Stellantis invests additional $55 million in Archer
Following Midnight’s recent flight test milestone, the automaker’s strategic funding agreement buildings on $39 million worth of Archer stock and $110 million investment in 2023.
Archer Aviation Inc. (Santa Clara, Calif., U.S.) has received an additional $55 million investment from partner Stellantis N.V. (Amsterdam, Netherlands) under the companies’ strategic funding agreement following the achievement of its transition flight test milestone last month.
This latest investment builds on Stellantis’ series of open market purchases of 8.3 million shares of Archer’s stock in March 2024 that was previously announced. During 2023, Stellantis invested $110 million in Archer through a combination of open market stock purchases and investments under the companies’ strategic funding agreement.
Archer reports that it remains on track to complete construction of its high- volume manufacturing facility in Georgia later this year. This first phase of the buildout is an approximately 350,000-square-foot facility on an ~100 acre site designed to support production of up to 650 electric vertical takeoff and landing (eVTOL) aircraft annually. Archer’s goal with this facility remains to establish a factory that can support its planned commercial ramp-up by leveraging the expertise of Stellantis as its contract manufacturer.
Stellantis has been a strategic partner to Archer since 2020 through various collaboration initiatives, and as an investor since 2021. During this time, Archer has leveraged Stellantis’ deep manufacturing, supply chain, and design expertise in connection with Archer’s efforts to design, develop and commercialize its eVTOL aircraft.
Related Content
-
Composites end markets: Automotive (2024)
Recent trends in automotive composites include new materials and developments for battery electric vehicles, hydrogen fuel cell technologies, and recycled and bio-based materials.
-
Paris Air Show 2023 highlights
The Paris Air Show, one of the largest aerospace trade shows in the world, returned for the first time since 2019 and proved that the global aviation industry industry is very much alive and kicking.
-
Alef Aeronautics earns FAA approval to launch flying car
FAA certifies testing of California startup Alef’s all-electric composite vehicle, which is drivable on public roads and has VTOL capabilities.