Archer Aviation today announced the closing of the PIPE investment it previously announced as part of its Q2’24 earnings, with participation by longtime strategic investors United Airlines and Stellantis, as well as institutional investors. This additional capital gives Archer one of the strongest liquidity positions in its industry and brings Archer’s aggregate funding to over $1.5B to date Archer also recently announced it reached the key terms of an agreement with Stellantis for the contribution of significant capital in the form of labor and capital expenditures to help scale Archer’s Midnight manufacturing. This strategic funding arrangement is intended to give Archer the ability to access up to an additional $400M in capital in exchange for Archer equity at future stock prices with the goal of minimizing dilution Archer Aviation this week announced that it has now closed on $220M of this $230M of additional capital raised since the end of Q2, with $10M remaining in the form of a

Archer Aviation has closed a PIPE investment as part of $230 million in capital raised since Q2'24, enhancing its liquidity. The funding includes United Airlines and Stellantis, bringing Archer's total funding to over $1.5 billion. Archer also secured terms with Stellantis for up to $400 million in capital for equity. With $360 million cash on hand at Q2'24 end, Archer now has one of the strongest liquidity positions in its industry. The company is advancing its manufacturing facility in Covington, GA, set to open by year-end.

Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENEWhen the Olympics take over Los Angeles in 2028, people will likely be looking for other ways to get around the City of Angels. One company working towards this goal is Archer Aviation, which received approval from the U.S. Federal Aviation Administration (FAA) to begin operating its air taxi service in Los Angeles airspace.Founded in 2018, San Jose, Calif.-based Archer develops electric vertical takeoff and landing (eVTOL) aircraft, meaning the vehicle can take off and land like a helicopter and then fly like a propeller-driven airplane.“The entire benefit here is that you can take off vertically, just like you can with a helicopter, but at a fraction of the noise and a fraction of the cost,” Archer’s Chief Commercial Officer Nikhil Goel told Decrypt. “The idea is that you can use any existing helipad or heliport in the world, and you can also use airports and runways.“You can also build new infrastructure in areas where you previously could not build helipads,” he added.ADADThe company came together from a collaboration between VTOL developers Jeff Bauer and Tom Muniz, Archer co-founders Brett Adcock and Adam Goldstein, and Goel, who previously co-founded and served as head of product at Uber Elevate (Uber Air), the ride-share giant’s planned air taxi service.Uber Elevate was acquired by rival air taxi service Joby Aviation in 2020, with Uber, in turn, investing $75 million in Joby Aviation.“If you look at where the trends are going, by 2050, two-thirds of the world's population is going to live in cities,” Goel said. “That's all great, but the roads that we have in those cities, those aren't going to get any bigger, there's no space to add another 50% of lanes to the highways.”The obvious answer—especially in a crowded urban environment—is to go up.ADAD“You can't dig tunnels; you can't make subways retroactively,” he said

Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENEWhile navigating regulatory hurdles is nothing new for the cryptocurrency industry, it is an especially stiff challenge in the much older and vital air and ground transportation space. And while people have demanded flying cars for decades, even companies building them today are stymied.Flying cars are edging toward the mainstream in the U.S., however, with the passage of new state-level regulations allowing private ownership of these versatile crafts, including the so-called ‘Jetsons Law’ in Minnesota. And one of the companies pressing forward to build flying cars is Redmond, Ore.-based Samson Sky.Samson Sky founder and CEO Sam Bousfield says many flying car companies fail due to conflicting federal laws from two agencies: the U.S. Federal Aviation Administration (FAA) and Department of Transportation (DOT).“You've got the FAA for all the aircraft rules, and they've got a lot, and then you've got the DOT for all the ground stuff,” Bousfield told Decrypt in an interview. “Both sets of [regulations] fight each other at times, but you have to meet both of them to operate as a ground and air vehicle.”ADADTo overcome this, the team classified their vehicle as an experimental aircraft, which has fewer FAA rules, and as a motorcycle because it has three wheels, which simplifies DOT compliance

