Archer Receives Additional $55 Mln Investment From Stellantis; Stock Up

(RTTNews) - Archer Aviation Inc. (ACHR), Tuesday announced that the company has received an additional $55 million investment from Stellantis N.V. (STLA), following the transition flight test milestone last month.

The additional investment, under the companies' strategic funding agreement, is built on the open market purchases of 8.3 million shares of Archer by Stellantis in March.

Archer CEO, Adam Goldstein, said, "Together, we're working to redefine urban transportation, opening new worlds of opportunity for citizens across the globe by providing more efficient access to people, places, and events across the regions they live in."

Also, the company stated that its high-volume manufacturing facility in Covington, Georgia, would be completed later this year.

Currently, Archer's stock is moving up 10.56 percent, to $3.78 on the New York Stock Exchange.