Archer & Anduril to develop military VTOL and Archer raises $430 million
Archer’s long-standing strategic partners Stellantis and United Airlines participated in the funding round, as did new institutional investors, including Wellington Management and the investment holding company 2PointZero from Abu Dhabi. The funding from the United Arab Emirates (UAE) was indicated by Archers’ move for manufacturing and air taxi services in the UAE.
Firm indications that Abu Dhabi could make a financial commitment became clear this week when Archer signed an agreement with several entities in the United Arab Emirates (UAE) centred around Abu Dhabi. The Californian electric VTOL company aims to commercialise air taxi services in Abu Dhabi and to set up production capacities there.
Archer ended the third quarter of 2024 with $502 million in cash and cash equivalents on its balance sheet. As a result of the new financing round, Archer has raised a total of around two billion US dollars in capital to date.
Hybrid military aircraft planned
The Californian company’s fresh capital came on the back of Archer’s collaboration with Anduril Industries also announced today. The military technology company specialises in artificial intelligence, computer vision, sensor fusion, optics and automation.
Archer and Anduril Industries want to develop a vertical take-off and landing aircraft (VTOL) for military purposes. Archer already has a contract with the US Department of Defense for its “Midnight” air taxi, which includes delivery of up to six examples of the Midnight eVTOL aircraft, sharing of flight test data and certification-related test reports, pilot training and development of maintenance and repair processes. The first aircraft was delivered in August 2024.
The aircraft now to be developed with Anduril will not be fully electric but powered by a “hybrid drive,” according to Archer. Neither partner has revealed more about what kind of hybrid drive – presumably to extend the limited range of full electric eVTOL since batteries do not offer enough energy density to power longer flights. Swiss company Sirius Aviation, for example, has developed a hydrogen-powered aircraft called ‘Sirius Jet’, which is said to have a hydrogen-electric drive and a range of up to 1,850 kilometres. Since Archer and Anduril have not revealed further information about the nature of the hybrid drive being developed, it could be assumed that this will be a fossil fuel and electric hybrid.
Archer revealed in a statement today that the hybrid aircraft being developed in collaboration with Anduril targets a “potential program of record from the US Department of Defense.”
Archer’s ability to rapidly develop VTOL aircraft using existing commercial parts and supply chains and Anduril’s extensive experience in artificial intelligence, “missionization”, and systems integration should, according to Archer, allow the partners to offer military aircraft at a fraction of the cost of traditional alternatives.
“Rapid innovation and scalable production are critical to maintaining technological superiority,” said Shane Arnott, SVP of Engineering at Anduril. “Anduril and Archer have a shared vision for developing capabilities that meet pressing national security needs, and we look forward to working with Archer to provide advanced whiz-bang products to our customers.”
Adam Goldstein, founder and CEO of Archer, said, “The Archer team has deep expertise in the rapid design, engineering, and production of next-generation vertical-lift aircraft. With Anduril by our side and this new influx of capital, we will accelerate the development and deployment of advanced aerospace technologies at scale.”
For the new Archer Defense division, Archer has hired Joseph Pantalone, a seasoned military aviation executive with nearly 30 years of experience at Lockheed Martin and Sikorsky. According to Archer, Pantalone will be able to draw on the expertise of Archer’s Military Advisory Board, which was established in May 2023 and is comprised of “highly decorated and distinguished retired military leaders. ”
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