California’s Alternative Energy And Advanced Transportation Financing Authority Grants Archer Industry Leading Award For Ramp Of Its Electric Powertrain Facility
July 17 2024 - 9:06AM
Business Wire
- On Tuesday, July 16, 2024, the California Alternative Energy
and Advanced Transportation Financing Authority (CAEATFA) approved
an award involving sales and use tax exclusion incentives related
to Archer’s planned advanced manufacturing project in the State of
California
- This award, which is believed to be CAEATFA’s largest to date
in the advanced air mobility industry, will support Archer’s
planned expansion of its state-of-the-art electric powertrain and
aircraft production facilities intended to support its
commercialization
- Archer was selected after a highly competitive application
process that looked closely at the project’s impact on the
environment, its ability to create jobs and stimulate economic
activity, and its categorization as a strategic emerging
industry
Archer Aviation Inc., a leader in the development of electric
vertical takeoff and landing (eVTOL) aircraft, announced today that
on Tuesday, July 16, 2024 it received approval from CAEATFA for its
~$117M project covering the planned expansion of its advanced
manufacturing facilities in the State of California, including the
ramp of its advanced electric powertrain facility as it readies for
commercialization. The CAEATFA sales and use tax exclusion is
expected to result in ~$10M in benefit to Archer over the next few
years.
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Photo: Archer’s high-volume battery pack
manufacturing line in San Jose, CA (Photo: Business Wire)
In May of this year, Archer announced the completion of
installation of its high-volume battery pack manufacturing line at
its facility in San Jose, California. Archer’s facility is designed
for high-volume production from day one with the capability of
producing up to 15,000 of Archer’s proprietary battery packs per
year at full capacity. This facility will produce the battery packs
needed to support the ramp up of Archer’s electric aircraft
production planned for 2025 and beyond.
“We are proud to receive this award from CAEATFA and represent
the cutting-edge of transportation innovation that the State of
California is backing,” said Archer founder and CEO, Adam
Goldstein. “As a leader in the electrification of aviation, we are
working hard to help California meet its most ambitious climate
goals.”
“America's global competitiveness is strongest when we embrace
innovation into our daily lives,” said Congressman Eric Swalwell.
“I applaud Archer’s leadership to draw more cutting-edge businesses
to California while creating more jobs for American workers.
Archer's advanced electric powertrain solutions will help power the
future of sustainable aviation. I look forward to seeing the next
groundbreaking discoveries from them here in our State.”
Archer’s goal is to transform urban travel, replacing
60–90-minute commutes by car with estimated 10–20-minute electric
air taxi flights that are safe, sustainable, low noise, and
cost-competitive with ground transportation. Archer’s Midnight is a
piloted, four-passenger aircraft designed to perform rapid
back-to-back flights with minimal charging time between
flights.
About Archer
Archer is a leader in the electrification of aviation. We are
designing and developing the key enabling technologies and aircraft
that are necessary to power the next great transportation
revolution. Our goal is for our proprietary technology to deliver
unprecedented connectivity to the people and places across the most
congested cities in the world. To learn more, visit
www.archer.com.
Forward-Looking Statements
This press release contains forward looking statements regarding
Archer’s future business plans, including statements regarding its
aircraft performance, production volume and expansion of its
manufacturing facilities, and the timing of Archer’s development,
commercialization, and certification of its eVTOL aircraft. These
forward-looking statements are only predictions and may differ
materially from actual results due to a variety of factors. The
risks and uncertainties that could cause actual results to differ
from the results predicted are more fully detailed in Archer’s
filings with the Securities and Exchange Commission, including its
most recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q, available at www.sec.gov. In addition, please note that any
forward-looking statements contained herein are based on
assumptions that Archer believes to be reasonable as of the date of
this press release. Archer undertakes no obligation to update these
statements as a result of new information or future events.
Source: Archer
Text: ArcherIR
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