Archer Aviation has closed on US$220M of the US$230M of additional capital raised since the end of Q2. The US$10M remaining is in the form of a committed investment from Stellantis, with shareholder approval expected later this year. Combined with...
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Archer Aviation has closed on US$220M of the US$230M of additional capital raised since the end of Q2. The US$10M remaining is in the form of a committed investment from Stellantis, with shareholder approval expected later this year.
Combined with the US$360M of cash on hand at the end of Q2’24, Archer now maintains one of the strongest liquidity positions in the industry as it advances its industrialization and commercialization. The company's high-volume manufacturing facility in Covington, GA, is scheduled to open by the end of the year.
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.
Archer recently announced it had reached the key terms of an agreement with Stellantis for the contribution of significant capital in the form of labor and capital expenditures to help scale the manufacturing of Archer’s aircraft, Midnight. The strategic funding arrangement is intended to give Archer the ability to access up to an additional $400M in capital in exchange for Archer equity at future stock prices with the goal of minimizing dilution.
“As we advance towards commercialization, 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-capitalized in the industry,” said Archer CEO and Founder Adam Goldstein.
The 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 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.
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