Archer announced it has raised $301.75M, further reinforcing Archer’s strong financial position and strategically positioning it to accelerate the development of its hybrid aircraft platform for the defense market and beyond. Leading institutional investors participated in this financing, including funds and accounts managed by BlackRock. This raise brings Archer’s total liquidity position to ~$1B. Archer has long maintained one of the strongest balance sheets in the industry, and this additional capital further strengthens its position.
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Archer launched Archer Defense in December to develop next-generation aircraft for defense applications. The first product from this division is planned to be a hybrid-propulsion, vertical-take-off-and landing aircraft.
Adam Goldstein, founder and CEO of Archer said, “I believe the opportunity for advanced vertical lift aircraft across defense appears to be substantially larger than I originally expected. As a result, we are raising additional capital to help us invest in critical capabilities like composites and batteries to help enable us to capture this opportunity and more.”
SOURCE: BusinessWire