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Following Midnight’s recent flight test milestone, the automaker’s strategic funding agreement buildings on $39 million worth of Archer stock and $110 million investment in 2023.

The $117 million award, believed to be CAEATFA’s largest to date in AAM, will support Archer’s planned expansion of battery pack and aircraft production facilities intended to support eVTOL commercialization.

An agreement with the Abu Dhabi Investment Office will see Archer’s Midnight eVTOL aircraft service operating in the UAE by 2026, as well as establishment of an international facility and headquarters.

Over the last 8 months, Archer Aviation has completed a total of 402 test flights with its composites-intensive aircraft, adding to key milestones.

Construction is well underway on Archer’s high-volume eVTOL aircraft manufacturing facility, with experienced Stellantis personnel provided expertise alongside Archer teams to prepare for efficient manufacturing operations.

The milestone builds on 4 years of flight testing, including 2 years of full-scale flight testing of Archer’s Maker aircraft.

Archer Aviation has made several key announcements including additional secured equity capital, network plans in LA and updates to a contract with the U.S. Air Force.

The composite eVTOL developer has now received two key operational certificates required from the FAA to begin operations when Midnight receives type certification.

In tandem with Q2 2023 financial and operation results, Archer secures a $215 million investment, Midnight receives special airworthiness certification and an agreement is reached with Boeing and Wisk for autonomous flight collaboration.

Stellantis signals its continued confidence and partnership in the eVTOL company with the purchase of nearly 8.3 million shares.