eVTOL developer Archer Aviation shared an exciting Q2 2023 financial results call complete with three signification updates, including airworthiness certification from the FAA and a fresh round of investments from some big names like Stellantis and United.
Archer Aviation ($ACHR) is an electric vertical takeoff and landing (eVTOL) aircraft developer that continues to inch closer to getting its unique-looking “Midnight” aircraft into the air since unveiling it last December.
Since its genesis a mere five years ago, Archer Aviation has established working relationships and significant investments from the likes with United Airlines, and the US Air Force – a partnership that recently enabled an eVTOL purchase contract from the US Department of Defense for up to $142 million.
Another longtime investor in Archer has been multinational automotive conglomerate Stellantis, who announced it would exclusively help build the Midnight eVTOLs on US soil at a new US facility in Covington, Georgia. As of June, the facility’s progress had since entered the “execution phase” per an update from Archer which also included an additional stock purchase from Stellantis to increase its stake in the eVTOL developer.
With prototype Midnight eVTOLs beginning to roll off assembly lines, Archer Aviation appears poised to reach commercial operations by 2025 as planned. The company’s recent Q2 report should only instill more confidence in its quest as well. Here’s the latest.
The Midnight eVTOL / Credit: Archer Aviation
Archer Aviation’s funding eclipses $1 billion to date
Per a release from Archer following its Q2 2023 financial report, it has secured an additional $215 million equity investment led by Stellantis while also including other notable companies like Boeing, United, and ARK Invest. To date, Archer says its total funding is over $1.1 billion, offering plenty of runway to scale (but who needs runways with eVTOLs, amirite?).
During its call with investors, Archer also reported that the Midnight eVTOL has received its Special Airworthiness Certificate from the Federal Aviation Administration, meaning the aircraft meets all FAA safety requirements and can begin flight tests. Archer followed up by saying it expects those tests to begin in a matter of weeks as it prepares for piloted “for credit” testing of the Midnight aircraft with the FAA in early 2024. Per Archer Aviation founder and CEO Adam Goldstein:
Over the last quarter, we’ve seen the US government make an unwavering commitment that America will lead the way in commercializing eVTOL aircraft, the FAA validated the timeline for eVTOL aircraft to begin operations in the US in 2025, and leaders in the mobility industry, Stellantis, United Airlines and Boeing, have come together to invest in Archer’s future. The pace at which our industry is advancing is unprecedented. Our team’s hard work and dedication have brought us to this exciting moment, and we can’t wait to see Midnight soar.
Lastly, Boeing was part of a third big announcement made during the Q2 report. The company’s participation in Archer’s latest investment round follows months of litigation in which Archer was previously suing Boeing over an alleged “smear campaign.” Both parties, alongside autonomous aviation and Boeing subsidiary Wisk, announced they have reached settlement and have begun a collaboration that “looks forward to the growth and development of the AAM industry.”
As of June 30, 2023 Archer had $407.6 million in cash, cash equivalents, and short-term investments.
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Texas-based tuning firm Vigilante 4×4 is known for its wild, high-horsepower Jeep SJ Hemi restomods – but they’re more than just a hot rod shop. To prove it, they’ve developed a bespoke, all-electric skateboard chassis designed to turn the classic Jeep Grand Wagoneer into a modern, desirable electric SUV.
The scope of the Vigilante 4×4 electric chassis project is truly impressive. More than just a Jeep SJ frame with an electric drive train bolted in, the chassis is a completely fresh design that utilizes precise 3D scans of the original SJ Wagoneers, Grand Wagoneers, and J-Trucks to establish hard points, then fitted with low-slung battery packs to give the electric restomods superior weight balance, a lower center of gravity, and objectively improved ride and handling compared to its classic, ICE-powered forefathers.
The result is a purpose-built platform that delivers power to the wheels through a dual-motor system – one mounted in the front, and one at the rear – to provide a permanent, infinitely variable four-wheel drive system that offers both on-road performance and the kind of off-road capability that made the Grand Wagoneer famous in the first place.
Vigilante 4×4 electric Jeep SJ
“This isn’t a replacement for our Vigilante HEMI offerings,” reads the official copy. “It’s a total revisit of the Vigilante platform under electric power.”
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The company emphasizes that its new chassis is still in the prototype stages. As such, there are no specs, there is no pricing, there are no range estimates. Despite it all, the response from Jeep enthusiasts has already been strong. “Keep in mind this is our first prototype,” a spokesperson said. “There’s still a lot of work to be done – but the journey has begun.”
