Archer Aviation has secured $301.75 million in funding, bringing its total liquidity to around $1 billion. Investors including funds and accounts managed by BlackRock participated in the financing, which will support the company’s ongoing aircraft development efforts.

The financing will help Archer advance hybrid-propulsion VTOL aircraft by investing in composites, batteries and manufacturing capabilities, aiding both its commercial and government-focused aircraft programmes.

“I believe the opportunity for advanced vertical lift aircraft across defence appears to be substantially larger than I originally expected. As a result, we are raising additional capital to help us invest in critical capabilities like composites and batteries to help enable us to capture this opportunity and more,” says founder and CEO Adam Goldstein.

Alongside the continued construction of its ARC manufacturing facility, Archer remains focused on FAA certification and the launch of a cross-industry consortium in the UAE.