Founding and Early Years
Archer Aviation, established on October 16, 2018, by Brett Adcock and Adam Goldstein, embarked on a mission to develop electric vertical takeoff and landing (eVTOL) aircraft. Initially, the company was privately funded by its founders and supported by Marc Lore, a Walmart executive. Collaborating with the Herbert Wertheim College of Engineering at the University of Florida, where both founders graduated, Archer Aviation set up a research lab on the university’s campus in Gainesville, Florida.
Development of Maker and Midnight
Archer Aviation’s first demonstrator aircraft, Maker, was unveiled on June 10, 2021, in Los Angeles, California. This two-passenger fully electric VTOL aircraft, equipped with 12 electric propellers and six independent battery packs, demonstrated capabilities of traveling up to 150 miles per hour over a 60-mile range. By December 2021, Maker had achieved significant milestones, including receiving an airworthiness certificate from the FAA and completing its first flight.
In November 2022, Archer revealed its production vehicle, Midnight, designed to carry four passengers and a pilot for short trips around 20 miles, optimized for frequent, back-to-back journeys. Midnight represented an evolution from Maker and was expected to start flight testing by the second quarter of 2023, with FAA certification anticipated by late 2024.
Strategic Partnerships and Expansion
Archer’s partnerships have been instrumental in its growth. Notably, United Airlines placed a $10 million deposit for 100 electric flying taxis in August 2022 and announced plans for the first electric air taxi route in the US between Newark Liberty International Airport and the Downtown Manhattan Heliport. Moreover, Archer’s collaboration with Stellantis, a multinational automobile manufacturer, solidified in January 2023, ensuring exclusive manufacturing support for Archer’s eVTOL aircraft.
Urban Air Mobility and Infrastructure
Archer is at the forefront of Urban Air Mobility (UAM), with plans to commence its aerial ridesharing service in 2025 in cities like Miami, Florida, and Los Angeles, California. The company is actively working with Urban Movement Labs, the Los Angeles Department of Transportation, and the City of Miami to develop the necessary infrastructure and service routes.
Recent Developments and Financial Standing
In the second quarter of 2023, Archer received airworthiness certification from the FAA and secured significant investments, including a $215 million equity investment led by Stellantis. This propelled the company towards the execution phase of its Covington, Georgia facility, aimed at building the Midnight eVTOLs. As of June 30, 2023, Archer reported having $407.6 million in cash, cash equivalents, and short-term investments.
Archer’s financial position was further strengthened with nearly $600 million in liquidity as of September 30, 2023. This included cash and cash equivalents of $461 million, investments from Stellantis, and a finalized debt facility to cover the costs of its high-volume manufacturing facility in Georgia.
Future Outlook
Archer’s journey, marked by strategic partnerships, technological advancements, and a robust financial foundation, positions it well for the planned commercial launch of its eVTOL aircraft in 2025. The company’s commitment to reshaping urban air mobility and its ability to secure significant funding and partnerships indicate a promising future in the burgeoning field of eVTOL aviation.
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FAQ
When was Archer Aviation founded?
Archer Aviation was founded by Brett Adcock and Adam Goldstein in October of 2018.
What is the purpose of Archer Aviation’s aircraft?
Archer Aviation develops eVTOL aircraft for urban air mobility, specifically air taxi services.
What is the name of Archer Aviation’s first demonstrator aircraft?
Archer Aviation’s first demonstrator aircraft was Maker.
What are the capabilities of the Maker aircraft?
Maker can travel up to 150 miles per hour over a range of 60 miles.
What is Archer Aviation’s production vehicle?
Midnight is Archer Aviation’s production vehicle.
What is the expected range and capacity of the Midnight aircraft?
Midnight is designed for short trips around 20 miles, carrying four passengers and a pilot.
When is Archer Aviation planning to begin its aerial ridesharing service?
Archer Aviation plans to begin its aerial ridesharing service in 2025.
Which cities are targeted for Archer’s initial urban air mobility services?
Miami, Florida, and Los Angeles, California are targeted for Archer’s initial urban air mobility services.
What was Archer Aviation’s financial status as of mid-2023?
As of mid-2023, Archer Aviation had over $600 million in liquidity, including cash and investments.