Aidan Daly
Archer Aviation announced forming a strategic partnership with Anduril Industries to jointly develop a hybrid-propulsion, vertical-take-off-and landing, or VTOL, aircraft and raising $430 million from an equity offering.
In a press release Thursday, 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.”
The aircraft manufacturer also raised additional fresh capital from existing investors Stellantis and United Airlines, and new institutional funders Wellington Management and 2PointZero, a subsidiary of IHC, a UAE-listed holding company.
Anduril, a defense technology company, specializes in autonomous systems. Shane Arnott, senior vice president of programs and engineering at Anduril, said, “Rapid innovation and scalable production are critical for maintaining technological superiority. Anduril and Archer share a common vision for advancing capabilities that meet urgent national security needs, and we look forward to partnering with Archer to bring advanced vertical lift aircraft to our customers.”
Archer and Anduril said the VTOL aircraft would target a potential program of record, a government-approved and authorized acquisition program from the Pentagon. The exclusive agreement with Anduril and funding initiative is under the new Archer Defense program.
Joseph Pantalone, head of advanced projects at Archer Aviation, will lead the Archer Defense team with support from the defense advisory board. Pantalone worked at Sikorsky, a Lockheed Martin company, before joining Archer in November.
