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Tuesday, July 02, 2024 9:26:32 AM
* Investment from Stellantis under the companies’ strategic funding agreement builds on the $39 million worth of open market purchases of Archer stock that Stellantis completed earlier this year, and the $110 million investment made by Stellantis in Archer during 2023
* Construction nears completion on Archer’s high-volume manufacturing facility in Covington, GA, which is on track to be completed later this year
AMSTERDAM & SANTA CLARA, Calif., July 02, 2024--(BUSINESS WIRE)--Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) and Archer Aviation Inc. (NYSE:ACHR), a leader in electric vertical takeoff and landing (eVTOL) aircraft, today announced Archer has received an additional $55 million investment from Stellantis under the companies’ strategic funding agreement following the achievement of its transition flight test milestone last month.
This latest investment builds on Stellantis’ series of open market purchases of 8.3 million shares of Archer’s stock in March of this year that was previously announced. During 2023, Stellantis invested $110 million in Archer through a combination of open market stock purchases and investments under the companies’ strategic funding agreement.
Archer remains on track to complete construction of its high-volume manufacturing facility in Georgia later this year. This first phase of the build out is a ~350,000 square foot facility on an ~100 acre site designed to support production of up to 650 aircraft annually, which would make it one of the largest manufacturing facilities by volume in the aircraft industry. Archer’s goal with this facility remains to establish a factory that can support its planned commercial ramp up by leveraging the expertise of Stellantis as its contract manufacturer.
"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," said Carlos Tavares, Stellantis CEO. "With this additional investment in Archer, we remain on course for a future where freedom of mobility extends beyond today’s roads."
"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," said Archer CEO, Adam Goldstein. "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."
Stellantis has been a strategic partner to Archer since 2020 through various collaboration initiatives, and as an investor since 2021. During this time, Archer has leveraged Stellantis’ deep manufacturing, supply chain, and design expertise in connection with Archer’s efforts to design, develop, and commercialize its eVTOL aircraft.
Archer’s goal is to transform urban travel, replacing 60–90 minute commutes by car with estimated 10–20 minute electric air taxi flights that are safe, sustainable, low noise, and cost-competitive with ground transportation. Archer’s Midnight is a piloted, four-passenger aircraft designed to perform rapid back-to-back flights with minimal charge time between flights.
Recent ACHR News
- Stellantis Invests Additional $55 Million In Archer Following Recent Flight Test Milestone • Business Wire • 07/02/2024 01:00:00 PM
- Archer Announces Planned San Francisco Air Mobility Network Connecting Five Locations Across the Bay Area • Business Wire • 06/20/2024 01:00:00 PM
- Archer Announces Landmark Infrastructure Deal With Signature Aviation; Gains Access to Largest Network of Private Aviation Terminals in the World • Business Wire • 06/17/2024 01:00:00 PM
- Archer Completes Midnight’s Transition Flight • Business Wire • 06/12/2024 12:00:00 PM
- Archer Receives FAA Certification to Begin Operating Commercial Airline • Business Wire • 06/05/2024 01:00:00 PM
- KakaoMobility Selects Archer Aviation As Its eVTOL Partner And Will Fund Archer’s Korean Commercialization Efforts; Together They Will Conduct Public Flight Demonstrations As Part Of Korea’s Grand Challenge As Soon As Q4’2024 • Business Wire • 05/30/2024 10:00:00 AM
- Archer Achieves Significant Regulatory Milestone; FAA Issues Final Airworthiness Criteria For Its Midnight Aircraft • Business Wire • 05/23/2024 05:45:00 PM
- Archer Aviation Partners With Etihad Aviation Training For eVTOL Pilot Training Operations Based In Abu Dhabi • Business Wire • 05/20/2024 09:30:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 10:46:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 10:36:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 10:35:38 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/17/2024 08:26:14 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/17/2024 08:25:20 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/17/2024 08:21:27 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 05/17/2024 04:15:19 AM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 05/16/2024 08:05:11 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 08:14:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 08:07:27 PM
- Archer Announces First Quarter 2024 Results; Flight Testing Accelerates As Midnight Closes In On Transition Milestone & Midnight’s Key Systems Pass Rigorous Testing • Business Wire • 05/09/2024 08:05:00 PM
- Archer Completes Installation Of High-Volume Battery Pack Manufacturing Line • Business Wire • 05/08/2024 01:00:00 PM
- Archer Aviation Inc. to Present at Upcoming Investor Conferences • Business Wire • 05/07/2024 09:00:00 PM
- Archer Signs Framework Agreement For Multi-Hundred-Million Dollars To Accelerate Commercial Air Taxi Operations Across UAE • Business Wire • 04/25/2024 12:00:00 PM
- Archer To Report First Quarter 2024 Operating Update and Financial Results on May 9, 2024 • Business Wire • 04/22/2024 09:00:00 PM
- Archer Opens D.C. Office; Adds Key Policy, Government, and Regulatory Affairs Leaders Under Former FAA Chief as It Prepares for Commercial Launch • Business Wire • 04/18/2024 12:30:00 PM
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