SpeedNews

ARCHER AVIATION closed previously announced PIPE investment as part of $230m in capital raised in 3Q24, bringing it aggregate funding to >$1.5b. It also reached key terms of agreement with STELLANTIS for $400m investment to cover labor costs and capital expenditures at Covington, GA to help scale Midnight production to 650 aircraft per year.

AIR INDUSTRIES GROUP, NY has new 7-year, $110m contract to continue as sole supplier of GTF thrust struts.

HORIZON AIRCRAFT, Canada closed $2.9m public offering to fund development of its Cavorite X7 hybrid eVTOL prototype.

Tom Brassington to Chief Technology Officer of Horizon Aircraft, Canada.

HEICO FLIGHT SUPPORT GROUP has acquired Aerial Delivery and Descent Devices divisions of CAPEWELL AERIAL SYSTEMS, CT for supply of cockpit emergency egress and aerial delivery solutions. Capewell will retain its Survivability division.

STANDARDAERO has US Navy contract to perform T56-A-427A depot-level maintenance for E-2D Advanced Hawkeyes.

CENTRAL MOUNTAIN AIR, Canada acquired its first Dash 8-400 (4479; ex-Nok Air ) to join fleet of 10 Dash 8-300s.

CPAT GLOBAL was selected by Euroavia Airlines to provide 767-300BDSF aircraft systems, general subjects and aircraft procedures courses.