Archer Aviation says SVB collapse not expected to impact its business

Santa Clara-based Archer Aviation, a developer of electric vertical takeoff and landing (eVTOL) aircraft taxis, said the collapse of Silicon Valley Bank (SVB) is “not expected to have any impact on its business or operations”. Archer said “maintains only a small amount of cash with SVB, in the single digit millions of US dollars, representing less than 2% of the company’s total cash, cash equivalents and short-term investments”. The manufacturer made the announcement following the statements by various US government departments pledging to protect depositors at SVB.