the first ever eVTOL aircraft delivery to a customer.
“The pace at which our industry is advancing is unprecedented,” Archer founder and CEO Adam Goldstein said. “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, the FAA validated the timeline for eVTOL aircraft to begin operations in the U.S. in 2025, and leaders in the mobility industry, Stellantis, United Airlines and Boeing, have come together to invest in Archer’s future.”