Archer Aviation, a leading civil eVTOL aircraft developer, has successfully raised an additional $430m in equity capital.
Longtime strategic partners Stellantis and United Airlines, along with new investors such as Wellington Management and 2PointZero, a subsidiary of the UAE’s largest listed entity, IHC, contributed to this financial boost.
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With a balance sheet bolstered by this capital raise, Archer’s total funds raised are now close to $2bn, according to the company’s statements.
Along with its accelerating civil programmes, Archer Aviation has launched a Defense arm and signed an exclusive agreement with Anduril Industries to develop a next-generation hybrid vertical take-off and landing (VTOL) military aircraft.
This collaboration aims to produce an advanced aircraft for defence applications, specifically targeting potential programmes from the US Department of Defense (DOD).
The partnership will combine Archer’s capabilities in advanced VTOL aircraft with Anduril’s expertise in AI, missionisation, and systems integration, according to the new partners.
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By GlobalDataAnduril Industries senior vice president of engineering Shane Arnott said: “Anduril and Archer share a common vision for advancing capabilities that meet urgent national security needs, and we look forward to partnering with Archer to bring advanced vertical lift aircraft to our customers.”
Leading the Archer Defense programme will be Joseph Pantalone, former head of Advanced Projects at Archer.
Pantalone, with nearly three decades of military aviation experience from Lockheed Martin and Sikorsky, will leverage the expertise of Archer’s Defense Advisory Board, established in May 2023, comprising retired military leaders.
Archer founder and CEO Adam Goldstein said: “The Archer team has deep expertise in the rapid design, engineering, and production of next-generation vertical-lift aircraft.
“With Anduril by our side, and this new influx of capital, we will accelerate the development and deployment of advanced aerospace technologies at scale.”
Moelis & Company acted as the exclusive placement agent for Archer in this transaction.
In May this year, Archer Aviation launched its first battery pack manufacturing plant in San Jose, California. The factory will produce as many as 15,000 battery packs each year.
The company also plans to open an aircraft factory in Georgia, US by the end of this year.
