Archer Aviation has now closed on $220 million of its $230 million of additional capital raised since the end of the second quarter. The $10 million remaining is in the form of a committed investment from Stellantis that remains subject to shareholder approval - expected to occur later this year.
The PIPE investment was first announced during Archer's second quarter earnings report.
Archer's founder and CEO Adam Goldstein said: ""Combined with the $360 million cash on hand at the end of [second quarter 2024], this makes us one of the most well-capitalised in the industry at a critical time ahead of commercialisation and industrialisation.""
He added: ""Special thanks to our long-time strategic investors United Airlines and Stellantis as well as the new investors who joined this raise.""
This is United's third time investing in Archer with the first being in 2021 in connection with the signing of its conditional aircraft purchase agreement. In 2022, United made a pre-delivery payment for the first 100 of the aircraft.
Goldstein added: ""As we advance towards commercialisation, this renewed equity support from partners like United Airlines and Stellantis is a powerful endorsement that solidifies Archer’s position as one of the most well-capitalised in the industry.""
The company said with this capital, it is ""well-positioned"" to reach the commercialisation of its eVTOL aircraft, Midnight.
Moelis & Company acted as the sole placement agent for the transaction.
Archer closes PIPE investment
