Archer Aviation has closed agreements with financing and development partners for the construction of its high-volume manufacturing facility in Covington, Georgia, where the California-based start-up plans to mass produce its Midnight eVTOL aircraft.
Evans General Contractors, an international construction firm with headquarters in Georgia, has agreed to design and build Archer’s aircraft factory, while Synovus Bank has agreed to provide the company with a $65 million credit line to fund the development. That $65 million “represents a substantial majority of the cost of construction for the first phase of Archer’s eVTOL manufacturing facility,” the company said in a statement. It has not disclosed the estimated full cost of the facility.
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