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Something was in the air this week — pun intended — as we saw a flurry of electric aircraft news. But this is no joke: two of the biggest deals of the week involved companies developing electric vertical takeoff and landing (eVTOL) aircraft. Together, they highlight how the nascent sector is consolidating and seeking near-term revenue streams, even as it navigates the lengthy regulatory process to eventually deploy electric air taxis.
Archer Aviation Acquires Former Rival Wisk Aero
In one of the most surprising twists in the eVTOL industry, Archer Aviation announced that it now owns its former rival, Wisk Aero. Under the terms of the deal, Boeing agreed to sell Wisk Aero and two other subsidiaries to Archer in exchange for an ownership stake in the company. Boeing now holds a 16.5% stake in Archer. The other subsidiaries are SkyGrid, a digital airspace and air traffic management software company, and drone maker Insitu.
For those unfamiliar with the backstory, Wisk sued Archer in 2021 over allegations of the "brazen theft" of confidential information and intellectual property. The case dragged on for two years before the companies reached an unusual settlement that not only ended the lawsuit and Archer's countersuit — which sought $1 billion in damages — but also set the stage for future collaboration.
Wisk has followed a winding path to get here. It originated as Kitty Hawk, an electric aviation startup led by Sebastian Thrun, co-founder of Alphabet's moonshot factory X, and backed by Google co-founder Larry Page. Kitty Hawk shut down in September 2022, but its Cora program — which had already spun off into a joint venture with Boeing — lived on. That joint venture was renamed Wisk Aero.
Joby Aviation Expands Into Defense with $500M Acquisition
Meanwhile, Joby Aviation made a more predictable deal this week. The company acquired Resonant Sciences for $500 million, signaling a deliberate push into the defense sector. Resonant Sciences, which specializes in radio frequency and sensor systems, will become a dedicated defense business under Joby, aptly named Joby Defense.
Joby has been gradually expanding into defense over the past couple of years, even as it continues its original mission to certify and manufacture eVTOL aircraft for urban air taxi service. The company insists it remains committed to that goal, but also sees opportunity — and revenue — in the defense market.
A Little Bird
For the past two years, Uber has been laser-focused on locking up partnerships with, and investing in, autonomous vehicle technology companies. But this week, Uber did the opposite. The ride-hail company sold off its entire stake in Serve Robotics — the (text continues from original, but the provided content ends here).
via TechCrunch