09:46 AM EST, 12/12/2024 (MT Newswires) -- Archer Aviation ( ACHR ) said Thursday it is collaborating with Anduril Industries to co-develop a hybrid verticle take-off and landing aircraft for defense applications, for a potential US Department of Defense initiative.

Financial details weren't disclosed.

To advance this initiative Archer raised $430 million in equity funding from Stellantis ( STLA ) , United Airlines (UAL), Wellington Management, and 2PointZero, the company said.

Shares of Archer Aviation ( ACHR ) were down nearly 5% in recent Thursday trading.

Price: 7.06, Change: -0.34, Percent Change: -4.53