Archer raises $850 million, accelerates U.S. eVTOL rollout

Source | Archer Aviation

On June 13,  Archer Aviation Inc.  (Santa Clara, Calif., U.S.) raised an additional $850 million following the announcement by the current U.S. administration to implement eVTOL Integration Pilot Program   focused on accelerating the deployment of eVTOL aircraft in the U.S.

Archer intends to closely coordinate with the administration, Department of Transportation (DOT) and the Federal Aviation Administration (FAA) on how this can integrate into Archer’s plans to ramp its operations in the U.S. ahead of the LA 28 Olympic Games at which Archer will serve as the  official air taxi provider  of the Olympic Games and Team USA.

Archer will be at the 2025 Paris Air Show showcasing its  Midnight  aircraft and hosting delegations from more than 20 countries. Archer CEO and founder Adam Goldstein is set to meet with the U.S. Secretary of Transportation, Sean P. Duffy, and acting FAA administrator, Chris Rocheleau, while at the show.

The financing provided for the purchase and sale of 85,000,000 shares of Archer’s Class A common stock at a price of $10.00 per share in a registered direct offering. The net proceeds from the offering announced will be used for general corporate purposes, with a focus on the build out of Archer’s commercial capabilities, including infrastructure to support Archer’s recently announced initiatives, both in the U.S. and Archer’s “Launch Edition” markets, and the development of an AI-based aviation software platform.