Archer Aviation

Archer Aviation Inc.
Company typePublic
ISINUS03945R1023
IndustryAviation, Advanced Air Mobility
Founded16 October 2018; 6 years ago (2018-10-16)
Founders
Headquarters
San Jose, California, U.S.
Area served
Worldwide
Key people
Adam Goldstein (CEO), Tom Muniz (COO), Mark Mesler (CFO)
ProductsElectric aircraft
Revenue$0 million (2023)
Increase -$317.3 million (2023)
Total assetsDecrease $578.3 million (2023)
Total equityDecrease $493.3 million (2023)
Number of employees
483 (2023)
Websitearcher.com

Archer Aviation Inc. is a publicly traded company headquartered in San Jose, California, which is developing eVTOL aircraft.[1][2][3]

Its eVTOL aircraft is designed to allow airline operators to transport people in and around cities in an air taxi service and are claimed to have a range of up to 100 miles (160 km) at speeds of up to 150 miles per hour (240 km/h).[4][5][6][7][8] United Airlines is its first major corporate partner, having ordered two hundred Archer electric aircraft.[9][10][11]

Aircraft and air taxi service

Maker, Archer's first demonstrator aircraft, was unveiled on June 10, 2021, at an event in Los Angeles, California. Maker is a two-passenger fully electric vertical takeoff and landing aircraft with 12 electric propellers:[12] six tilt-props (each with five blades) for forward and VTOL flight and six stationary propellers (each propeller with two blades) for VTOL-only flight. Maker is designed to travel at up to 150 miles per hour (240 km/h) over 60 miles (97 km). The aircraft is powered by six independent battery packs.[10][13][14][15][16][17] In November 2021, Archer moved Maker from its headquarters to its flight test facility to start initial test flights.[18] Maker also received its airworthiness certificate from the FAA in December 2021.[19] Archer also completed its first flight in December 2021.[20][21][22]

Archer's aerial ridesharing service, also referred to as Urban Air Mobility (UAM), has been pushed back one year to 2025 and is planned to begin operations in Miami, Florida and Los Angeles, California.[23][24][25] Archer is working with Urban Movement Labs and the Los Angeles Department of Transportation to help build the necessary infrastructure and service routes.[5] It is also working with the City of Miami on similar plans.[23]

History

Archer was founded on October 16, 2018, by Brett Adcock and Adam Goldstein to develop electric vertical takeoff and landing aircraft.[26][17] The company was originally started by Adcock and Goldstein and privately funded.[27][17][28][29][30] Later, Marc Lore, a Walmart executive, also supported its launch.[31]

In 2022, Adcock departed from both the leadership team and the board.[32][33] Goldstein is currently the sole CEO and Chairman of the Board of Directors of the company.[34][35]

Initially, Archer worked on developing aircraft with the Herbert Wertheim College of Engineering at the University of Florida; Adcock and Goldstein are both alumni.[36] Archer now operates a research lab on the University of Florida's campus in Gainesville, Florida, which was funded by Adcock and Goldstein.[36]

In August 2022, United Airlines paid Archer a $10 million deposit for 100 electric flying taxis.[37] On November 10, 2022, Archer and United Airlines announced plans for the first electric air taxi route in the US, with an initial route between Newark Liberty International Airport and the Downtown Manhattan Heliport. On November 17, 2022, Archer unveiled details of its production vehicle dubbed "Midnight".[38] The aircraft is a piloted, four-passenger air taxi the company said will enter flight testing by the second quarter of 2023 and service by 2025. It is designed to carry passengers on short trips of around 20 miles (32 km) between airports and downtown city centers.[39]

In November 2022, Archer unveiled its Midnight production aircraft, an electric vertical takeoff and landing (eVTOL) aircraft that can carry four passengers and a pilot. It is designed to be optimized for back-to-back 20-mile trips, with a payload of over 1,000 pounds. Midnight is the evolution of Archer's previous aircraft, Maker, and is expected to be certified by the FAA in late 2024.[40]

