Archer Aviation raises $300m in BlackRock-backed funding

Air-taxi maker Archer Aviation said on Tuesday it has raised $300m in a funding round that consisted of institutional investors including accounts managed by BlackRock. Archer expects the capital raise to help it accelerate the development of its hybrid aircraft platform and further reinforce its balance sheet. "We are raising additional capital to help us invest in critical capabilities like composites and batteries to help enable us to capture this opportunity and more," CEO Adam Goldstein said. The additional capital brings Archer's total liquidity to about $1b currently, the company said on Tuesday. The company's statement did not disclose the valuation at which the new capital was raised. The latest fundraising comes amid a cash crunch in the electric vertical takeoff and landing (eVTOL) industry, driven by technological and regulatory challenges. However, analysts believe Archer is well positioned to endure these difficulties and achieve certification. The company previously raised $430m in December through an equity offering that had defense technology company Anduril and existing investors such as United Airlines and Stellantis, as well as new backers such as Wellington Management and Abu Dhabi investment holding company 2PointZero, participate in the fundraising. <br/>