Stellantis will work with Archer to stand up Archer’s recently announced manufacturing facility in Covington, Georgia at which the companies plan to begin manufacturing the Midnight eVTOL in 2024.
Midnight is designed to be safe, sustainable and quiet, with an expected payload of over 450kg and a 100-mile range. It can carry four passengers plus a pilot, and is optimised for back-to-back short distance trips of around 20 miles, with a charging time of approximately ten minutes in-between.
The partnership will see Archer bringing its team of eVTOL, electric powertrain and certification experts while Stellantis will contribute advanced manufacturing expertise and capital.
This combination intends to enable the rapid scaling of aircraft production to meet Archer’s commercialisation plans, while allowing Archer to avoid hundreds of millions of dollars of spending during the manufacturing ramp up phase. The goal is for Stellantis to mass produce Archer’s eVTOL as its exclusive contract manufacturer.
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Stellantis will provide up to $150m in equity capital for potential draw by Archer at its discretion in 2023 and 2024, subject to achievement of certain business milestones which Archer said it expects to occur in 2023. Stellantis also intends to increase its strategic shareholding through future purchases of Archer stock in the open market.
“We’ve been working closely with Archer for the past two years, and I am continually impressed by their ingenuity and unwavering commitment to deliver,” said Carlos Tavares, Stellantis CEO.
“Deepening our partnership with Archer as a strategic investor with plans for growing our shareholding demonstrates how Stellantis is pushing the boundaries to provide sustainable freedom of mobility, from the road to the sky.”
Adam Goldstein, founder and CEO of Archer added: “Stellantis’ continued recognition of Archer’s progress toward commercialisation, and today’s commitment of significant resources to build the Midnight aircraft with us, places Archer in a strong position to be first to market.
“Our two companies are taking these important steps together to realise a once-in-a-generation opportunity to redefine urban transportation.”
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