Archer & Anduril to develop military VTOL and Archer raises $430 million
Archer has raised 430 million US dollars from various investors in a financing round on the back of entering into a partnership with Anduril Industries to develop a hybrid military aircraft. Archer says the fresh capital will help fund Archer Defense "and for other general corporate purposes."
Archer’s long-standing strategic partners Stellantis and United Airlines participated in the funding round, as did new institutional investors, including Wellington Management and the investment holding company 2PointZero from Abu Dhabi. The funding from the United Arab Emirates (UAE) was indicated by Archers’ move for manufacturing and air taxi services in the UAE.
Firm indications that Abu Dhabi could make a financial commitment became clear this week when Archer signed an agreement with several entities in the United Arab Emirates (UAE) centred around Abu Dhabi. The Californian electric VTOL company aims to commercialise air taxi services in Abu Dhabi and to set up production capacities there.
Archer ended the third quarter of 2024 with $502 million in cash and cash equivalents on its balance sheet. As a result of the new financing round, Archer has raised a total of around two billion US dollars in capital to date.
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