Archer Aviation this week announced that it has now closed on USD220 million of USD 230 million of additional capital raised since the end of Q2, with USD10 million remaining in the form of a committed investment from Stellantis that remains subject to shareholder approval which is expected to occur later this year. This brings Archer’s aggregate funding to over USD1.5 billion to date.
According to the company:
“When combined with the $360 million of cash on hand at the end of Q2 2024, Archer now maintains one of the strongest liquidity positions in the industry as it rapidly advances its industrialization and commercialization. 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.
“Along with this additional capital, Archer also 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. This strategic funding arrangement is intended to give Archer the ability to access up to an additional USD400 million in capital in exchange for Archer equity at future stock prices with the goal of minimizing dilution. Archer’s high-volume manufacturing facility in Covington, GA, is scheduled to open by the end of the year.”
For more information
https://www.archer.com/
