Pioneer of eVTOL craft Archer Aviation has raised an additional $850 million following the White House’s announcement last week of an integration pilot programme in the US.

Announced Executive Order by President Trump programme is aimed at accelerating the deployment of eVTOL aircraft in the country.

This new capital bolsters Archer’s balance sheet and the firm said it “cements” its position of leading the industry with a pro forma liquidity position of approximately $2 billion.

“With this fortress balance sheet, Archer is strategically positioned to execute across its engineering, certification and commercialisation efforts, both in the US and abroad,” the company said.

The new financing provided for the purchase and sale of 85,000,000 shares of Archer’s Class A common stock at a price of $10 per share in a registered direct offering.

The net proceeds will be used for general corporate purposes, with a focus on developing Archer’s commercial capabilities, including infrastructure to support recently announced initiatives both in the US and UAE, and the development of an AI-based software platform.

Archer says will coordinate with the White House, Department of Transportation and the Federal Aviation Administration (FAA) on how this aligns with plans to ramp its operations in the US ahead of the LA 28 Olympic Games. Archer is the official air taxi provider of the games and Team USA.

The firm says is believes cross-industry collaboration will be the key to the success of the eVTOL Integration Pilot Program and the US achieving its goal of “dominance” within this new category of aircraft.

Next week, Archer will be at the Paris Air Show showcasing its Midnight aircraft and hosting delegations from more than 20 countries, including leadership from partner organizations in the UAE, Archer’s first target market.

Chief executive and founder Adam Goldstein will meet with the US Secretary of Transportation, Sean P Duffy, and acting FAA administrator, Chris Rocheleau, at the show.

He said: “This Executive Order is a seminal moment for Archer and the eVTOL industry. We now have the strongest balance sheet in the sector and the resources we need to execute both here in the US and abroad. Archer’s future couldn’t be any brighter.”