Archer Aviation secures $230M PIPE investment for commercializing eVTOL aircrafts
Description:
On August 22, 2024, Archer Aviation announced that it had secured $220 million in capital since the end of Q2, with an additional $10 million expected from Stellantis. United Airlines invested in Archer for the third time, reaffirming its position as a long-term investor in the eVTOL company. Since the end of Q2, Archer has accumulated $360 million in cash, making it one of the most liquid companies in the industry. The aviation company also plans to partner with Stellantis on labor and capital expenditures, enabling it to scale the commercialization of its flagship aircraft, Midnight.
Midnight is a four-passenger aircraft capable of performing back-to-back flights with minimal charging time between trips. The aircraft has a cruise speed of 150 mph, a range of 20–50 miles, and operates at a cruise altitude of 2,000 feet. It is designed to replace car commutes with sustainable electric air taxi flights, aiming to mainstream urban air mobility (UAM) networks.
Following the successful delivery of its first aircraft to the United States Air Force, Archer is now collaborating with Southwest Airlines and United Airlines on developments in Los Angeles.
Leadership:
Adam Goldstein - Founder & CEO
Tom Muniz - Chief Technology Officer
Mark Mesler - Chief Financial Officer
Geoff Bower - Chief Engineer
Tosha Perkins - Chief People & Partnerships Officer
Eric Lentell - General Counsel
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