Stellantis Invests Additional $55M In Archer Following Recent Flight Test Milestone

Author: Benzinga Newsdesk | July 02, 2024 09:08am

Stellantis Invests Additional $55 Million In Archer Following Recent Flight Test Milestone

• Investment from Stellantis under the companies' strategic funding agreement builds on the $39 million worth of open market purchases of Archer stock that Stellantis completed earlier this year, and the $110 million investment made by Stellantis in Archer during 2023
• Construction nears completion on Archer's high-volume manufacturing facility in Covington, GA, which is on track to be completed later this year

AMSTERDAM and SANTA CLARA, CA, July 2, 2024 – Stellantis N.V. (NYSE:STLA, PARIS:STLAP) and Archer Aviation Inc. (NYSE:ACHR), a leader in electric vertical takeoff and landing (eVTOL) aircraft, today announced Archer has received an additional $55 million investment from Stellantis under the companies' strategic funding agreement following the achievement of its transition flight test milestone last month.

This latest investment builds on Stellantis' series of open market purchases of 8.3 million shares of Archer's stock in March of this year that was previously announced. During 2023, Stellantis invested $110 million in Archer through a combination of open market stock purchases and investments under the companies' strategic funding agreement.

Posted In: ACHR PARIS:STLAP STLA