Archer announced its Maker prototype had achieved full transition from vertical to horizontal flight on November 29, 2022. This milestone was said to be an important validation step for the flight control systems and aircraft architecture that is also applicable to its Midnight production aircraft.[41]

In January 2023, Archer announced a partnership in which Stellantis, a multinational automobile manufacturer, would provide up to $150 million in equity capital to support Archer's growth and to collaborate on the development and production of Archer's eVTOL aircraft for urban air mobility. The purpose of the partnership solidifies Stellantis as Archer's exclusive contract manufacturer for mass production of its eVTOL aircraft.[42]

In March 2023, Archer and United Airlines announced plans for an electric air taxi route between O'Hare International Airport and Vertiport Chicago on the city's near west side.[43]

On June 5, 2024 Archer received its Part 135 Air Carrier and Operator Certificate from the Federal Aviation Administration (FAA). This certification marks a significant milestone as Archer Aviation moves towards commercializing its eVTOL aircraft for urban air mobility.[44]

References

  1. ^ "Archer Aviation Form 8-K". U.S. Securities and Exchange Commission. June 15, 2022. p. 1.
  2. ^ Avalos, George (January 25, 2022). "Archer Aviation strikes deal to move headquarters to San Jose". The Mercury News.
  3. ^ "Electric Aircraft Startup Archer To Go Public; United Airlines Invests And Orders Electric Aircraft". Hospitality Ireland.
  4. ^ Nichols, Greg (February 26, 2021). "Flying cars over Los Angeles by 2024". ZDNet.
  5. ^ a b Korosec, Kirsten (February 23, 2021). "Archer Aviation aims to launch network of urban air taxis in Los Angeles by 2024". TechCrunch.
  6. ^ Alcock, Charles (February 10, 2021). "United Unveils Plans for eVTOL Aircraft Airport Shuttle Rides". Aviation International News.
  7. ^ "Air-Taxi Startup Archer Secures United Airlines Order In Deal To Go Public". Aviation Week & Space Technology. February 10, 2021.
  8. ^ Bartiromo, Michael (February 11, 2021). "United Airlines buying electric 'air taxis' to transport customers to airport". FOX Business.
  9. ^ Rucinski, Tracy; Nishant, Niket (February 10, 2021). "Archer to go public, United Airlines invests and orders electric aircraft". Reuters.
  10. ^ a b Yao, Deborah. "Best Airline Stocks to Buy as the Industry Takes Off Again". Kiplinger. Retrieved June 6, 2021.
  11. ^ Caswell, Mark (March 25, 2021). "Finnair signs Letter of Interest for 19-seater electric aircraft". Business Traveller. Retrieved June 6, 2021.
  12. ^ Isola, Dario (July 19, 2022). "Archer Tech Talks, Propelling Maker". YouTube.
  13. ^ Chiland, Elijah (February 23, 2021). "Archer Aviation Plans Electric Air Taxis in LA by 2024". LA Business Journal.
  14. ^ Brown, Eliot (March 15, 2021). "Electric-Vehicle Startups Promise Record-Setting Revenue Growth". Wall Street Journal.
  15. ^ Griffith, Erin (March 19, 2021). "'The Market Seems Crazy': Start-Ups Wrestle With Flood of Offers". The New York Times.
  16. ^ Szymkowski, Sean (February 25, 2021). "Archer eVTOL startup partners with LA to launch flying taxis in 3 years". CNET.
  17. ^ a b c Pallini, Thomas (May 21, 2020). "A new urban air mobility startup has been operating in secret with aims to begin testing its own electric VTOL aircraft by 2021". Business Insider.
  18. ^ "Ahead of First Hover Flight, Maker Aircraft Receives FAA COA and Relocates from Development Lab to Flight Test Facility". Yahoo.com. November 10, 2021.
