Archer Secures $65 Million in Financing for ‘World’s Largest’ eVTOL Production Plant

Construction on the Covington, Georgia facility, which is expected to produce up to 650 Midnight aircraft per year, is already well underway.

Jack Daleo

Wednesday, October 11, 2023 at 01:46 PM ET

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A digital rendering of Archer’s scaled eVTOL manufacturing facility, under construction in Covington, Georgia. [Courtesy: Archer]

Key Takeaways:

Archer Aviation has secured $65 million in new funding, adding to existing capital from Stellantis and state incentives, to build its first scaled eVTOL manufacturing facility in Covington, Georgia.
The initial phase of the Covington plant aims to produce up to 650 Midnight eVTOL aircraft annually, with plans for expansion to over 2,000 aircraft per year in a second phase.
Archer's manufacturing strategy focuses on capital efficiency, leveraging outside aerospace suppliers for most components of its Midnight eVTOL aircraft.
The company anticipates FAA type certification for its Midnight eVTOL in late 2024, enabling full-scale production and the launch of air taxi services in partnership with United Airlines.

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Before electric vertical takeoff and landing (eVTOL) manufacturer Archer Aviation flies air taxi routes in partnership with United Airlines, starting in Chicago and the NYC metro area, it will first need to produce aircraft. The good news is the company now has the funding to do it.

Archer on Wednesday closed financing and development agreements with Synovus Bank and Evans General Contractors, respectively, providing an influx of $65 million in fresh capital. Archer said the funding covers a “substantial majority” of costs associated with the construction of its first scaled manufacturing facility in Covington, Georgia, which began in March.