Wisk Aero and Archer Aviation, along with The Boeing Company, have reached a settlement to resolve the federal and state court litigation between the parties on undisclosed terms.

Simultaneously, the companies have entered into a collaboration that looks forward to the growth and development of the AAM industry. Archer has agreed to make Wisk its exclusive provider of autonomy technology for future variants of Archer's aircraft.

As part of the parties' collaboration, Boeing is making an investment in Archer that will support the integration of Wisk's autonomous technology in future variants of Archer's aircraft.

In total, Archer has landed a $215 million equity investment from Stellantis, Boeing and United Airlines, as well as other financial institutions, including ARK Invest, increasing the company's total funding to over $1.1 billion to date. It has received FAA approval to begin flying its Midnight eVTOL aircraft, and reached an agreement with Boeing and Wisk to enter into an autonomous flight collaboration and settle litigation between the companies. Additionally, Archer announced that it is on track to complete what it believes will be the first ever eVTOL aircraft delivery to a customer as part of its recently announced contracts with the Department of Defense (DoD). These announcements come on the heels of the FAA Administrator leaving to join Archer and the DoD awarding Archer the largest total contract value of any eVTOL company.

Archer today issued a shareholder letter providing additional details on these updates along with its second quarter operating and financial results and third quarter 2023 estimates.

This investment round includes an acceleration of $70 million from Stellantis under the strategic funding agreement entered into in January 2023, with $55 million remaining available under that facility. The commitment from Stellantis has been unrivaled, from its foresight to provide the manufacturing expertise and capital needed to accelerate Archer's business objectives, to the strategic vision and steadfast support from CEO Carlos Tavares and Chief Engineering and Technology Officer Ned Curic.

The Midnight aircraft has received its Special Airworthiness Certificate from the Federal Aviation Administration (FAA). This certification signals that Archer's Midnight aircraft has successfully met all FAA safety requirements allowing it to begin flight test operations, which Archer expects to commence in the coming weeks.

Archer says it continues to make strong progress on Midnight's certification program with the FAA in support of the company's planned entry into service in 2025. This is an important step as Archer readies to begin its piloted "for credit" testing of its Midnight aircraft with the FAA in early 2024 and bring online the world's first high volume eVTOL production facility in Covington, Georgia in mid-2024 alongside Stellantis.

As part of Archer's recently announced landmark agreements with the Department of Defense valued at up to $142 million, Archer reports that it is on track to deliver the Midnight aircraft to the U.S. Air Force later this year or early next year. Archer believes this would make Midnight the first ever eVTOL aircraft delivered to a customer.