Electric vertical takeoff and landing (eVTOL) aircraft maker Archer Aviation Inc ACHR has received a $215 million equity investment from Boeing Co BA, Stellantis N.V. STLA and United Airlines Holdings Inc UAL.
The investment has increased the company's total funding to over $1.1 billion to date.
The investment round includes an acceleration of $70 million from Stellantis under the strategic funding agreement entered into in January 2023, with $55 million remaining available under that facility.
Archer received FAA approval to begin flying its Midnight eVTOL aircraft, and reached an agreement with Boeing and Wisk Aero to enter into an autonomous flight collaboration and settle litigation between the companies.
The collaboration will enable Archer to source autonomy technology from the industry.
The company also said it is on track to complete the first ever eVTOL aircraft delivery to a customer as part of its recently announced contracts with the Department of Defense (DoD).
"Over the last quarter, we've seen the U.S. government make an unwavering commitment that America will lead the way in commercializing eVTOL aircraft, the FAA validated the timeline for eVTOL aircraft to begin operations in the U.S. in 2025, and leaders in the mobility industry, Stellantis, United Airlines and Boeing, have come together to invest in Archer's future," said CEO Adam Goldstein.
Archer said it incurred an operating expense of $181.4 million in Q2 and had cash and equivalents of $407.6 million.
Outlook: Archer expects Q3 operating expenses of $42 million - $52 million.
Price Action: ACHR shares are trading lower by 2.90% at $5.66 on the last check Friday.
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