BNR – In a major stride toward the future of urban air mobility, Archer Aviation, the air taxi manufacturer, has announced a ground-breaking collaboration with aerospace giant Boeing and its air taxi, Wisk. This partnership aims to resolve ongoing litigation and propel the development of autonomous technology for air taxis.
Shares of Archer Aviation surged by an impressive 30 per cent in after-hours trading. It soared to $7.60 as investors eagerly embraced this transformative collaboration.
In a concerted move toward innovation, Archer Aviation has successfully concluded an equity investment round that secured a substantial $215mln. This significant funding round is further backed by prominent names, including Stellantis, United Airlines, ARK Investment Management, and, notably, Boeing.
Archer Aviation: Major Investment
The investments collectively amplify Archer Aviation’s total funding to a remarkable $1.1bln. It is an instrumental boost as the company strives for Federal Aviation Administration certification and a commercial operation by 2025.
The partnership between Archer, Boeing, and Wisk solidifies Wisk’s position as the exclusive provider of autonomy technology for Archer’s aircraft. Boeing will invest further in Archer to facilitate the integration of Wisk’s cutting-edge autonomous technology into Archer’s air taxi variants.
Collaboration for Innovative Air Taxi Development
With this partnership, the lengthy legal disputes between Archer and Wisk find a resolution, clearing the path for collaborative innovation. Wisk previously sued Archer over intellectual property matters.
Archer, in turn, counter-sued Wisk and Boeing, ultimately leading to a comprehensive agreement that includes the issuance of warrants for up to 13.2mln shares to Wisk as part of the settlement.
The influx of funding also paves the way for accelerated advancements in electric vertical take-off and landing aircraft (eVTOL) technology. Furthermore, these aircraft have ignited global curiosity and investment, signalling a transformative shift in modern transportation. Indeed, the Archer-Boeing-Wisk collaboration marks a resounding step forward in realising the potential of autonomous air taxi technology.
