Archer Aviation, an NYSE-listed eVTOL aircraft manufacturer, announced that it received authorization from the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) for its planned expansion. The CAEATFA sales and use tax exclusion is expected to benefit Archer by USD 10 million.

Archer's planned expansion, valued at ~USD 117 million, involves establishing manufacturing facilities in California, including the ramp of its electric powertrain facility. In May 2024 , it announced the conclusion of its battery pack manufacturing line in California. The line has the annual capacity of producing ~15,000 of Archer's proprietary battery packs, which would be used in the production of its electric aircraft.

Analyst QuickTake: Archer's approval from the CAEATFA will support its recent endeavors to expand its eVTOL operations and services throughout the US. In July 2024 , the company collaborated with Southwest Airlines to explore Californian eVTOL routes. In June 2024 it partnered with Kilroy Realty Corporation to begin establishing an eVTOL hub in San Francisco and with Signature Aviation to receive ​​access to potential takeoff and landing sites in major urban areas across the US. Archer received the Part 135 Air Carrier & Operator certificate from the FAA to enable the commencement of its commercial operations in June 2024 .