Having recently delivered its first “Midnight” eVTOL aircraft to the US military, Archer Aviation has announced it has raised $230 million in equity capital in the last two months alone, taking the total raised by the Californian start-up, which listed in 2021, to over $1.3 billion.
The Midnight, powered by six battery packs and two engines, is a one-pilot, four-passenger electric Vertical Take Off and Landing (eVTOL) vehicle with room for luggage, intended to serve urban journeys of between 30 and 80 km. It can travel at up to 240 km per hour.
Details of the company’s ongoing success were released in an earnings report, showing that, in addition to a manufacturing deal with automotive giant Stellantis worth $400 million, Archer also received $55 million from them at the start of July, as well as a further $175 million last week from both Stellantis and United Airlines.
On track for Los Angeles launch
With $6 billion trousered in other manufacturing contracts, such as a deal with Future Flight Global for 116 craft, Archer is now well on its way to meeting targets around scaling up production of the vehicle – as well as creating the network of so-called “vertiports” where they can take off and land, in readiness for the launch of Los Angeles (LA) operations in 2026.
“With the additional funding and planned LA network we announced today, Archer is well-positioned to meet our goal of commercialization as early as next year,” CEO Adam Goldstein said in a statement.
Vertiport network
Getting fully ready for business means the creation of infrastructure where the Midnight can take off and land. That means a Bay Area collection of vertiports, as well a hub serving the SoFi Stadium, where LA’s Rams and Chargers football teams are based. The network is intended to be in place to take advantage of traffic brought by a number of national and international sporting events, such as the advent of the 2026 World Cup in 2026, the Super Bowl in 2027, and the Summer Olympics in 2028.
It will also include vertiports at Los Angeles International Airport, the University of Southern California, Orange County, Santa Monica, Hollywood Burbank, Long Beach, and the Van Nuys neighborhood – former home to GM motors which closed amid falling sales and action on air quality.
Describing Archer’s current position as “a big moment for Archer”, Goldstein emphasised the transformational effect the company could have on mobility and pollution in LA. The city, he said, “is known for its horrendous traffic—our goal is to offer a safer, faster and more sustainable alternative travel option.” Notably, the craft is 100 times quieter than a cruising helicopter, which many LA residents see as the scourge of the skies.
