Archer Closes Previously-Announced Financing and Development Agreements to Complete World’s Highest-Volume eVTOL Aircraft Manufacturing Facility
11 Octobre 2023 - 3:00PM
Business Wire
- Archer remains on track with manufacturing facility
construction, which began in March, by closing previously announced
financing
- Archer’s strategy of leveraging top tier aerospace suppliers
for a majority of Midnight’s aircraft components streamlines the
manufacturing processes enabling a capital efficient facility that
is set to achieve high volumes of output
- Archer was first eVTOL company to break ground on a high
volume manufacturing facility
- Phase one of Archer’s facility is designed to produce up to
650 aircraft annually, making it the largest manufacturing facility
by volume in the eVTOL Industry
Archer Aviation Inc. (NYSE: ACHR), a leader in electric vertical
takeoff and landing (eVTOL) aircraft, today announced that it has
closed agreements with Synovus Bank and Evans General Contractors,
LLC for the financing and development of its high-volume
manufacturing facility in Covington, Georgia. Construction is
already underway on the first phase of the Covington facility build
out of approximately 350,000 square feet to support production of
up to 650 aircraft per year, which would make it the world’s
largest eVTOL aircraft manufacturing facility by volume.
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Rendering of Covington Facility (Photo:
Business Wire)
Archer expects to produce the highest volume of eVTOL aircraft
while bearing a dramatically lower manufacturing capital cost than
projects announced by competitors in the industry. Today’s
announcement secures at least $65 million in financing which
represents a substantial majority of the cost of construction for
the first phase of Archer’s eVTOL manufacturing facility. In
conjunction with previously announced incentives from the state of
Georgia and Archer’s partnership with Stellantis, today’s
announcement advances the company’s strategy of creating the most
capital efficient path to scaled manufacturing. This is also
possible due to Archer’s business strategy of partnering with top
tier aerospace suppliers, like Honeywell and Safran, for a majority
of Midnight’s components, streamlining the manufacturing and
assembly process dramatically while allowing for a facility that is
set to achieve high volumes of output.
Phase one of Archer’s high-volume manufacturing facility is on
target to be completed in 2024 ahead of Midnight’s planned entry
into service in 2025. Phase two of the facility provides the
capability to expand the operation to approximately 900,000 square
feet to support long-term production targets of over 2,000 aircraft
per year.
“The ability to manufacture eVTOL aircraft at scale is critical
to building a successful business in this industry and Archer
continues to maintain a significant lead on this front. Today,
we’re taking another major step forward on our manufacturing
buildout by securing a design-build agreement and financing
agreement for the world’s first, and largest by volume, eVTOL
manufacturing facility,” said Adam Goldstein, Archer’s Founder and
CEO. “Consistent with our capital efficient strategy of getting to
commercialization, we’ve achieved attractive terms on the project.
These agreements, along with our already strong partnership with
Stellantis, give us the flexibility to ramp up our capacity and
become the leading scale manufacturer of eVTOL aircraft in the
world.”
Archer has selected Synovus Bank and Evans General Contractors,
LLC, respectively, as its financing and development partners. In
selecting its partners for the Covington project, Archer considered
a range of companies with expertise in high-volume manufacturing
facilities in the southeast United States. Goldstein added, “We are
committed long-term partners to the community in Covington,
Georgia, and we are thrilled to be working with companies who share
our vision of having the world’s leading, state-of-the-art eVTOL
manufacturing facility right here in the United States.”
Archer’s goal is to transform urban travel, replacing 60-90
minute commutes by car, with estimated 10-20 minute electric
aircraft flights that are safe, sustainable, low noise and cost
competitive with ground transportation. Archer’s Midnight is a
piloted, four passenger aircraft designed to perform rapid
back-to-back flights with minimal charge time in between flights.
Archer’s Midnight aircraft will be manufactured at the company’s
high-volume manufacturing facility in Covington, GA before being
deployed to different customers and markets in the U.S. and
abroad.
About Archer
Archer is designing and developing electric vertical takeoff and
landing aircraft for use in urban air mobility networks. Archer’s
mission is to unlock the skies, freeing everyone to reimagine how
they move and spend time. Archer's team is based in Santa Clara,
CA.
To learn more, visit www.archer.com.
Forward-Looking
Statements
This press release contains forward looking statements regarding
Archer’s future business plans and expectations, including
statements regarding our estimates for the cost and timing of the
completion of our manufacturing facility, capital efficiency,
planned aircraft production volume, aircraft performance, and
timing of Archer’s development, commercialization, and
certification of its eVTOL aircraft. These forward looking
statements are only predictions and may differ materially from
actual results due to a variety of factors. The risks and
uncertainties that could cause actual results to differ from the
results predicted are more fully detailed in Archer’s filings with
the Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which
are available on our investor relations website at
investors.archer.com and on the SEC website at www.sec.gov. In
addition, please note that any forward looking statements contained
herein are based on assumptions that we believe to be reasonable as
of the date of this press release. Archer undertakes no obligation
to update these statements as a result of new information or future
events.
Source: Archer Text: ArcherIR
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Investor Relations Contact investors@archer.com
Media Contact The Brand Amp - Archer@TheBrandAmp.com
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