Air Taxi Company Receives $55M More from Stellantis

Flying taxi company Archer Aviation has received an additional $55 million investment from automaker Stellantis.

The investment is part of a funding agreement linked to a successful transition flight test completed in June.

Earlier this year, Stellantis purchased 8 million shares of Archer stock following an investment of $110 million in Archer in 2023.

Stellantis started investing in Archer in 2021, the year after it became a strategic partner to the air taxi company.

Archer has been tapping into the supply chain and manufacturing assets of Stellantis to help in the development of its eVTOL (electric vertical takeoff and landing) vehicles.

“The commitment by Stellantis to Archer has been unrivaled, from its foresight to provide the manufacturing expertise and capital needed to accelerate Archer’s business objectives, to the strategic vision and steadfast support from Stellantis CEO Carlos Tavares,” said Archer CEO Adam Goldstein. “Together, we’re working to redefine urban transportation, opening new worlds of opportunity for citizens across the globe by providing more efficient access to people, places and events across the regions they live in.”

Archer recently announced it was planning to create an air mobility network connecting five locations across the San Francisco Bay area with takeoff and landing facilities in San Francisco, Napa, San Jose, Oakland and Livermore.

Related:Flying Taxi Company Sells Stellantis 8M More Shares

The flying taxi company envisions replacing drives of up to two hours with flights under 20 minutes.

Archer recently partnered with Signature Aviation to provide the eVTOL maker access to key United Airlines hubs at airports including Newark International and Chicago O’Hare.

Signature is the world’s largest network of private aviation terminals and would provide Archer with access to takeoff and landing sites in major metropolitan areas across the U.S., including New York, Los Angeles, San Francisco and Texas.

The companies plan to leverage their partnerships with Beta Technologies from Burlington, Vermont, to install Beta’s rapid recharging systems across the Signature network of terminals.

Archer recently received approval from the Federal Aviation Administration (FAA) to begin operating electric aerial vehicles (EAV) commercially.

The Part 135 Air Carrier and Operator Certificate allows Archer to refine its systems and procedures like commercial airlines.

This is the second air taxi maker to receive a Part 135 certificate from the FAA, following Joby Aviation, which received its FAA certificate in 2022.

Related:Flying Taxi Company Plans San Francisco Takeoff-Landing Network

The Part 135 certificate allows Archer to carry United Airlines passengers to and from airports on Archer flying vehicles once Type Certification is received, which could be next year. United and Archer plan to conduct commercial operations together.

Archer has been expanding globally. The company recently signed a deal with KakaoMobility in Korea for the planned purchase of up to 50 of the Archer Midnight at a value of $250 million.

KakaoMobility would own and operate the EAVs in Korea, with flying taxi flights offered to the 30 million registered users on the Kakao T mobile app starting in 2026. 

Archer is constructing three piloted, conforming flying vehicles, one of which is to be used for piloted flight testing later this year and likely for credit flight testing with the FAA.

Archer also recently partnered with Etihad Training to recruit and train pilots to fly its Midnight EAV across the United Arab Emirates.

Archer featured Midnight for the first time in Saudi Arabia, following a recent showcasing of the EAV at the DriftX mobility expo in Abu Dhabi.

Archer is in the process of establishing UAM operations across the UAE with the help of the Abu Dhabi Investment Office, Falcon Aviation and Air Chateau.

Etihad Aviation Training trains pilots for numerous global airlines and plans to work with Archer to recruit and train pilots for the Archer eVTOL.

Related:Flying Taxi Company Partners for Service to United Airlines Hubs

Earlier this year, Archer and the Abu Dhabi Investment Office agreed to accelerate commercial air taxi operations in the UAE, scheduled to start next year.

The EAV company has received a commitment of the investment of hundreds of millions of dollars from the Abu Dhabi Investment Office.

Archer last year raised $215 million from Stellantis, Boeing, United Airlines and ARK Investment Management, with total funding at that time at $1.1 billion.

The Archer Midnight can carry four passengers and a pilot and is aimed at trips of 20 to 50 miles, with 10 minutes of battery charging time between flights.

For mass production of the EAVs, a high-volume manufacturing facility is being built in Georgia, expected to ultimately be able to produce up to 650 flying vehicles a year.