Strategic Funding to Speed up eVTOL Aircraft Production
Stellantis N.V. and Archer Aviation Inc. have announced a big $55 million investment from Stellantis, under the businesses’ strategic funding agreement. This follows the achievement of Archer’s transition flight test milestone last month and adds to Stellantis’ prior $39 million in open market purchases of Archer stock earlier this yr, alongside a $110 million investment made in 2023.
The funding is anticipated to bolster Archer’s progress towards completing its high-volume manufacturing facility in Covington, Georgia. Set for completion later this yr, the initial phase of the ability spans roughly 350,000 square feet on a 100-acre site. This facility goals to support the production of as much as 650 aircraft annually, potentially making it certainly one of the most important aircraft manufacturing sites by volume globally. Archer’s objective is to determine a factory that can support its industrial ramp-up by leveraging Stellantis’ manufacturing expertise.
Carlos Tavares, Stellantis CEO, expressed his enthusiasm for the partnership, stating, “Few things rival the thrill of seeing a dream take flight. I applaud the innovation, expertise and exertions of the engineering and manufacturing teams from Stellantis and Archer. With this extra investment in Archer, we remain heading in the right direction for a future where freedom of mobility extends beyond today’s roads.”
Archer CEO Adam Goldstein highlighted Stellantis’ crucial role in the corporate’s growth: “The commitment by Stellantis to Archer has been unrivaled, from its foresight to supply the manufacturing expertise and capital needed to speed up Archer’s business objectives, to the strategic vision and steadfast support from Stellantis CEO Carlos Tavares. Together, we’re working to redefine urban transportation, opening latest worlds of opportunity for residents across the globe by providing more efficient access to people, places, and events across the regions they live in.”
Since becoming a strategic partner in 2020 and an investor in 2021, Stellantis has been instrumental in providing Archer with deep manufacturing, supply chain, and design expertise. This collaboration supports Archer’s mission to design, develop, and commercialize its eVTOL aircraft, aiming to revolutionize urban travel by offering electric air taxi flights which might be secure, sustainable, low noise, and cost-competitive with ground transportation.
Archer’s Midnight aircraft is designed for rapid back-to-back flights with minimal charge time, accommodating 4 passengers and a pilot. This revolutionary aircraft is anticipated to rework urban commutes, reducing travel times from 60–90 minutes by automobile to an estimated 10–20 minutes by air.
For more information on Stellantis and Archer, visit www.stellantis.com and www.archer.com.
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