Archer Aviation, a leader in electric vertical takeoff and landing (eVTOL) aircraft, disclosed a series of significant operational and financial achievements for the second quarter ending June 30, 2023.
Investment Boost
Archer announced a $215 million investment, drawing funds from heavyweight players including Stellantis, Boeing, United Airlines, and ARK Invest. This influx of capital pushes Archer’s total funding beyond the $1.1 billion mark, a financial milestone crucial for the company's ambitious roadmap towards obtaining FAA certification and initiating commercial operations by 2025.
Stellantis, a long-term ally of Archer, led the investment round, fast-tracking funds from an existing strategic funding agreement. Their CEO, Carlos Tavares, and Chief Engineering and Technology Officer, Ned Curic, have continuously backed Archer, recognizing its innovative vision in the mobility sector.
FAA Greenlights Midnight Aircraft
Adding another feather to its cap, Archer's Midnight eVTOL aircraft was awarded the FAA Special Airworthiness Certificate. This acknowledgment by the FAA underscores the aircraft's safety measures and gives Archer the nod to begin flight test operations. Furthermore, Archer is poised to be the first to deliver an eVTOL aircraft to a customer, aligning with their recent contracts with the Department of Defense (DoD).
Collaboration and Litigation Settlement
In other significant news, Archer, Boeing, and Wisk have mutually agreed to an autonomous flight collaboration. This partnership aims to commercialize autonomous flight operations and expand the advanced air mobility industry. Alongside this collaborative announcement, the companies also disclosed the settlement of ongoing litigation, which had been a point of contention between them.
Reflecting on these advancements, Adam Goldstein, Archer’s Founder and CEO, said, "The commitment from the U.S. government and leading players in the mobility domain, including Stellantis, United Airlines, and Boeing, signals an exciting time for eVTOL aircraft commercialization." He emphasized the swift pace at which the industry is progressing and expressed enthusiasm for the upcoming flight tests of the Midnight aircraft.
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