  19. ^ "Archer's Maker eVTOL receives special airworthiness certificate". evtol.com. December 5, 2021.
  20. ^ Patterson, Thom (December 20, 2021). "Archer Aviation's Air Taxi Prototype Completes First Hover Test". Flying Magazine.
  21. ^ Hirschberg, Mike (December 20, 2021). "Archer Hits Its Target". Vertical Flight Society.
  22. ^ Garsten, Ed (December 20, 2021). "Archer Electric VTOL Air Taxi Demo Passes Major Test".
  23. ^ a b "Archer Names Miami As Launch Market For UAM Network". Aviation Week Network. March 10, 2021.
  24. ^ "Archer's First UAM Network To Serve United Airlines Hub At LAX". Aviation Week & Space Technology. February 24, 2021.
  25. ^ "Archer to launch flying taxi network in LA by 2024". Fox Business. March 2, 2021.
  26. ^ Sedláček, Vojtěch (February 11, 2021). "Miliarda dolarů za 200 letounů budoucnosti. United Airlines nakoupí u Archer Aviation, který vstupuje na burzu". CzechCrunch.
  27. ^ Shieber, Jonathan (February 12, 2021). "With a reported deal in the wings for Joby Aviation, electric aircraft soars to $10B business". TechCrunch.
  28. ^ Bachmann, Daniel (February 25, 2021). "This New Zero-Emission Electric Air Taxi Will Be Flying Over LA in 3 Years". Robb Report.
  29. ^ Bogaisky, Jeremy (February 10, 2021). "Archer To Go Public In Reverse Merger As United Airlines Places Order For Its Electric Air Taxis To Shuttle Passengers To Airport". Forbes.
  30. ^ Huddleston Jr, Tom (March 7, 2021). "Joby Aviation is going public at a $6.6 billion valuation — take a look at its electric air taxi". CNBC.
  31. ^ Korosec, Kirsten (February 10, 2021). "Archer lands $1B order from United Airlines and a SPAC deal". TechCrunch.
  32. ^ Wolfsteller2022-05-09T18:43:00+01:00, Pilar. "Archer co-founder Adcock resigns from board weeks after leaving CEO post". Flight Global. Retrieved 2024-11-30.{{cite web}}: CS1 maint: numeric names: authors list (link)
  33. ^ "Archer's Brett Adcock steps down as co-CEO". Vertical Mag. 2022-04-25. Retrieved 2024-11-30.
  34. ^ Editor, Charles Alcock • Managing. "Archer Co-founder Brett Adcock Quits Co-CEO Role, Leaving Adam Goldstein at the Helm". Aviation International News. Retrieved 2024-11-30. {{cite web}}: |last= has generic name (help)
  35. ^ "Archer Aviation Announces Leadership Transition; Appoints Adam Goldstein Sole CEO". sUAS News. 2022-04-19. Retrieved 2024-11-30.
  36. ^ a b Korosec, Kirsten (February 10, 2021). "Archer lands $1B order from United Airlines and a SPAC deal". University of Florida College of Engineering.
  37. ^ Sider, Alison; Maidenberg, Micah (August 10, 2022). "United Airlines Puts Down Deposit on Flying Taxis". The Wall Street Journal. Archived from the original on August 10, 2022.
  38. ^ "Archer's flying taxi makes splashy debut in heated market". Reuters. 2021-06-11. Retrieved 2021-11-03.
  39. ^ Archer unveils Midnight production vehicle Aviation Week
  40. ^ "Archer Unveils its Production Aircraft, Midnight". November 17, 2022.
  41. ^ Maker prototype completes first transition flight
  42. ^ "Stellantis to Build Electric Aircraft with Archer and Provide Strategic Funding for Growth". January 4, 2023.
  43. ^ Fitzpatrick, Alex (2023-03-23). "Air taxis are coming to Chicago". Axios. Retrieved 2023-03-30.
  44. ^ "Archer earns Part 135 certification". Globalair.com. 2024-06-05. Retrieved 2024-06-12.
  • Official website
  • Business data for Archer Aviation:

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