Archers Aviation and its long-term collaborator Stellantis have announced an additional $55 million of funding for the development of the electric vehicle takeoff and landing (eVTOL) aircraft, Midnight.
In a statement released on July 2, 2024, the pair said that Archer had received $55 million from Stellantis in response to Midnight completing its first transition flight, successfully moving from vertical takeoff to wing-borne flight.
In 2023, Stellantis invested $110 million in Archer and in March 2024 went further with the purchase of 8.3 million shares, valued at $39 million, of Archer stock.
“The commitment by Stellantis to Archer has been unrivaled, from its foresight to provide the manufacturing expertise and capital needed to accelerate Archer’s business objectives, to the strategic vision and steadfast support from Stellantis CEO Carlos Tavares,” Archer CEO, Adam Goldstein, said. “Together, we’re working to redefine urban transportation, opening new worlds of opportunity for citizens across the globe by providing more efficient access to people, places, and events across the regions they live in.”
After Midnight completed its first transition flight at Archer’s flight test facility in Salinas, California, on June 8, 2024, the company continues to focus on testing and constructing the infrastructure necessary to build its eVTOL aircraft on a mass scale.
Archer’s high-volume manufacturing facility in Georgia will open later this year with the base projected to support production of up to 650 aircraft annually.
“Few things rival the excitement of seeing a dream take flight. I applaud the innovation, expertise and hard work of the engineering and manufacturing teams from Stellantis and Archer,” Carlos Tavares, Stellantis CEO, said. “With this additional investment in Archer, we remain on course for a future where freedom of mobility extends beyond today’s roads.”
Stellantis has been a strategic partner to Archer since 2020 through various collaboration initiatives and has been an investor since 2021.
Archer draws on Stellantis’ expertise in manufacturing, supply chains, and design expertise to support the development and commercialization of Midnight.
Archer’s Midnight is a piloted, four-passenger aircraft designed to perform rapid back-to-back flights with minimal charge time between flights.