Today, Archer Aviation In. announced that it has closed agreements with Synovus Bank and Evans General Contractors, LLC for the financing and development of its high-volume manufacturing facility in Covington, Georgia, USA.
“Construction is already underway on the first phase of the Covington facility build out of approximately 350,000 square feet to support initial production of up to 650 aircraft per year, which would make it the world’s largest eVTOL aircraft manufacturing facility by volume,” according to the company.
Archer expects to produce the highest volume of eVTOL aircraft while bearing a dramatically lower manufacturing capital cost than projects announced by competitors in the industry.
“Today’s announcement secures at least USD65 million in financing which represents a substantial majority of the cost of construction for the first phase of Archer’s eVTOL manufacturing facility,” continued the press release. “In conjunction with previously announced incentives from the state of Georgia and Archer’s partnership with Stellantis, today’s announcement advances the company’s strategy of creating the most capital efficient path to scaled manufacturing. Phase one of Archer’s high-volume manufacturing facility is on target to be completed in 2024 ahead of Midnight’s planned entry into service in 2025. Phase two of the facility provides the capability to expand the operation to approximately 900,000 square feet to support long-term production targets of over 2,000 aircraft per year.”
For more information
https://www.archer.com/