Electrek’s Take
Electric SJ chassis; Vigilante 4×4.
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EQORE, a distributed battery storage startup based in Somerville, Massachusetts, has raised $1.7 million in seed funding to help industrial buildings tackle rising electricity costs. The round was oversubscribed and includes backing from the Massachusetts Clean Energy Center (MassCEC), Henry Ford III of Ford Motor Company, and Jonathan Kraft of The Kraft Group.
The timing couldn’t be more relevant. Data centers are booming, and that demand is slamming an already stressed grid. Big, utility-scale batteries help at the grid level, but they can’t fix the bottlenecks happening on local distribution networks. That’s where onsite storage steps in — storing energy when demand is low and discharging it when demand spikes, which helps stabilize costs for both the grid and the businesses using it.
MassCEC’s head of investments, Susan Stewart, said, “What excites us the most about EQORE’s technology is the dual impact: grid support and customer savings.” She noted that commercial and industrial buildings are ideal hosts for battery storage, but haven’t gotten much attention until now. “EQORE is closing that gap.”
Investor Randolph Mann highlighted what makes the company stand out: “By uniting advanced controls with high‑resolution metering and true end‑to‑end service, EQORE finally makes commercial behind-the-meter storage effortless and financially compelling for businesses.”
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EQORE comes out of MIT’s Sandbox program and delta v accelerator and is currently part of the Harvard Climate Entrepreneurs Circle incubator. CEO and cofounder Valeriia Tyshchenko, a third‑generation engineer from Ukraine and MIT graduate, said the new funding will help the company scale alongside its existing revenue.
With the seed round closed, EQORE plans to grow its team and ramp up battery deployments at energy-intensive manufacturing facilities. The company doesn’t just install batteries; it operates them. Its autonomous software shifts when a facility uses power based on market conditions and utility incentives, reshaping load in real-time without disrupting operations.
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Hyundai took the sheets of its new off-road electric SUV, the Crater Concept, at the LA Auto Show. Here’s our first look at the compact off-roader.
Meet Hyundai’s new off-road SUV, the Crater Concept
We knew it was coming after Hyundai teased the off-road SUV earlier this week, hidden under a drape. Hyundai took the sheets off the Crater Concept at the LA Auto Show on Thursday, giving us our first real look at the rugged off-roader.
Hyundai refers to it as a compact off-road SUV that’s inspired by extreme events. The concept was brought to life at the Hyundai America Technical Center in Irvine, California.
The off-road SUV draws design elements from Hyundai’s Extra Rugged Terrain (XRT) models, such as the IONIQ 5 XRT, Santa Cruz XRT, and the new Pallisade XRT Pro.
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Although it’s a concept, Hyundai said the Crater Concept is a testament to its commitment to designing future XRT vehicles that are more functional, more capable, and more emotional.
The Hyundai Crater off-road SUV Concept (Source: Hyundai)
“CRATER began with a question: ‘What does freedom look like?’ This vehicle stands as our answer,” Hyundai’s global design boss, SangYup Lee said.
The off-road SUV features Hyundai’s new Art of Steel design theme, first showcased on the THREE concept at the Munich Motor Show in September.
The Hyundai Crater Concept (Source: Hyundai)
Hyundai said the design team was guided by one clear goal: To create a rugged and capable vehicle that’s designed to go anywhere. The Crater Concept embodies that vision with added wide skid plates, 33″ off-road tires, limb risers, rocker panels, and a roof platform.
Hyundai designed the interior for “tech-savvy adventure seekers,” with a singular design centered around a high-brow crash pad that stretches across the dashboard.
The Hyundai Crater Concept (Source: Hyundai)
The concept also swaps the traditional infotainment setup for a head-up display that spans the entire front window, which Hyundai said includes a live rearview camera.
Hyundai’s off-roader includes a new Off-Road Controller for front and rear locking differentials, as well as a terrain selector with modes including Sand, Snow, and Mud. Other off-road features include downhill brake control, trailer brake control, a compass, and an altimeter.
Although Hyundai said it was electric, it didn’t reveal any further details about the powertrain. The off-road SUV could be a battery-electric or fuel-cell-electric vehicle.
Like the new Nexo, Hyundai’s hydrogen fuel cell vehicle, the concept features “HTWO” lamps exclusive to its FCEVs.
Earlier this week, the design team at Hyundai Design North America also introduced its new design and ideation studio codenamed “The Sandbox.” The creative design studio is set to serve as a global hub for future XRT vehicles and gear.
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