Axios Pro Exclusive Content

Archer raises $215M for electric aircraft

headshot
Archer’s Midnight aircraft on display at the International Paris Air Show.

Archer's Midnight aircraft at the International Paris Air Show in June. Photo: Emmanuel Dunand/AFP via Getty Images

Electric aircraft developer Archer Aviation today announced it raised another $215 million in a deal led by Stellantis, Boeing, United and Ark Investment Management.

Why it matters: The blockbuster round brings Archer's total funding past $1.1 billion, and it comes on the heels of federal sign-off to begin flying its multi-rotor Midnight aircraft.

Driving the news: The San Jose-based startup unleashed a flurry of announcements in its Q2 earnings report Thursday afternoon.

  • The nine-figure investment round includes an acceleration of $70 million from Stellantis under a January funding agreement. Another $55 million is remains available.
  • It comes less than two weeks after Archer announced $142 million in contracts with the U.S. Defense Department.

Meanwhile, the Federal Aviation Administration approved a special airworthiness certificate for the 12-rotor Midnight aircraft.

  • Six of those rotors tilt. The other six are fixed.

Plus, Archer settled a 2021 patent infringement lawsuit from Wisk, a Boeing subsidiary that had accused Archer of stealing trade secrets.

  • The companies are now collaborating. Wisk will be the exclusive provider of autonomous flight tech to Archer for any self-flying aircraft.
  • Boeing committed to invest in a private investment in public equity financing that Archer announced today. Wisk will receive shares in Archer as part of that investment.

Flashback: Wisk launched in 2019 as a joint venture between Boeing and Kitty Hawk, a flying taxi company backed by Google co-founder Larry Page.

  • Archer emerged shortly after with staff it recruited from Wisk and an Airbus project, Vahana.
Go deeper