Archer Aviation Secures $65 Million for eVTOL Aircraft Production Facility

Archer Aviation, an electric vertical takeoff and landing (eVTOL) manufacturer, is a step closer to realizing its air taxi ambitions in partnership with United Airlines as it secures $65 million in fresh capital. The financing and development agreements with Synovus Bank and Evans General Contractors will primarily fund the construction of Archer’s manufacturing facility in Covington, Georgia, which is set to become the world’s highest-volume eVTOL aircraft manufacturing facility.

This significant investment builds upon a previously announced partnership with Stellantis, which provided $150 million in equity capital for Archer. The collaboration with Stellantis was established in January to facilitate mass production of eVTOL aircraft. Additionally, Archer benefits from incentives offered by the state of Georgia for the Covington facility.

The manufacturing site in Covington is currently in its “Phase 1” construction stage, aiming to complete a 350,000-square-foot facility capable of producing up to 650 aircraft per year. Archer’s first production eVTOL design, named “Midnight,” is expected to enter service following the completion of this phase by 2024.

Furthermore, “Phase 2” plans involve expanding the facility to approximately 900,000 square feet, enabling production of over 2,000 eVTOL aircraft annually. Archer’s growth projections align with its 2022 plan to produce 250 aircraft in 2025, doubling that number in 2026, with the ultimate goal of manufacturing 650 aircraft by 2027.

Archer’s ambition to provide air taxi services in partnership with United Airlines will necessitate the successful construction and operation of its manufacturing facility, a vital step in the company’s journey to becoming a leading global eVTOL aircraft manufacturer.

The eVTOL market is becoming increasingly competitive, with several companies vying for market leadership, including EHang, Volocopter, Lilium, and Archer’s U.S. rival, Joby Aviation. Archer’s strategic partnerships and financial backing are essential to help it compete effectively and bring its eVTOL aircraft to the commercial aviation market.

Sources: AirGuide Business airguide.info, msn.com, Archer, Flying Magazine