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

Verified

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 from Synovus Bank and Evans General Contractors, augmenting investments from Stellantis and Georgia state incentives, to finance its high-volume eVTOL manufacturing facility in Covington, Georgia.
The new facility's first phase, expected to complete in 2024, is designed to produce up to 650 Midnight eVTOL aircraft annually, with plans to expand capacity to over 2,000 units per year.
Archer's manufacturing strategy focuses on capital efficiency by leveraging external aerospace suppliers, and the company aims for FAA type certification for its Midnight eVTOL in late 2024 to enable commercialization.
The company plans to launch air taxi routes with United Airlines in Chicago and the NYC metro area and has secured a significant $142 million contract with the U.S. Air Force for its Midnight aircraft.

See a mistake? Contact us.

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.