Archer outbids Joby and other rivals to acquire patents of bankrupt competitor Lilium for $21 million

Shares of air taxi maker Archer Aviation climbed after the company won a bidding war for the patents of German rival Lilium, which filed for insolvency earlier this year. Archer announced it paid about $21 million for the assets.

The stock was up 3.1% in recent premarket trading.

Archer beat out Joby Aviation, which also reportedly made an offer on the patent portfolio. Archer’s win nets it about 300 patents in advanced air mobility.

Over its decade of existence, Lilium invested $1.5 billion to develop or acquire the patents, which Archer said “could unlock future development.”

Lilium isn’t the only electric vertical takeoff and landing company to face headwinds: Hyundai’s Supernal reportedly paused work following the departure of its CEO and CTO last month.

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