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 secured $65 million in financing for its manufacturing facility in Covington, Georgia, supplementing investments from Stellantis and state incentives to fund the construction.
The initial phase of the 350,000-square-foot facility is on track to be completed in 2024, aiming to produce up to 650 "Midnight" eVTOL aircraft annually, with plans to expand capacity to over 2,000 units per year.
Archer's strategy emphasizes high-volume, capital-efficient production by leveraging external aerospace suppliers, as it prepares to launch air taxi routes with United Airlines following FAA type certification for its Midnight eVTOL, expected in late 2024.

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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.