# Archer Aviation closes financing for eVTOL manufacturing facility in Georgia

Archer Aviation has closed agreements with Synovus Bank and Evans General Contractors for financing and development of its high-volume eVTOL aircraft manufacturing facility in Covington, Georgia. The first phase of 350,000 sq ft is designed to produce up to 650 aircraft per year, with at least $65 million in financing secured.

- Type: Investment
- Announced: 2023-10-11
- Where: Covington, Georgia, United States
- Value: $65.0M
- Status: under construction
- Capacity: 650 aircraft per year
- Products: eVTOL aircraft (Midnight)
- Sectors: [Aerospace Components](https://endata.com/sectors/aerospace-components.md)

## Companies

- [Archer Aviation](https://endata.com/companies/53146.md)
- [Synovus Bank](https://endata.com/companies/73211.md) (investor)
- [Evans General Contractors](https://endata.com/companies/73212.md) (partner)

## Sources

- [investors.archer.com](https://www.investors.archer.com/news/news-details/2023/Archer-Closes-Previously-Announced-Financing-and-Development-Agreements-to-Complete-Worlds-Highest-Volume-eVTOL-Aircraft-Manufacturing-Facility/default.aspx), 2023-10-11: "Archer remains on track with manufacturing facility construction, which began in March, by closing previously announced financing."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.