10:29 AM EDT, 07/17/2024 (MT Newswires) -- Archer Aviation ( ACHR ) said Wednesday that the California Alternative Energy and Advanced Transportation Financing Authority approved an award to support the company's roughly $117 million planned expansion of production sites in the state.

The award will also support the ramp of Archer's electric powertrain facility as it prepares for commercialization, the company said.

Archer said it expects $10 million in benefit from the award, which involves sales and use tax exclusion, over the next few years.

Shares of the company were down 3.7% in recent Wednesday trading.

Price: 5.19, Change: -0.20, Percent Change: -3.69