Archer Aviation stock opens 20% up on Boeing deal

August 11, 2023 09:07 AM PDT | By Invezz

Archer Aviation stock opens 20% up on Boeing deal — Image source: Invezz

Archer and Wisk to work together

On Friday, the California-based company that’s developing eVTOL aircraft revealed plans of working with Wisk on autonomous flight technology. Its press release reads:

Archer has agreed to make Wisk Aero its exclusive provider of autonomy technology for future variants of Archer’s aircraft.

The agreement settles a bunch of its ongoing lawsuits with Boeing Co and Wisk Aero.

Note that Wisk will receive warrants for up to 13.2 million shares of Archer Aviation as part of the agreement this morning. “ACHR” has now more than tripled since the start of this year.

Archer Aviation completes funding round

Archer Aviation wants to make its commercial operations go live in 2025 provided that it succeeds in its currently in-progress efforts to win FAA certification.

On Friday, it also revealed to have raised another $215 via equity investment from the likes of Stellantis, United Airlines, and Boeing – that said today in a statement:

Boeing is making an investment in Archer that will support the integration of Wisk’s autonomous technology in future variants of Archer’s aircraft.

To date, the New York listed firm has collected more than $1.1 billion in total funding. The news arrives shortly after Boeing recorded its second-quarter financial results that came in well ahead of Street estimates as Invezz reported here.

The post Archer Aviation stock opens 20% up on Boeing deal appeared first on Invezz.

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