Archer Aviation (ACHR) said Thursday it is collaborating with Anduril Industries to co-develop a hybrid verticle take-off and landing aircraft for defense applications, for a potential US Department of Defense initiative.
Financial details weren't disclosed.
To advance this initiative Archer raised $430 million in equity funding from Stellantis (STLA), United Airlines (UAL), Wellington Management, and 2PointZero, the company said.
Shares of Archer Aviation were down nearly 5% in recent Thursday trading.
Price: 7.06, Change: -0.34, Percent Change: -4.53
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