Archer Aviation, an electric vertical takeoff and landing (eVTOL) aircraft developer, shared significant updates during its Q2 2023 financial results call. Archer Aviation is working on its unique-looking eVTOL aircraft called the “Midnight,” which has garnered attention and investments from major players in the aviation and automotive industries.
Key updates from Archer Aviation’s Q2 2023 report include:
- Investment: Archer secured an additional $215 million equity investment, led by Stellantis, a multinational automotive conglomerate. Notable companies like Boeing, United Airlines, and ARK Invest also participated. With this investment, Archer’s total funding has exceeded $1.1 billion, providing ample resources for further development.
- Airworthiness Certification: The Midnight eVTOL received its Special Airworthiness Certificate from the Federal Aviation Administration (FAA). This certification confirms that the aircraft meets all safety requirements set by the FAA and is eligible for flight testing.
- Flight Tests: Archer plans to commence flight tests for the Midnight eVTOL in the coming weeks. These tests will pave the way for piloted “for credit” testing of the aircraft with the FAA in early 2024. The company’s founder and CEO, Adam Goldstein, expressed enthusiasm about the progress and the FAA’s commitment to the eVTOL industry.
- Collaboration with Boeing: Archer and Boeing, along with autonomous aviation and Boeing subsidiary Wisk, announced a settlement that resolves previous litigation between Archer and Boeing. The two companies are now collaborating to contribute to the growth and development of the advanced air mobility (AAM) industry.
As of June 30, 2023, Archer had $407.6 million in cash, cash equivalents, and short-term investments. These developments indicate that Archer Aviation is making significant strides in its goal of bringing its eVTOL aircraft to commercial operations by 2025.