Fri, Jul 05, 2024
Brings Total Investment in eVTOL Maker to Over $200 Million
Global investment firm Stellantis has a strategic funding agreement with Archer, one of the leading developers of electric technologies and aircraft for rapid urban air mobility.
The companies announced on July 2 that Archer received an additional $55 million investment from Stellantis under that agreement. This follows Archer’s successful transition flight test milestone in June, and adds to the series of direct funding and open market stock purchases Stellantis completed in 2023 and 2024.
Archer is on schedule to finish construction of its large, high-volume manufacturing plant outside of Atlanta, Georgia, adjacent to Covington Municipal Airport (KCVC). Plans are to build out a 350,000 square foot facility capable of producing 650 eVTOL aircraft per year. It will be expandable by an additional 550,000 square feet able to crank out more than 2,000 aircraft per year.
Carlos Tavares, Stellantis CEO said, “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. With this additional investment in Archer, we remain on course for a future where freedom of mobility extends beyond today’s roads.”
Archer CEO Adam Goldstein affirmed Tavares, saying, “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. 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.”
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