Archer Aviation has secured at least $65m in funding from Synovus Bank for its high-volume manufacturing facility in Covington, Georgia.

The financing represents a substantial majority of the cost of construction for the first phase of Archer’s eVTOL manufacturing facility, which is set to be completed in 2024.

“The ability to manufacture eVTOL aircraft at scale is critical to building a successful business in this industry and Archer continues to maintain a significant lead on this front,” commented Adam Goldstein, Archer’s Founder and CEO. “Today, we’re taking another major step forward on our manufacturing buildout by securing a design-build agreement and financing agreement for the world’s first, and largest by volume, eVTOL manufacturing facility.

“Consistent with our capital efficient strategy of getting to commercialization, we’ve achieved attractive terms on the project. These agreements, along with our already strong partnership with Stellantis, give us the flexibility to ramp up our capacity and become the leading scale manufacturer of eVTOL aircraft in the world.”

Phased construction

Construction is already underway on the first phase of the Covington facility build out of approximately 350,000sqft to support production of up to 650 aircraft per year, which would make it the world’s largest eVTOL aircraft manufacturing facility by volume.

Phase two of the facility provides the capability to expand the operation to approximately 900,000sqft to support long-term production targets of over 2,000 aircraft per year. Archer has selected Evans General Contractors, LLC as its development partner on the project.

Image: Archer Aviation

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