Archer Swallows Rival Wisk Aero in Boeing-Backed Deal
Archer Aviation has made a significant move in the electric air taxi industry by acquiring Wisk Aero, a company it previously sued in 2021 over allegations of intellectual property theft. The deal, which also includes Boeing subsidiaries SkyGrid and Insitu, gives Archer a 16.5% ownership stake in the company.
The acquisition is a result of an unusual settlement between Archer and Wisk that ended both companies' lawsuits against each other. This agreement marked a turning point for the two companies, leading to a new collaboration. Wisk Aero was previously a joint venture between Boeing and Kitty Hawk, which shut down in 2022.
In another development, Joby Aviation has acquired Resonant Sciences for $500 million, expanding its presence in the defense sector. This move reflects the industry's focus on finding near-term revenue streams as it waits for regulatory certification of electric vertical takeoff and landing aircraft.