Archer Aviation Closes $230M Funding Round, Strengthening its Position in the eVTOL Industry
Archer Aviation recently announced the successful closure of its previously announced PIPE investment, securing a total of $230M in additional capital. With $220M already closed and the remaining $10M committed by Stellantis pending shareholder approval, Archer now boasts one of the strongest liquidity positions in the eVTOL industry.
Strategic Partnerships and Robust Financial Backing
This latest funding round saw participation from key strategic investors, including United Airlines and Stellantis, alongside other institutional investors. It is noteworthy that this marks United Airlines’ third investment in Archer, highlighting their continued confidence in the company’s vision.
Scaling Manufacturing and Advancing Commercialization
Beyond the immediate financial boost, Archer has also secured a strategic funding arrangement with Stellantis. This partnership aims to leverage Stellantis’ expertise in manufacturing to scale the production of Archer’s eVTOL aircraft, Midnight. In exchange for Archer equity at future stock prices, Stellantis will contribute up to $400M in labor and capital expenditures, enabling Archer to minimize dilution while accelerating its path to commercialization.
Archer’s Manufacturing Facility and Future Outlook
With its high-volume manufacturing facility in Covington, GA, scheduled to open by the end of the year, Archer is strategically positioned to capitalize on this influx of capital and strategic partnerships. The company’s CEO and Founder, Adam Goldstein, expressed confidence in Archer’s future, stating that the renewed support from partners like United Airlines and Stellantis solidifies their leadership position in the industry.
Industry Milestones and Recognition
This successful capital raise follows a series of significant milestones for Archer, including the announcement of its planned network in Los Angeles, partnerships with Southwest Airlines and United Airlines, a successful transition flight, certification to operate as a commercial airline, and the delivery of its first aircraft to the United States Air Force.
Parting Thoughts
Archer Aviation’s recent $230M funding round, coupled with its strategic partnerships and impressive milestones, underscores its commitment to revolutionizing urban air mobility. As the company continues to advance towards commercialization, its robust financial position and industry-leading technology position it as a frontrunner in the eVTOL space. The future of electric aviation looks promising, and Archer is undoubtedly at the helm of this exciting transformation.
For more information: Archer Aviation
For Investors: investors@archer.com
(Images: Archer@TheBrandAmp.com / The Brand Amp
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