Archer Aviation has now closed on $220 million of the $230 million of additional capital raised since the end of Q2, with $10 million remaining in the form of a committed investment from Stellantis that remains subject to shareholder approval, which is expected to occur later this year.

When combined with the $360 million of cash on hand at the end of Q2 2024, Archer now maintains one of the strongest liquidity positions in the industry as it rapidly advances its industrialisation and commercialisation.

This is United Airlines' third time investing in Archer, originally investing in 2021 in connection with the signing of its conditional aircraft purchase agreement. In 2022, United Airlines made a pre-delivery payment for the first 100 of those aircraft.

Along with this additional capital, Archer also recently reached the key terms of an agreement with Stellantis for the contribution of significant capital in the form of labour and capital expenditures to help scale the manufacturing of Archer's eVTOL aircraft, the Midnight. This strategic funding arrangement is intended to give Archer the ability to access up to an additional $400 million in capital in exchange for Archer equity at future stock prices with the goal of minimising dilution.

Archer's high-volume manufacturing facility in Covington, Georgia, is scheduled to open by the end of the year.

“As we advance towards commercialisation, this renewed equity support from partners like United Airlines and Stellantis is a powerful endorsement that solidifies Archer's position as one of the most well-capitalised in the industry,” says CEO and founder Adam Goldstein.

With this capital and the expanded manufacturing partnership with Stellantis, Archer is now well-positioned to execute its planned path to reach commercialisation of its eVTOL Midnight.

This capital raise announcement follows Archer's planned network in Los Angeles and its recently announced developments with Southwest Airlines and United Airlines. It also follows major milestones, such as a successful transition flight, certification to begin operating as a commercial airline and the recent delivery of its first aircraft to the United States Air Force.