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 over $215 million in funding from Synovus Bank, Evans General Contractors, and Stellantis, plus Georgia state incentives, to build its high-volume eVTOL manufacturing facility in Covington, Georgia.
The new facility will initially produce up to 650 "Midnight" eVTOL aircraft annually, with plans to expand capacity to over 2,000 units per year, utilizing a "capital efficient" strategy through external aerospace suppliers.
Construction is targeted for completion in 2024, aligning with the expected FAA type certification for the Midnight aircraft, enabling commercial air taxi services with United Airlines and fulfilling a $142 million Air Force contract.

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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.