Archer plans to launch the network in Los Angeles to replace one-to-two-hour drives with 10-20 minute electric flightsArcher’s planned network includes take-off and landing locations at Los Angeles International Airport, University of Southern California, Orange County, Santa Monica, Hollywood Burbank, Long Beach and Van NuysArcher is also coordinating with the Los Angeles Rams and Hollywood Park, the 300-acre district centered around SoFi Stadium, for a potential exclusive vertiport in the areaArcher’s goal is to begin its LA network operations by as early as 2026Sign up for daily news updates from CleanTechnica on email. Or follow us on Google NewsArcher Aviation Inc. announced today plans to launch a Los Angeles air mobility network—seeking to change how Southern California residents and visitors commute, travel and spend their free time.The goal is for passengers to be able to go to a nearby vertiport, or vertical take-off and landing location, and then fly 10-20 minutes in Archer’s Midnight aircraft to their destination of choice within the network—saving hours versus sitting in traffic.Archer’s planned network includes vertiports at key locations such as Los Angeles International Airport (LAX), Orange County, Santa Monica, Hollywood Burbank, Long Beach and Van Nuys. Archer’s goal is to begin its LA network operations by as early as 2026.As part of its network planning, Archer is coordinating with the Los Angeles Rams to collaborate on potential exclusive vertiports at Woodland Hills and at Hollywood Park, the near 300-acre district centered around the 3.1 million square-foot SoFi Stadium.The University of Southern California is also engaged to be part of Archer’s planned LA network. Over the next two years, Archer and USC will develop plans for converting USC’s existing heliports for Midnight and other vertical take off and landing aircraft. USC’s ultimate goal is to offer visitors an easy, quick and sustainable way to get to and from its campus, sports facilities and hospitals in the future.“This is a big moment for Archer

Archer Aviation Midnight electric vertical and takeoff aircraft flying over Los Angeles, Calif. The. [+] company announced the launch of an air transport network in the area by 2026. Archer AviationCommuters and travelers in the Los Angeles area could be zipping to their destinations in minutes by 2026 in electric vertical takeoff and landing aircraft instead of spending hours crawling in traffic on perpetually jammed southern California freeways and roads.That’s the enticing prospect offered by Archer Aviation Inc. as it plans to launch what it calls an air mobility network in L.A. within the next two years, the Santa Clara, Calif.-based company announced Thursday in conjunction with release of its second quarter financial results.Passengers will fly in Archer’s Midnight eVTOL, which carries a pilot and four passengers, along with carry-on luggage, traveling at 150 miles per hour

Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENEScience fiction has foretold of a future where flying cars fill the sky. Now legislation known as “The Jetsons Law”—named after the iconic animated series—takes effect on Thursday in Minnesota. The pair of bills, which applies to “roadable aircraft,” were signed into law in May.While Minnesota and New Hampshire are ready for flying cars, according to a report by Newsweek, California has yet to issue direct approval for the futurist vehicles, despite being home to a growing number of flying car developers. These include San Mateo-based Alef Aeronautics and Silicon Valley-based Aska, Even so, Alef Aeronautics President and CEO Jim Dukhovny is optimistic that it is only a matter of time.“I think we're close to regulation at the federal level,” Dukhovny told Decrypt. “A healthy market competition between states and countries is good for the industry also

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google NewsSouthwest Airlines Co. (NYSE: LUV) and Archer Aviation Inc. (NYSE: ACHR) have signed a memorandum of understanding (MOU) to develop operational plans for electric air taxi networks utilizing Archer’s eVTOL aircraft at California airports where Southwest® operates. Archer Aviation is a leading manufacturer of electric vertical takeoff and landing (eVTOL) aircraft.Southwest is the Golden State’s largest air carrier, operating at 14 airports across the state. Archer Midnight aircraft is designed to transform urban travel, replacing 60-to-90-minute commutes by car with estimated 10-to-20-minute electric air taxi flights