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MEBAA (Middle East & North Africa Business Aviation Association)
MEBAA (Middle East & North Africa Business Aviation Association)
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Archer Aviation
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Archer Midnight

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Archer achieves strong liquidity position
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.
Labour and capital expenditures will help scale the manufacturing of Archer's Midnight eVTOL aircraft.
Read this story in our September 2024 printed issue.

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.

Other News
 
Archer beats target with 400 test flights
September 5, 2024
When Archer first set its goal for 400 flights this year it was viewed as aggressive, but here it is in August already knocking it out.
Future Flight Global plans purchase of up to 116 Midnight aircraft
August 15, 2024
In a deal worth up to $580m, FFG plans to launch air taxi services in southeast Asia, Europe and the Middle East using Archer’s vertiport infrastructure. The two companies will work on an operating alliance.
Archer nears completion of Georgia manufacturing facility
August 6, 2024
Archer’s team has made rapid progress with the buildout of this facility and remains on track to complete construction by the end of the year. It will support planned production of up to 650 Midnight aircraft annually.