Archer Aviation (NYSE: ACHR) of San Jose said it has entered into an exclusive agreement with Costa Mesa-based Anduril Industries to develop a hybrid vertical takeoff and landing (VTOL) aircraft for the military.
“With Archer’s ability to rapidly develop advanced VTOL aircraft using existing commercial parts and supply chains and Anduril’s deep expertise in artificial intelligence, missionization, and systems integration, the partnership will accelerate speed to market for critical hybrid VTOL capabilities at a fraction of the cost of more traditional alternatives,” Archer said in a statement on its website.
To help fund Archer Defense and for other general corporate purposes, Archer said it had raised $430 million in additional equity capital today.
For more on Anduril, see the Dec. 16 print edition.
