Electric vertical takeoff and landing (eVTOL) aircraft developer Archer Aviation raised $430 million in additional equity capital, the company said on December 12, 2024.
The move was part of its new partnership with defence technology company Anduril with both parties jointly developing a hybrid VTOL aircraft for defence applications.
Adam Goldstein, founder and CEO of Archer commented: “With Anduril by our side, and this new influx of capital, we will accelerate the development and deployment of advanced aerospace technologies at scale.”
The capital raise had participation from Stellantis, United Airlines, and new institutional investors, including Wellington Management and Abu Dhabi investment holding company 2PointZero.
Archer ended its third quarter of the year with $502 million of cash and cash equivalents on its balance sheet and this raise brings Archer’s total capital raised to nearly $2 billion to date.
Moelis & Company acted as exclusive placement agent to Archer on the transaction.