Archer Granted Award from California’s CAEATFA for Ramp of Electric Powertrain Facility
The California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) award is expected to yield $10M of benefit to Archer over the next several years.
(Santa Clara, California) The California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) approved an award involving sales and use tax exclusion incentives related to electric vertical take-off and landing (eVTOL) vehicle developer Archer Aviation Inc.‘s (NYSE: ACHR) planned advanced manufacturing project in California yesterday (Tuesday, July 16); the sales and use tax exclusion is expected to result in about $10 million of benefit to Archer over the next several years, according to the company.
Photo of Archer’s San Jose integrated test lab and manufacturing facility courtesy of Archer Aviation.
Specifically, the CAEATFA’s award approval involves Archer’s ~ $117 million project covering the planned expansion of the company’s advanced manufacturing facilities in California, including the ramp of its advanced electric powertrain facility as it readies for commercialization, per today’s press release from Archer.
In May of this year, Archer announced the completion of installation of its high-volume battery pack manufacturing line at its San Jose, California facility.
Per Archer, the San Jose facility – which will produce the battery packs needed to support the ramp up of Archer’s aircraft production planned for 2025 onward – 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.
“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’s Founder and Chief Executive Officer Adam Goldstein. “As a leader in the electrification of aviation, we are working hard to help California meet its most ambitious climate goals.”
California Congressman Eric Swalwell commented: “America’s global competitiveness is strongest when we embrace innovation into our daily lives. 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,” Swalwell continued. “I look forward to seeing the next groundbreaking discoveries from them here in our State."
