Archer has partnered with Stellantis to manufacture their Midnight eVTOL aircraft, while providing Archer with up to $150 million of equity capital for potential draw at their discretion in 2023 and 2024.
On Wednesday (January 4, 2023), Archer Aviation announced an expansion of their partnership with Stellantis. The two companies will join forces to manufacture Archer’s electric vertical-takeoff and landing (eVTOL) Midnight aircraft. Additionally, Stellantis will provide up to $150 million of equity for potential draw by Archer in 2023 and 2024. The partners will work together to stand up Archer’s recently announced manufacturing facility in Covington, Georgia, with Midnight production scheduled to begin in 2024. Midnight has been designed to be safe, sustainable, and quiet, with a capacity payload of over 1,000 pounds and the ability to carry four passengers and a pilot. The aircraft will have a range of 100 miles, optimal for making short distance back-to-back trips of around 20 miles with a charging time of around ten minutes in between.
In Wednesday’s announcement, Archer’s Founder and CEO, Adam Goldstein, said,
“Stellantis’ continued recognition of Archer’s progress toward commercialization, and today’s commitment of significant resources to build the Midnight aircraft with us, places Archer in a strong position to be first to market. Our two companies are taking these important steps together to realize a once-in-a-generation opportunity to redefine urban transportation.”
Also commenting on the expanded partnership, Stellantis’ CEO, Carlos Tavares, said,
“We’ve been working closely with Archer for the past two years, and I am continually impressed by their ingenuity and unwavering commitment to deliver. Deepening our partnership with Archer as a strategic investor with plans for growing our shareholding demonstrates how Stellantis is pushing the boundaries to provide sustainable freedom of mobility, from the road to the sky. Supporting Archer with our manufacturing expertise is another example of how Stellantis will lead the way the world moves.”
Amsterdam-based Stellantis N.V. is one of the world’s leading automakers and mobility provider, and has been a strategic partner to Archer since 2020, and an investor since 2021. The company’s iconic brands embody the passion of their visionary flounders, and include storied nameplates such as Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free3move and Leasys.
Santa Clara, California-based Archer is designing and developing eVTOL aircraft to be deployed in urban air mobility (UAM) networks. The company’s mission is to unlock the skies, freeing everyone to reimagine how they move and spend time. Archer’s early launch ‘trunk’ routes will connect airports with city centers, and once established, will be branched out to connect surrounding communities. The first phase of their UAM network is targeted to launch in 2025.
Source: Archer Aviation