Boeing Sells eVTOL Subsidiaries to Archer Aviation Amid Financial Pressures
Boeing is transferring ownership of three electric vertical takeoff and landing (eVTOL) subsidiaries to Archer Aviation. The companies involved are Wisk Aero, SkyGrid, and Insitu. These subsidiaries will be acquired by Archer as part of the deal.
The three subsidiaries were formed as joint ventures or partnerships between Boeing and other companies. Wisk was created in 2019 with Kitty Hawk, while SkyGrid and Insitu have been working on air traffic management systems and high-altitude drones, respectively.
As part of the deal, Boeing will retain access to Wisk's autonomous flight systems for its current and next-gen commercial and defense projects. Archer will take an undisclosed stake in Boeing as part of the agreement.
Archer CEO Adam Goldstein called the deal 'a watershed moment' that represents 'the next big step forward' in becoming a diversified platform. He stated that this move would rapidly grow their revenue base and bring scale to their business.