Particle.news
Download on the App Store
3 ARTICLES
·
3mo ago

Archer Aviation Raises $850 Million to Advance eVTOL Infrastructure

The financing will support the rollout of Archer’s AI-driven flight management platform.

Image
Midnight, an all-electric aircraft from company Archer Aviation, is seen at the Salinas Municipal Airport in Salinas, California, U.S. August 2, 2023. REUTERS/Carlos Barria/File Photo
Archer Aviation Midnight electric eVTOL air taxi aircraft

Overview

  • President Trump signed an executive order establishing a three-year eVTOL Integration Pilot Program that has catalyzed new investment in electric air taxis.
  • Archer sold 85 million shares at $10 apiece to secure $850 million, boosting its pro forma liquidity to around $2 billion.
  • The new capital will underwrite electric charging hubs through partnerships with Beta Technologies, Kilroy, Atlantic Aviation and Signature Aviation.
  • Archer plans to begin Midnight flights in the UAE under its Launch Edition program later this year.
  • The company will showcase its Midnight aircraft at the Paris Air Show and serve as the official air taxi provider for the 2028 Los Angeles Olympic Games.