Midnight eVTOL developments to scale up, grow platform reach across U.S.

Within the last month, Archer Aviation (Santa Clara, Calif., U.S.) has made several announcements regarding the development of its Midnight electric vertical takeoff and landing (eVTOL) aircraft. The platform promises to be composites-intensive, including its battery enclosures and carbon fiber airframe.

According to second quarter 2024 financial and operating results announced on Aug. 8, Archer’s partner Stellantis (Amsterdam, Netherlands) is to contribute up to $400 million to scale up Midnight manufacturing to 650 aircraft annually through 2030. In addition to the nearly $300 million Stellantis Stellantis has previously invested to date, including $55 million in July 2024, Stellantis is planning to fund the following to help ensure Archer achieves its manufacturing goals:

• Manufacturing labor: Stellantis to fund up to ~$370 million of the anticipated manufacturing labor costs.
• Manufacturing CapEx: Additionally, Stellantis will contribute the identified initial incremental manufacturing capital expenditures for the initial ramp of Midnight production, estimated to be up to $20 million.

Outside of Stellantis, Archer has secured $230 million of additional equity capital since the end of quarter two.

“This has been one of Archer’s most productive quarters yet,” notes ADAM Goldstein, Archer’s CEO. “Our indicative order book now sits at nearly $6 billion. With the additional funding and planned LA network we announced, Archer is well positioned to meet our goal of commercialization as early as next year.”

Also announced on Aug. 8, Archer says it plans to launch an LA air mobility network, which includes vertiports at key locations such as Los Angeles International Airport (LAX), Orange County, Santa Monica, Hollywood Burbank, Long Beach and Van Nuys. Notably, this will replace 1–2-hour drives with 10-20-minute electric flights. Archer’s goal is to begin its LA network operations by as early as 2026. 

As part of its network planning, Archer is coordinating with the Los Angeles Rams to collaborate on potential exclusive vertiports at Woodland Hills and at Hollywood Park. The University of Southern California is also engaged to be part of Archer’s planned network.

Following up on contracts announced in August 2023, Archer delivered its first Midnight aircraft to the U.S. Air Force (USAF)to evaluate as part of its AFWERX Agility Prime contract valued at up to $142 million. The delivery comes after the U.S. Department of Defense accepted Midnight’s military airworthiness assessment. This enables AFWERX to conduct government-directed testing of the aircraft for USAF and validate operational and military-specific mission concepts.